Steemitcryptoacademy | stable coin part 2 submission post for @yohan2on

Hello friends it's indeed an amazing topic from professor @yohan2on I have attended the week 7 lecture and below is my home work task. Thanks for reading through my article.

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Homework task: Write about any one of the following Stable coins
USD Coin (USDC)
TrueUSD (TUSD)
Paxos Standard (PAX)
Digix (DGX)

From the previous classes and what we have learnt so far it has been understood that stable coin are fixed with Fiat and valuable commodities like gold etc. We also know that the reason for stable coin is just to solve the high volatility in crypto market.

In my task today, I will be writing about one of the following which is PAXOS STANDARD.

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Paxos Standard token with the abbreviation (PAX). Is also an ERC20 stable coin means it is issued on ethereum blockchain. It has bring benefit of stabilizing Fiat currencies and blockchain technology. A company known as poxos trust company issued pax. On the September 14 2018.

It's transaction is instant and worldwide, immutability, decentralized accounting and a 24/7 transaction which you can carry out anytime, any day anywhere. This pax token is backed fully with equal amount of U.S dollar I.e you can regain it by converting for USD anytime you want. It is ranked #91 in the coin market cap

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PAXOS VISION

They see the upcoming that blockchain is not only part of a major financial revolution. But as an indispensable part of its evolution. What they want is to improve and develop the economic environment we're their will be a compatible network to exchange assets instantly.

HOW DOES PAXOS STANDARD TOKEN WORK

• Firstly, one of the reasons why Paxos was created is to restrict volatility in crypto asset. Though this is not only for Paxos but for other stable coin.
• secondly to be a reliable payment when it comes to crypto assets and other block chain assets.
• to remove rubbing from people in the different parts of the world when transacting.

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HOW USD TO PAX WORKS.

1 Users can send USD to the token issuers bank account.

2 The issuer creates the equivalent amount of pax using pax smart contrast.

3 the freshly minted pax are delivered to the user while the USD is held in the bank account. Vice versa when you want to regain PAX for USD.

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You can buy pax token and regain using the Paxos.com. Pax company charge no fees when you want to regain and convert pax tokens. The slightest amount for conversion starts at $100.

IS PAXOS TOKEN DIFFERENT FROM OTHER STABLECOIN

PAX is also like the other come out stablecoins like USDcoin, TrueUSD all can be regained, also they are ERC20 tokens backed 1:1 by U.S dollar using etherium smart contrast to issue and burn tokens. The difference between pax and other stable coins is just the different partners organization and the way they operate which is more productive due to its processing window.

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The Paxos website highlights on the following features of pax

1. Requlation : it is regulated by by the new York state department of financial services

2. Guaranteed cash deposit : collateralizing deposit is at FDIC insured U.S bank

3. No fees: you can regain your Paxos Standard token without extra charges.

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WERE TO GET PAXOS STANDARD TOKEN

This tokens can be found on several exchange but some of the popular exchange you can get pax is at

Binance here it is coupled or paired with BTC, USDT, ETH, XRP, EOS XLM, BNB.

you can also see it in bitters here it's is coupled with BTC, USDT.

Also in digifinex here it is coupled with USDT.

HOTBIT coupled with BTC, USDT, ETH.

Bitrue ( coupled with BTC, ETH, USDT RXP).

It is exist in so many exchange.

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WERE TO STORE PAXOS STANDARD TOKEN

This should not be an issue, for newbies since it's an ERC20 token as earlier said i.e it is issued on ethereum blockchain. So can be stored in any etherium wallets like the metamask, MyEther wallet mint etc.

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PAX PRICE LIVE DATA FROM COIN MARKET CAP

^{screenshot from coin market cap on google}

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This is what the above screenshot is trying to explain this

The live Paxos Standard price today is $1.00 USD with a 24-hour trading volume of $51,537,690 USD. Paxos Standard is down 0.12% in the last 24 hours. The current CoinMarketCap ranking is #91, with a live market cap of $804,412,107 USD. It has a circulating supply of 804,155,971 PAX coins and the max. supply is not available.

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IN CONCLUSION

pax has become one of the rapid growing stable coin. In the crypto bear market. Paxos in future expect to be the crypto market leading coin.

I learnt so many thing in this weak 7 course and of them is that stable coin is not good to invest in as its fixed and difficult for one to make profit.

Thanks once again for reading through.

Cc:

@steemcurator02

@yohan2on