BasisX Project Overview
Cryptocurrencies are extreme notoriously volatile assets. The leading cryptocurrencies in the market are not sustainable when you consider the volatility. It is then understandable that alot of individuals and investors are quite reluctant to trust them with their holdings because of the several risks involved. Crypto volatility may attract market players who wants to benefit from price appreciation and trading. Nonetheless this volatility is still considered as a major factor, preventing cryptocurrencies from being thrust into the mainstream world of payments.
Suffering from price volatility, cryptocurrencies don’t often make the perfect fit for the needs of the general public. Stablecoins prove to be a promising alternative as they complement crypto features with the stability of established fiat currencies.
Stablecoins are going to bridge this gap and serve as non-volatile blockchain-powered digital assets with the advantages of crypto and fiat currency combined.
Stablecoins are cryptocurrencies with an exchange rate fixed with existing fiat currencies, a good example is the usd or a fiat-related index, which in this process specifically increasing their usefulness as medium of payment. Stablecoins are actually meant to allow the exchange of an essentially volatile crypto-asset into a less volatile asset and not leaving the crypto-ecosystem.
ABOUT BASISX
Basisx has been created as the first algorithmic stablecoin on HECO. It necessitates an innovative and creative solution that is capable of adjusting the stablecoin's supply predetermined to move the price of the stablecoin in the direction of a target price to bring strtegy and interoperability to DeFi. BasisX has been developed as an algorithm system that will adjust the price.
Influenced by Basis and its predecessors, BasisX is a multi-token protocol that incorporate three tokens: BasisX Cash (BXC), BasisX Shares(BXS), and BasisX Bonds (BXB).
As of today the price volatility of cryptocurrencies is a major restraint for mass adoption. Their speedy and rapid change in fiat-denominated value has made payment values to vary even during settlement, being highly inconvenient to merchants that are in charge of them.
BasisX has created a platform that allow people to invest in the cryptocurrency market without having to worry about volatile markets. BasisX is developed on the Huobi ecosystem, which has proven to be at the forefront in the DeFi industry. BasisX believes that with the support of all parties, BasisX can become an important role in the DeFi and HECO ecosystem.
It is important to note that considering the many wide variety of stablecoin mechanisms existing, BasisX explicitly uses an “algorithmic central bank” approach to manage the supply of tokens according to a predetermined logic. The algorithm is in charge of balancing stablecoin supply to a fluctuating demand, and also ensuring that the token price remains relatively stable.
BasisX is an algorithmic stablecoin running on HECO
BasisX is an algorithmic stablecoin that is distributed quickly and is censorship resistant. BasisX is created with an algorithm working system that will adjust the price. For instance if BXC is trading at a rate below $ 0.95, individuals can get BXB (bond) at a discount, in order to build BXC price stability. And also other users can exchange their BXB tokens to BXC at a 1: 1 ratio. Nonetheless, considering that BXC price exceeds $ 1.05, the main contract is all BXB exchanges to BXB redeemers. And if the price still exceeds $ 1.05, then new BXC tokens will be printed and distributed to BXC holders. With a structure like this, all BXC token prices remain stable.
In this structure there is no BXC pre-mining, BasisX only allocates tokens via staking which can be obtained by users. BasisX opens 6 initial pools where users can bet HT, HUSD, HBTC, HDOT, HETH. Total 5 HRC-20 assets to participate in BXC mining. Users can join the pool available to start mining BXC tokens.
BasisX Token Details
BasisX launched 3 types of tokens which have their respective functions. The three tokens are BXC, BXS, and BXB. These three tokens have their corresponding functions in the functioning structure of the BasisX platform. Let take a look into the functions of this tokens
BXC: BXC is an algorithmic stablecoin launched by BasisX. The total initial supply of BXC is 50,000.
BXB: BXB will be created has the bond that will be issued by BasisX when the BXC token price is below $ 0.95. This token will serves as a token that will stabilize the BXC price. These tokens can be purchased by users at a discounted price and each BXB promises the holder exactly 1 BXC in the nearest future.
BXS: are tokens that users will get when they participate in the initial batch of BasisX. A total of 1,000,000 BXS, will be distributed as a mining reward.
Important token Details
BXC has no premining pre-mining, and a fair bet allocation. BasisX opens 6 preliminary pools where users can bet HT, HUSD, HBTC, HDOT, HETH. Total 5 HRC-20 assets to participate in BXC mining.
The total initial supply of BXC is 50,000, and will be allocated proportionally as a bonus for all batches: HUSD 25%, HT 25%, HBTC 25%, HETH 20%, HDOT 5%. The initial total supply will be released linearly in 5 days.
Allocation of BXS will begin immediately after BXC begins distribution, with an amount of оf 1,000,000, wіll аll Be careful distributed mining аѕ award BXC-HUSD LP fоr BXS: 750,000 BXS (75%) wіll Be Careful produced, starting аt 6250 BXS every day аnd decreased by 25% every 30 days thereafter.
BXS-HUSD LP shares for BXS: generate 250,000 BXS (25%) and continue to release linearly for 365 days.
Users should join the community and participate in governance. The launch of BasisX in the Huobi ecosystem is as been made possible because of the strides of HECO's leadership in the DeFi industry. Users are welcome from Huobi, HECO and other DeFi ecosystems to participate in the mining and continious development of BasisX platform. Basisx is creating a revolution in the DeFi industry.
BasisX has been launched on January 18, 2021. And on the platform users will be able to withdraw their USDT, USDC, BTC, HT tokens on Huobi to the Tokenpocket.pro wallet to take part in the liquidity mining at a loss and earn BXC for free.
CONCLUSIVELY, I believe this project has what it takes to get it potential, it is a project worth investing in and confident that your funds and assets are safe and not worry aboubt the volatility of the crypto market.This is actually what investors need, no fear of prize falling as you still earn while you trade. This is just amazing, and mouth-watering. The BasisX project has created a multi functional solution in the world of cryptocurrencies. Their ideas and work done are inspiring. The project has a great future because they open the way to the world of cryptocurrencies for millions of users. BasisX is developed on the Huobi ecosystem, an ecosystem with visible strides and which is at the fore front in the DeFi industry. This is absolutely interesting.
FOR MORE INFORMATION PLEASE VISIT THE USEFUL LINKS I HAVE PROVIDED BELOW;
WEBSITE: http://basisx.io/
TELEGRAM CHANNEL: https://t.me/BasisXAnnouncement
TELEGRAM GROUP: https://t.me/BasisxOfficial
TWITTER: https://twitter.com/x_basis
MEDIUM: https://basisx.medium.com/
MY INFORMATION
Author: SheyCrypto
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2212407
My HECO wallet address: 0x59f662b72b19eae8ce49e830e9417f27a5c5ff9d
Telegram Username: @sheyeva