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The Mile Stablecoin: SDR of the decentralized Blockchain Technology

Eseandre Mordi

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All cryptocurrencies are highly volatile when it comes to their monetary value. This is one of the main reason why cryptocurrencies are not being used on a daily basis. If this technology could begin to have a stable value and at the same time provide free and fast transactions, then this is a technology to reckon with.

Mile is blockchain project that is doing exactly that. Mile Unity Foundation is like Bitcoin Foundation — it’s not the owner and not the author of the Mile blockchain. It’s an educational non-profit organization (see the https://mile.global website). Mile blockchain is currently working, with 99% of the crypto coins at the whitepaper stage or what could be called “initial stage”.

How does Mile work?

Mile unity makes use of two different assets on its platform. The two crypto assets are XDR and Mile. Unlike most other crypto projects, Mile unity has its blockchain. Both the crypto assets run on this blockchain itself.

XDR: This is the stable coin on the platform. The value of this coin is very stable and varies very little. The value is backed up by the other crypto asset of the platform, i.e. Mile.

Mile: Mile is a coin that has a fixed limit to its maximum supply. It acts as collateral and keeps the value of XDR stable and close to the value of a U.S. dollar.

Mile uses a unique staking algorithm to generate new crypto assets. Users can earn crypto assets in two ways.

Running a blockchain master node: For this, you will need to lock in 10,000-100,000 XDR on the blockchain. This can be done by sending a unique transaction to lock your coins. You will receive XDR rewards by signing and verifying other transactions on the network.

By running an emission center: You can also lock 10,000 or more miles on the blockchain to run your emission center. As the price of Mile goes on increasing, new XDR coins are emitted. If the price of Mile goes down, then the emission of XDR halts till the price of Mile does not go back up.

The importance of stable coins:

Cryptocurrencies bring a wide range of advantages to the field of economy. This is all due to the innovative technology called the blockchain. The whole network is not regulated. This also attracts a lot of foul play, and thus, we see huge volatility in the prices of cryptocurrencies. This has hindered the mass adoption of the technology.

Stablecoin takes out all the disadvantages present in the traditional cryptocurrencies while still being able to utilize the full capability of the blockchain. Thus, stablecoins are as convenient as traditional currency and also help in the mass adoption of this revolutionary technology.

Partnerships and investing in Mile:

The Mile unity project has partnered with many centralized governments including that of Chinese, Korean, European, Russian and African. Initiating cross-border transactions is ten times faster on this blockchain than what it is on the UDST. This project has also partnered with several organizations in the BRICS region as well as several payment processors.

When it comes to investing, there is no ICO period for you to buy the coin at a discounted rate. All coins are going to be sold only on crypto exchanges. Thus, giving everyone equal opportunity to get involved in the project.

Conclusion:

The Mile project is the right step towards mainstream adaptation of the blockchain technology. Once implemented, it will pose a serious threat to the outdated fiat money and will eventually unify the whole world economically.

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