CorionX — How to normalise the use of stablecoins in daily financial transaction.

abinsur (45)in #bitcoin • 4 years ago (edited)

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What Are Stable Coins

Stablecoins generally perform a very significant role in the cryptocurrency world. They serve as the gateway into the crypto world — used to form crypto-crypto and crypto-fiat trading pairs. Stablecoins most importantly act as a protection against the volatility of the cryptocurrency market

In order to overcome the unpredictability of the crypto market and to offer real solution to the problem of delays caused by traditional financial institutions in providing fiat-crypto pairs, vast portion of crypto exchanges now offer stablecoin trading pairs. This practice is peculiarly commonly with big exchanges who have huge daily trading volumes.

In general, Stable coins are the kind of digital currencies that are typically pegged to the value of $1. What this means is that; stable coins are meant to be stable and they are designed to have the same value of a dollar. As an advantage, stablecoins enable people to trade any cryptocurrency for a dollar equivalent without having to use a real dollar.

Stable coins and decentralised finance (DeFi)

Far beyond the structural usefulness of stablecoins, cryptocurrency has evolved overtime to allow for people to completely be in charge of their personal finance. This evolution has led to current wave of decentralised finance of which stable coins are instrumental to. A quantum leap has been taken in what is possible when it comes to the functionality of money. The DeFi lending became the most popular use case of stablecoins. It’s a rare opportunity to see an entirely new industry blossom from scratch. Decentralised finance could lead to a significant paradigm shift in the financial industry and potentially contribute towards more robust and transparent financial infrastructure.

The ultimate goal of CorionX

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CorionX's ultimate goal is to become the new frontier in the movement that encourage global adoption and usage of stable coins especially tailored towards decentralised finance. You may ask, why would the crypto world need something like when there are many stablecoins such as USDT, USDC, Paxos, Dai etc being used by both traders and exchanges. Well, the creators of CorionX project believe that it is not enough that stablecoins are used only as gateways and shield against crypto market volatility; the CorionX team believes that stablecoins are important tools in decentralised finance and there is huge potential for massive adoption through the DeFi wave. Therefore, welcome to the world of the CorionX network, a project which revolutionary project is focused on bringing all the different stablecoins to easy reach of the people.

How CorionX works

CorionX is a new generation blockchain protocol started by a real life company called CORION foundation. The project aims to greatly simplify both on-chain and off-chain usage of stablecoins. The foundation will facilitate the mass scale adoption of stablecoins, Central Bank Digital Coin (CBDC) and decentralised finance (DeFi) through the following activities.

CORION foundation will launch a massive #MoneyInTheRightDirection movement aimed to support the usage of stablecoins
The team will perform routine market research and share the result with the partnering stablecoins and projects
Increase the reach of the project by organising interviews with industry experts
Partnering with dApp and e-wallet providers to accept and integrate stablecoins
Providing infrastructure and mechanisms that facilitate ease of use of stablecoins such as; swaps, merchant gateways and CBDC rails.
Obtaining acceptance of stablecoins by a wide range merchants, payment providers
Publishing supporting articles about stablecoins/cryptocurrencies

Reasons why you should choose CorionX

The following are 4 interesting reasons why you should embrace the CorionX project

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A fast growing ecosystem

The CorionX ecosystem is growing bigger every day because stablecoin teams and individuals are realizing the advantages of such an effective, secure and flexible network. Unification of multiple stablecoins (both fiat, crypto and gold) into one secure, scalable, interconnected network allows easy usage of DeFi. CorionX has several existing stablecoins lined in its ecosystem.

Some examples of stablecoins which CorionX has in ntegrated on its ecosystem below;

USD Tether — the most popular stablecoin. USDT has gain favarouble attention from crypto users and traders. It has a market cap in excess of $6 Billion and backed by fiat USD.
USD coin — This is the second most popular stablecoin. It is also backed by fiat USD. The coin has $711,212,463 market capitalisation
Paxos standard — this coin is backed by fiat USD. The coin is called PAX
Binance Dollar (BUSD) — This is the native stablecoin created by the Binance exchange. It used to form crypto-fiat pairs on the exchange. The coin is very popular on t hmm e Binance exchange.

There are many more stablecoins integrated on the CorionX platform.

Team

CorionX project is founded by an existing company from Switzerland. A company called CORION foundation. The team is comprised of likeminded group group of economics who believe in the potential of stablescojns beyond the usage on exchanges. The team believes that stabkecoin could transform the payment industry and facilitate decentralised finance protocols such as lending, saving and tradingbof derivatives.

CorionX team comprises of market experts like Miklos Denkler, Pal Kukorelly, Tamás Magyar, Houng Kwang Kim. This team posses the required experience to scale the project to success

Tokens

CorionX is using it’s CORX tokens for various purposes but mostly as "gas" to stablecoins

Governance — token holders would be influential in the way the CorionX platform is operated

Staking — CORX holders can stake their tokens in favor of the CorionX security model. 2.5% loyalty reward will be given to token holders every quarter

Platform access — CorionX users will have access to operate and transact on the network.

Fees — CorionX can be used to pay membership fees and other service fees of CorionX and Corion Foundation infrastructure in CorionX.

The total supply of CORX token is 400,000.000. CorionX is doing IEO on Probit exchange.

CorionX Loyalty Staking Program

Loyalty is a reward given for an unfailing support. CorionX and CORION foundation appreciates every member of its ecosystem and will reward them for participating in the platform. Users will be rewarded with CORX token for transacting and operating on the network. CorionX has allocated a total of 60.000.000 CORX tokens to be distributed to platform members within 24 months of listing.

Conclusion

Stablecoins are very significant in the crypto market — not only are they important in forming trading pairs on the exchanges, they are the only viable shield that protect people and their digital assets against the instability of the crypto market. However, the limited usage of these coins has sparked the interest of CorionX team to start a project that educate people and make them aware of other potential benefits and uses cares that stablecoins can be applied.

Cryptocurrency is seeing wider adoption and do does it come with more opportunities. One of the interesting opportunities making wave currently is decentralised finance. The CorionX team aims to encourage the use of stablecoins, CBDCs in our daily financial transactions. The team believes that stablecoins and CBDCs could transform the DeFi market