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IOST platform launches iUSD steyblecoin for cross-platform use

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The IOST development team on its blog announced that next week it will launch its own iUSD, which is being created for cross-platform use of digital currencies.

As the site Ruscoins.info reported, IOST switched to its own blockchain from March 10, 2019. And immediately another positive news from the IOST team.

IOST will launch its own stablecoin next week

The IOST team said that work on its own stableUSB iUSD with reference to the dollar is coming to an end: it should appear next week.

Now the majority of dollar-linked steylcoin is based on the Ethereum ERC-20 platform [ETH]. This situation becomes a barrier to the functioning of decentralized applications in other networks, narrowing for them the number of assets available for operation.

The same problem is faced by applications in the IOST network that do not have stable-rate assets, which would enable them to work at low costs and insure against market fluctuations. This difficulty will be solved with the launch of your own stablebcoin.

iUSD is a cross-platform currency designed for operations between blockchains. Applications on IOST will be able to conduct transactions in these tokens through several widely used stable currencies, including PAX, DAI, TrueUSD, GUSD and CircleUSD, while the developers promise minimal expenses on commissions.

For users who will work with iUSD, the exchange of one currency for another with the subsequent transfer to the account of the counterparty in another blockchain should take place imperceptibly. The innovation will also allow you to store steyblecoins based on ERC-20 in the IOST network.

How will the transaction in iUSD

Transactions between networks will be conducted as follows:

  • The user sends an asset that is not based on another network (for example, PAX running on ERC-20) to the Rate3 exchange gateway.
  • PAX will be moved to the address of the wallet in “his” blockchain (the whole operation will be carried out with full transparency)
  • “On the other side” of the gateway, on the IOST blockchain, the recipient will be credited with an equivalent amount in iUSD. The address of the wallet will be taken from the exchange gateway.

When sending iUSD to other blockchains, the operation will take place in the reverse order.

The development team commented on the launch of a new means of payment:

“We look forward to the release of the new currency and believe that the launch of such operations between networks will contribute to the popularization of IOST-based applications, as well as attract new developers. Teams working on decentralized applications will suffer less from market volatility. ”

Publication date 13.03.2019
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