Steemit Crypto Academy Week 7// Stable Coins (Lesson 2)// What you need to know about Paxo Standard // Homework post submitted to @yohan2on

Hello Prof. @yohan2on, nice to meet you this week again.

You are doing a good job in reviewing homework post, Pls you reviewed this but I was not curated. Forgive me for pasting this here.

https://steemit.com/hive-108451/@victorylive/crypto-academy-week-6-stable-coins-homework-post-submitted-to-yohan2on

Home work Task 7

Introduction
The cryptocurrency market cannot do without a stable coin which usually is pegged to one dollar. Stablecoins help in maintaining stability of funds and reducing price fluctuations that has to do with cryptocurrency. They are usually peg to the value of fiat in the ratio of 1:1. We will be exploring what a Pax stable coin is, in this lecture.

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What is Paxo Standard (Pax) Stablecoins
Pax is a stable coin like every other, peg to a fiat currency in the 1:1 ratio. It is built open the Etherum blockchain, follows the Etherum protocol which is a standard of smart contract on its blockchain. It was built for money to move fast and it combines two things: the US dollar stability and the blockchain efficiency to function effectively. Fully collaterised by the US dollar and regulated by an organized body. However, anyone wishing to access Pax must adhere strictly to US dollar backed stable coins terms and conditions.

Paxo standard has being discovered to:

1)Be used to limit Crypo asset votality and fluctuations issues
2)To remove cross border transactions fees
3)To easily move cryptocurrency asset from one blockchain to the other.
4)Can be used to pay for goods and service

Why is it built on the Ethereum blockchain Protocol

1)ERC-20 protocol enjoys a very high level of security, Pax choosed Etherum because of its availability and security.

2)Etherum protocol is transparent with ability for anyone to view transactions, account balances and publicly verify token supply.

3)It has a simple and familiar smart contract pattern

4)Finally, ERC protocol is widely accepted by users

For these reasons, Pax is simple to use as most exchanges accepting Etherum protocol have already built-in applications for receiving and transferring Pax although the issuing body Paxo is responsible for issuing all Pax tokens, outside this, the proposed smart contract protocol does other functions. It is widely accepted by over 150 exchanges world wide.

Advantages/Benefits of Using Pax Stable coin
1)Since it is built using Etherum protocol, which is decentralized, safe and secured, Pax is a secure.

2)Paxo standard tokens are issued and redeemable by Paxo. However, Paxo issues out Pax token without the need of a middleman, which means it's decentralized. Once tokens are redeemed, they are quickly removed from supply. The available number of Pax token is equal to its dollar equivalent in the reserve.

3)Functions carried out in the Paxo standard are done mostly by Smart-contract
Paxo can regulated and audited, which makes it open.

Conclusion
Pax is regulated and audited, simple to use, safe and secured, functions mostly on smart contracts. It can be transferred anywhere and can be used to for trading purposes, it can even be held. It's use cases are so enormous to ignored.

Thank you.

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Paxo white paper