Gemini Dollar Project
A few weeks ago we were watching the announcement of the Winklevoss twins in which they officially announced the creation of the gemini dollar coin which is like an erc-20 token of the ecosystem of the chain of blocks of ethereum and will be like a stable currency that is to say a currency parity 1-1 with the dollar, many use this type of coins but not everyone knows them, the idea with this type of stable currencies is that as a user with this type of currencies you can protect yourself against all the volatility of currencies like the bitcoin or ethereum with which you regularly make your investments.
When you buy gemini dollar coins or the tether, these platforms will theoretically guarantee that this dollar will go to a bank account that will support it so that when you want to change your investments, for example, you can do it quickly to the fiat of your choice, it will also allow you not to have to consider all the instability of bitcoin or ethereum but concentrate on making profit based on the movement of the cryptocurrency that you want to invest that is the main function of these currencies.
It would also have other functions such as, once your user is verified on this platform and you obtain it, you can move them to any public address in the ethereum network, since it is an erc-20 token that gives you the freedom to maintain, transfer , buy and sell that token, another function is that you will be able to run smart contracts within this ecosystem, you can use it both to create and to interact in any decentralized application of ethereum, it has the bitcoin attribute since it serves as money or effective in the blockchain and also the attribute of the ethereum as facilitator of intelligent contracts and bridge between decentralized applications without the volatility of cryptocurrencies.
These attributes seek to open the doors to institutional investors who have not entered this crypto market because of its uncontrolled volatility of the valuation of almost all assets, something generates very little confidence and hinders the projection of profits in the long term, it is the first Once a stable currency in the crypto market with 1-1 parity with the dollar is officially approved by a government agency in the United States as is the financial services department of the city of New York, this agency is going to directly supervise the operations of the dollar gemini and will be the regulatory authority of any project of this cryptocurrency,To insure the assets of its clients Gemini will use the State Street Bank for the security and custody of all these funds and will have an independent auditor of the firm BPM Accounting and Consulting for a higher level of control.
The projection that the gemini dollar cryptocurrency can have is, among other things, a huge potential in the matter of the micro-payments of the ethereum networks where, through these intelligent contracts, many decentralized applications will want to go through their stability and confidence level. , could be converted as in the dollar 2.0 or the new electronic dollar for the following, first millions of people will want to move to this new dollar as it is being much more adopted and used in the economy since it does not will have the need with this new system to continue depending on banks to keep their savings or also to make loans or payments in general, will reduce the need to always depend on banking systems,second because there are two words that are key and one is stability and the other is trust we already know that many in the crypto community are familiar with currencies like the tether and the gemini dollar is the first and also the only one that is backed by a regulatory agency and that stability becomes confidence and will surely bring many more users of other stable cryptocurrencies that exist today.