U.S. based cryptocurrency platform Smartfi announced Wednesday to develop two coins, including the first minable stablecoin worldwide- SmartFi USD (SFUSD), which will not require a burn-mint protocol or USD-fiat-peg to maintain an exact correlation to the US Dollar.
SmartFi CEO Aaron Tilton said:
“This first minable stablecoin is a landmark in cryptocurrency development. The profound effects of a minable stablecoin and SmartFi’s cryptocurrency monetary policy will make our cryptocurrency practical and usable in everyday life,”
Here are some key points, according to the statement from SmartFi:
- Two coins include SmartFi USD (SFUSD) native protocol coin and speculative SmartFi Token (SMTF).
- The minable SFUSD stablecoin will serve as the SmartFi platform’s native stablecoin, while the SMTF speculative token will be used as the native platform coin.
- The SFUSD stablecoin will not require a burn-mint protocol or USD-fiat-peg in order to maintain an exact correlation to the US Dollar by using the proprietary SmartFi Commodity Layer Protocol.
- The SFUSD stablecoin will be produced in a decentralized mining process; its stable condition can be issued and purchased outside of the mining process with no limit on its supply.
- SmartFi’s innovative Commodity Layer Protocol is the borrower and lender matching process that distributes the block reward. It leverages Komodo SmartChain technology and Namecoin’s merged mining system to create SmartFi USD (SFUSD) and SmartFi Coin (SMTF).
- Delayed Proof of Work (dPoW), Komodo’s signature security solution, will provide an additional layer of protection for the SFUSD native protocol coin.
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