By Hassan Mehmood (Saudi Arabia)
Charles Hoskinson is the co-founder of the third-generation blockchain project, Cardano. In a new tweet, the Cardano creator has claimed that his enterprise would be publishing a new algorithmic stablecoin pretty soon. It should be noted that the parent company behind Cardano is IOHK, which is based in Hong Kong. On the other hand, Cardano blockchain is in the middle of implementing a new testnet upgrade called Alonzo 2.0. With the completion of all Alonzo upgrades, the blockchain would have smart contract capabilities.
While all upgrades and other related projects are highly anticipated in the crypto space, the history of algorithmic stablecoins is filled with horror stories. Algorithmic stablecoins are a new transition of digital assets where the block values are pegged with reserve assets like fiat or gold in parts. Only recently, a very crash of a similar token called Titan has come to pass. Titan is managed by Iron Finance and has dropped down to near zero in a matter of only 24 hours.
Before Hoskinson joined the execution team of Ethereum, he co-founded Bitshares alongside Daniel Larimer.
Also read:Bitshares is also a third-party free exchange platform for digital assets that allows traders to deal in multiple cryptocurrencies without leaving the original blockchain. It was later revealed that on account of unspecified reasons, Hoskinson and Larimer parted ways.
Speaking about the latest algorithmic stablecoin project, Cardano’s founder revealed that it is reminiscent of the Bitshares days. The controversial crypto project paper is expected to be released in a matter of the next few weeks. All of this information has been posted by Hoskison on his official Twitter account.
IOHK is Set to Partner with a Global Blockchain Technology Project for Introducing a New Stablecoin
At the beginning of 2021, IOHK announced that it would be partnering with EMURGO. EMURGO is an internationally recognized blockchain technology-based company. The organisation’s main objective is to introduce new software, codes, and startups based on the DeFi discipline. In association with EMURGO, IOHK would launch a new stablecoin called USD.
The new stablecoin would float in the ecosystem provided by the Ergo blockchain. Hoskinson has reportedly shared his enthusiasm for the new DeFi project. He further added that the new algorithmic stablecoin project would surprise entities like MakerDAO.
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