Cryptocurrencies are extremely volatile and almost impossible to derive a true value as it is simply not backed by anything other than supply and demand. With the Smoke blockchain there are incentives to stake coins in the network in order to influence how minted coins are distributed.
“Think of it this way, imagine someone wanted to drop the entire stock market by 50%. What’s the BEST way to do that? Well all valuation is tied to the USD. If you could drop the dollar value by 50% relative to another fiat like the Euro, immediately, the stock market would crash by 50%. Governments prevent this from being possible. BTC is our USD and Alts are stocks. Their value, even if traded for each other is all tied to the value of BTC just like all stocks are tied to the dollar.” — MAXIDIGI
Most cryptocurrencies rely on Bitcoin as their main on ramp, off ramp and liquidity pair, and as such these cryptocurrencies are bought and sold, not for USD, but for what seems to be endless decimals and fractions of bits being bought and sold tirelessly day in and day out.
Tokens sitting on-top of a base layer such as Ethereum, NEO or Bitshares suffer even further as the base trading pair to these have even less on ramps and off ramps and often require purchasing Bitcoin first, to cash out or put money in, creating yet another step for traders, speculators and users to derive value in the asset they end up holding. Because of this inefficiency in the market tokens with low liquidity are often at the mercy of price swings as the USD price of the token is derived from the base pair pricing.
Enter EasyDex exchange
The partnership with EasyDEX and the integration of Bitshares opens SMOKE chain up to exciting possibilities such as cross-chain transfers, a bridge service for fiat and other cryptocurrencies, and later EOS integration, as well as e-commerce and point of sale systems… not to mention other DApps in the works and Whaleshare community tokens that will be present in the Smoke Ecosystem.
EasyDex , we are able to implement a fully decentralized exchange into the Smoke Network, with full FIAT on ramp and off ramp for both USD and EUR, as well as other popular cryptocurrencies and cannabis tokens directly on the Smoke Decentralized Exchange powered by the Bitshares blockchain and SMOKE EasyDex bridge. .
How EasyDex works
On signing up for an account on the Smoke mainnet blockchain, users will be generated a Smoke account as well as a Bitshares account with the same owner key and username on both blockchains. If you already have a Bitshares account you will be able to generate a Smoke account via your existing Bitshares owner key if you wish to do so. A bridge will allow users to deposit liquid SMOKE from their Smoke account to their Bitshares account which will allow trading into other cryptocurrencies and fiat.