Sponsored Writing Contest: KINESIS

in #steemit5 years ago

WHAT IS Kinesis?
Kinesis is a new blockchain project which is, in a practical and simple sense, reinventing the wheel of the historic, asset-backed financial system.

Kinesis is an interesting take on the application of blockchain technology because a lot of other projects in the space differentiate themselves by distance from any financial system of the past. Embracing and enhancing the old gold standard of money with decentralized record-keeping is a hybrid evolutionary take on the needs of value storage with respect to the monetary system of our current day.

Kinesis is seeking to create an “internationally fungible monetary system.” 1 This system will overturn people’s innate choice to hoard their cryptocurrencies, which they value over their conventional fiat currency and therefore do not want to relinquish.

“Kinesis users are financially rewarded based on their participation and the overall velocity (rate that the money changes hands) of the Kinesis currency).” 4

This creates an interest-based return from economic output as opposed to debt-financing. Debt-financing creates a system that continually devalues the currency it is using by inflating the prices of the goods those currencies purchase.

As a benchmark to stabilize the price of the KVT, the Kinesis team has followed the example of Tether (a token backed the US dollar, which has the highest consistent velocity in the cryptocurrency market). Kinesis offers all the advantages of Tether, but without the counterparty risk of the fractional reserve banking system as all of the Kinesis transactions (and therefore the yield on KVT) is done through bullion exchange networks.


Contest: https://steemit.com/crypto/@originalworks/980-steem-sponsored-writing-contest-kinesis


This post has been submitted for the @OriginalWorks Sponsored Writing Contest!
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