The graft failure by the top cryptocurrencies, Bitcoin and Ethereum to keep their prices stable led developers back to the board to invent something more stable. Thence the introduction of stablecoins into the vast cryptocurrency market. Creators of stablecoins devise means by which they can keep the value of the tokens less fluctuating. Here we shall discuss the top ten stablecoins we think will lead the cryptocurrency market in 2019.
1. Tether (USDT)
Tether Limited issued the cryptocurrency token, Tether. The cryptocurrency is allegedly backed up by the US Dollars. Tether bares the exact price of 1 united states dollar at all time. Also, the company claims that it would publish all its holding to the general public on a daily basis to ensure transparency in the system.
At the moment the cryptocurrency is available for trading on the cryptocurrency exchanges Bitfinex, Shapeshift, GoCoin and other exchanges. Additionally, Tether is applicable to settle payments in any fiat currency convertible to the United States dollar. We think Tether is the most successful version of stablecoins for 2019.
TrustToken, a US-based Fintech company developed an asset token, TrueUSD. TrustToken claims that True USD is affiliates to many well-established companies holding billions of dollars. The TrueUSD platform enables normal day financial transactions and to enable the institutional adoption of cryptocurrencies.
The platform relies on Escrow accounts held outside the True USD ecosystem to relay the tokens from trust companies to a user purchasing the True USD token. The platform says its trust networks of companies bridge the gap between real-world asset and the cryptocurrency blockchains. Given the backers of this technology, very certainly True USD will flourish in 2019.
3. MakerDao (DAI)
DAI is a unique stablecoin, because of the method the company undertook to maintain it’s pricing. Meanwhile, other coins are directly backed up by USD reserves in their bank accounts, DAI uses a complex system of Collateral Debt Position (CDP). These are smart contracts backed by Ethereum built to keep DAI stable.
MakerDAO built the platform and recently caught the attention of a16z crypto fund owned by Andreessen Horowitz which owns 6 percent of DAI. Although the Idea of a none USD backed stablecoins sounds weird, we think DAI will be a success story.
4. USD Coin (USDC)
The USD coin is another amazing contender on the list of major stablecoins that could turn gold in 2019. The CENTER consortium and Circle, the US-based startup that purchased Poloniex exchange, launched the platform.
The USDC is built on the ERC20 token protocol and maintains a 1 to 1 value ratio with the USD. The companies behind this cryptocurrency promised that it would be backed up by reserves held in USD. Furthermore, the founders of the USD coin revealed that it would be audited monthly by certified auditing companies.
The Carbon cryptocurrency platform is a blockchain endeavor aiming to preserve the environment by reducing the emission of toxic gases into the atmosphere. Basically, platform derives its business model from the fractured implementation of the global carbon economic policies.
The Carbon token is a multilayered peer to peer carbon credit marketplace leveraging blockchain tokens to set useful carbon parameters to encourage environmental preservation. The platform also presents itself as an entity where clean energy generation companies, Carbon emitters, and other stakeholders interact. The platform is works on the Ethereum Blockchain.
Given the gravity of global concern to the alarming rate of carbon emissions into the atmosphere, this brilliant blockchain project will definitely be a success.
Recently, the team behind this stablecoin rebrand it to Sythetix in a decision the company claims to refine the project’s goal. Hence, this platform allows the creation of on-chain synthetix assets. These assets would include stabecoins tangled to the value of some fiat currencies as well as the USD tangled to the price of some assorted precise stones.
The Platform’s Underlying asset Synths are directly backed by crypto assets indicating that it would have resistance censorships. Currently, the platform lists currencies such as the sUSD which is equivalent to 1 dollar, sEuro Equivalent to 1 euro, sJPY equivalent to one Japanese Yen, the sAUD convertible to 1 Australian dollar. The platform also hosts the digital version of the Korean Won sKRW and digital gold, the sXAU equivalent to an ounce of gold.
BaseCoin recently raised an astonishing $133 million from some top tech investment companies. The company also changed its name from BaseCoin to Basis protocol and now it is not so appealing contender. It is putative that Basis received top dollars from investors such as Bain Capital, Andreessen Horowitz, and Pantera among others.
BaseCoin promises it’s investors that it would be able to keep its prices free from volatility by incorporating Artificial intelligence built into its Blockchain. The company says their AI will act as a smart monitor for its monetary policies, a feature it hopes will keep the cryptocurrency free of unnecessary price fluctuations.
8. StrongHold USD
StrongHold is a financial services company that provides payment solutions, Trading and USD reserves USD proprietary solutions such as StrongHold USD and customized APIs. According to its website, StrongHold USD is a digital asset whose value is backed up by the United States dollar running on a distributed ledger platform.
The platform accept payments in USD and also easily interface with other foreign exchanges via a lightning-fast global network. The platform plans to introduce APIs that will allow users to make payments, trade, own wallets using the Stronghold USD. This API allows developers to easily incorporate Stronghold USD into their own applications. This should make StrongHold USD more adaptable to application developers.
9. Alchemist SDUSD
NEO cryptocurrency Blockchain tethers the cryptocurrency, Alchemist. The platform allows users to issue the SDUSD tokens based on their existing portfolios on the NEO decentralized Alchemist Platform. Currently, users can also buy this cryptocurrency from the decentralized cryptocurrency exchange Switcheo.
According to its website, the platform claims to have emerged to provide a solution to the rampant problem of price fluctuation within the cryptocurrency ecosystem. Furthermore, Alchemist puts its self as a major Bridge between Fiat currencies and Cryptocurrencies. The coin has entered its second stage of expedition geared up for 2019 and 2020. We expect that this coin will make significant progress this year.
Digix develops its stable coin idea from the gold standard most fiat currency adapted from the onset of modern civilization. The cryptocurrency promises that each Digix token is fully backed up by one gram of Gold. The company also claims to have Gold storage facilities where the cryptocurrency’s gold is in Singapore.
Although Digix plans to make this cryptocurrency usable over purchasing gold outright is yet to reach. However, the company’s idea is clear and it devotes a good amount of resources to make sure Digix come to Fruition. Digix takes its self as the world’s first smart asset company based on their Gold standard idea. Shaun Djie and Anthony Eufemio were the co-founders of the company. Other founders include Kai C. Chng and Teo Chng.
The cryptocurrency and Blockchain market is steadily moving towards a more stable cryptocurrency for mainstream uses. There are hundreds of stablecoin projects out there but we could only share the few. Should wish to add on this list, do not hesitate to do so in the comment section below.
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