BasisX.io - Controlled Inflationary Algo Stablecoin

imlarry (33)in #stablecoins • 4 years ago

One of the major issues hindering the widespread adoption of cryptocurrencies is their volatility. The rapidly changing exchange rate between cryptocurrencies and fiat currencies causes the value of the payment to change too quickly and drastically. This makes it inconvenient for business units to process crypto payments.

The cryptocurrency was originally known as a payment system that allowed people to be able to make transactions quickly, without third parties, transparently, securely, and anonymously. Satoshi, who is the creator of Bitcoin, the first popular cryptocurrency, made Bitcoin to defeat a centralized financial system that is prone to manipulation and is controlled by one party.

However, along with the development of cryptocurrency, the price of the majority of cryptocurrencies has increased but the price is unstable, which causes most people not to want to store their assets in cryptocurrency.

Therefore, crypto developers began to introduce stablecoins, which are cryptocurrencies that have a backup of physical assets, for example, dollars or gold. The price of stablecoins tends to be stable compared to cryptocurrencies without backing up. That's why most crypto investors currently put some of their assets on stablecoins to deal with the volatile crypto market.

Stablecoins are cryptocurrency whose rates are pegged to the value of a fiat currency, like the US dollar, or tied to a fiat-related index, so they are very useful as game as a means of payment.

By the way talking about stablecoins, maybe you will be interested in this one. It is an algorithmic stablecoin that allows you to invest in the crypto world without worrying about volatile token prices. This is BasisX - a fairly distributed & censorship-resistant stablecoin with an algorithmic central bank.

BasisX is an algorithmic stablecoin project built on the Huobi ecological chain. In order to better build Heco’s ecology, BasisX has made innovations and optimizations in both the mechanism design and the technical model, as HT The first algorithmic stablecoin anchored to USD, BXC and HT closely fit, and do their best to promote the development and growth of the Huobi ecological chain application.

Stablecoin as the name implies is a cryptocurrency that has a stable price compared to cryptocurrencies such as bitcoin or ethereum. Because usually, stablecoins have backups of physical assets such as gold or dollars which make the price stable. But now crypto developers are starting to develop stablecoins that have a price mechanism with an algorithmic system. Later the algorithm will adjust the price of the stablecoin, if the price is below the specified value, the system will be triggered to adjust the price, and vice versa.

BasisX is an algorithmic stablecoin that is fairly distributed and censorship-resistant. BasisX is developed with an algorithm system that will adjust the price. If BXC is traded below $ 0.95, users can buy BXB (bond) at a discount, to build BXC price stability. Later users can exchange their BXB tokens to BXC with a 1: 1 ratio.

However, if the BXC price exceeds $ 1.05, the contract primarily allows BXB redemptions to BXB redeemers. And if the price, still exceeds $ 1.05, then new BXC tokens will be minted and distributed to BXC holders. With a system like this, it allows the price of BXC tokens to remain stable.

There is no BSC pre-mining, BasisX only allocates tokens via staking which can be followed by the user. BasisX opens 6 initial pools where users can stake HT, HUSD, HBTC, HDOT, HETH. 5 HRC-20 assets in total to participate in BXC mining. So you can join the available pools to start mining BXC tokens.

BasisX launched 3 types of tokens that have their respective functions. The three tokens are BXC, BXS, and BXB. These three tokens have their respective functions in the operations of the BasisX platform. The following is the function of the token :

BXC: This is an algorithmic stablecoin launched by BasisX. The total initial supply of BXC is 50,000.
BXB: This is a bond that will be issued by BasisX when the BXC token price is below $ 0.95. This token serves as a token that will stabilize the BXC price. This token can be purchased by the user at a discount and each BXB promises the holder exactly 1 BXC in the future.
BXS: These are tokens that will be obtained by users when they participate in BasisX initial pools. A total of 1,000,000 BXS, will be distributed as mining rewards.

Distribution Overview

BXC No pre-mining, fair staking allocation.
BasisX opens 6 initial pools where users can stake HT, HUSD, HBTC, HDOT, HETH. 5 HRC-20 assets in total to participate in BXC mining.
The total initial supply of BXC is 50,000, and will be proportionally allocated as a bonus to each pool: HUSD 25%, HT 25%, HBTC 25%, HETH 20%, HDOT 5%. The total initial supply will be released linearly in 5 days.
BXS allocation will start immediately after BXC distribution starts, with a total of 1,000,000, will all be distributed as mining rewards.
Stake BXC-HUSD LP for BXS: 750,000 BXS (75%) will be produced, starting at 6,250 BXS per day and decreasing by 25% every 30 days thereafter.
Stake BXS-HUSD LP for BXS: produce 250,000 BXS (25%) and continue to release linearly for 365 days.

Join the community and participate in governance

The launch of BasisX on the Huobi ecosystem is a great recognition of HECO’s leadership in the DeFi industry. We invite all participants and users of Huobi, HECO and other DeFi ecosystems to participate in the mining and subsequent building of BasisX.

We will be an important role in the DeFi and HECO ecosystem, You can access in here https://ht.mdex.com/#/swap?.

Users can withdraw their USDT, USDC, BTC, HT tokens on Huobi to Tokenpocket.pro heco wallet to participate in liquidity mining without losses and get BXC for free.

Conclusion

Stablecoins are starting to be looked at by most cryptocurrency investors because their prices are more stable than cryptocurrencies such as bitcoin or ethereum. By investing in stablecoins, investors can deal with the volatile crypto market.

BasisX is an algorithmic stablecoin that allows people to invest in the cryptocurrency market without worrying about volatile markets. BasisX is developed on the Huobi ecosystem, which is believed to be the leader in the DeFi industry. BasisX believes that with the support of all parties, BasisX can become an important role in the DeFi and HECO ecosystem.

For more information, join and follow basisx Social Media platforms below: