The mechanics of the new payment system are fairly straightforward and rely on the notion of a bridge asset — a carrier of value on the network that can be exchanged to any fiat currency on each side of a transaction. As two financial institutions negotiate a payment, they “agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies.”
The authors of this piece try to demonstrate that recent reports about Bitcoin’s exposure to Tether have been grossly exaggerated. They assess how exposed is Tether to solvency and liquidity risks and conclude that Bitcoin should be robust to Tether-related shocks.
This week’s Andromeda release sees the distribution of mUSD to Kowala’s early investors. Fully regulated as securities sale under the U.S. Securities and Exchange Commission (SEC) guidelines, mUSD was only available for private purchase by accredited investors. Once the project gains traction and has sufficiently decentralized, mUSD will be publicly sold to unaccredited investors. The team is looking to free up avenues for additional private investments and it’s working on a crowdfunding model.
“The issue is not about whether it’s collateralized or not. It’s actually more to do with the inherent risk of interference. You’ve got a private entity that has bank accounts that have all this money in them and if a regulator was to decide that they didn’t like what was going on [that would be a problem]. All of the manipulation discussions and not collateralized discussions, probably won’t ultimately end up being the real downfall for it. It’ll be those things that bring attention to what’s actually happening. And like previous digital currencies like eGold that were shut down by the US government, I think that once regulators actually understand what Tether is and what it’s doing, they’re not going to be super happy about it.”
Making it “super simple” to build payments in USD into your Dapp
Fixed scaling restrictions of Ethereum and created a dynamic interface for a smart contract to pay out bonuses.
IDEX has a built-in rewards program that grants Aurora’s staking token, AURA, to traders based off their monthly trading volume. The next batch of IDEX trading rewards (AURA) will be distributed Wednesday (9/12/2018) via airdrop. Learn how to claim them here.
Bi-weekly updates on R&D, Marketing & Ops, Events and Media Coverage
A total of 30.96% of all DGD holders participated in this Carbon Vote 2, with a positive vote of confidence in favour of releasing a portion of the DigixDAO funds to facilitate the aggressive ongoing development plans to be spearheaded by Digix over the next couple of years as set out in this proposal here. Also, they are now hiring for business development and technical roles.
Making Maker — September 4th 🗂 Staying up to date with all of the developments coming out of MakerDAO was a bit challenging last month, so they’ve shared a neat summary of the updates thus far.
Now South African residents can use the SendGold app to save and invest in gold, transfer it as a payment or gift, or cash out straight to any South African bank. And Australian residents can use SendGold to transfer to friends and family in South Africa.
Attestation of TrueUSD Funds — Examined August 15th, 2018 📑 The TrueUSD funds were examined on August 15th, 2018 and contained a balance of $66,501,803.02