The events of the past two days could not be more clearly demonstrated need for the ecosystem in stalking – cryptocurrency whose value is tied to the cost Fiat money or other assets «real world». In 2017, only one active cryptocurrency project could be called stankoinkom is a Tether, and its services were used by all major exchanges, despite the absolute centralization and the lack of reliable information about Vietnam security tokens.
However, the main advantage of stalmine is its ability to withstand sudden and sharp fluctuations in the volatile cryptocurrency market; for example, is it possible to keep the price of coins equal 1 U.S. dollar in sharp decline of almost all crypto assets at the same time 30% – 50%, as it occurred on 17 – 18 January. Blow the bears fell to the Tether and released 17 Dec decentralized project Maker with the first version stalmine DAI on Ethereum.
With full capitalization of $1.6 billion (this refers to the tokens on the blockchain Omni), daily trading volume on 16 and 17 January was more than $5 billion. This means that the entire volume traded on the inside large centralized exchanges without going «outside», because the Tether does not guarantee individuals the exchange of tokens for dollars. Therefore, consider Tether full stankoinkom impossible, it is rather a digital IOU IOU (I Owe You) issued by the platform Tether exchange.
9 Jan Tether announced the token-USDT and EURT the standard Ethereum ERC-20, which will mainly be used on owned Bitfinex exchange Ethfinex, often referred to as decentralized, though it is not. As at the end of the day on January 18, the contract contains USDT little over 30 million tokens, and EURT – digital 14.5 million euros. We can assume that the project of digital dollars and euros from Ethfinex is still at an early stage of development.
The collapse of the courses of all the leading cryptocurrency, the result of which was the flight of investors in Fiat, led to the increase in peak value USDT to about $1.05 dollar in major markets. At the time of this writing, according to Coinmarketcap, USDT costs $1.02, which means a gradual return to the nominal value of $1.
In the next six months, Tether has all chances to remain the only major stankoinkom, although its problem with monetary security has not been solved and cannot be solved with the current state of cryptocurrency regulation. Therefore, any kind of «black swans» more than likely and they need to be ready.
DAI from MakerDAO
In the midst of the attack «bears» on January 17, the first version stalmine DAI are one month old. Unlike the Tether, DAI is a decentralised stablein provided by air. Floating rate DAI around the greenback is provided by smart contracts. In recognition of the project’s CEO Rani Christensen (Rune Christensen), the first version of DAI remains vulnerable to attacks because its the only security is ETH, assembled in mortgage pool – the Pooled or ETH PETH. In the future, the reliability of the DAI will be provided by diversified collateral, which will include licenzirovanie assets «real world», such as precious metals, bonds and other securities.
The ceiling issue 1.0 DAI is still limited to $50 million, after which the system will be stopped, and all holders of mortgage positions available at the ETH back. However, if the DAI version 2.0 by this time will not be ready, with a possible extension of the work by a vote of the holders of MKR tokens – control token MakerDAO. Christensen suggests that the DAI 2.0 launch will happen in mid-2018.
The main difference between DAI from Tether – full transparency of the system. At the main terminal (dashboard required to enter Mist or Chrome/Firefox with an installed and enabled extension Metamask) dai.makerdao.com
in real time to see all the system status: the pool PETH, amount issued and destroyed the DAI, and the degree of security of the system at a given point, expressed in the excess of collateral over the amount issued by DAI. At the time of writing, the Deposit is 406% of the amount issued by DAI (such amount is the result of the collapse, many holders of mortgage positions prefer to play it safe). The minimum acceptable threshold of collateral of 150% over the amount of issued tokens.
The collapse of 16-17 January was the first real stress test of the platform Maker and the system survived it. Despite the small volume and low liquidity of the market, smart contracts provided a range DAI within +/- 3% of the target of $1. Was first liquidated collateral positions (CDP), the amount of the security which fell below an acceptable level, and some holders of CDP chose not to risk it and get rid of their positions, selling their PETH at a discount.
As of the evening of 18 January, the total number of DAI reached $of 9.48 million and continues to grow.
While the spread of DAI prevents its low liquidity: from centralized exchanges it is traded only on the Bibox, Gate.io and Gatecoin. With regard to decentralized exchanges, DAI had fully experienced the effects of the troubles on the exchange EtherDelta, last year became the largest platform Ethereum tokens. Suicidal policy of its new owners has led to a sharp reduction in activity, and a new decentralized platform (IDEX, RadarRelay, etc.), where former clients are moving EtherDelta, just starting out.
Another factor limiting the work stalmine, are high gas Commission Ethereum, a consequence of network congestion. So for example, wants to create a CDP for the first time on the platform and to start issuing DAI requires at least 8 transactions. If the price of gas is <1 Gwei this was not a problem, but now the standard price for gas is often more than 40 Gwei that folds into tangible costs. This is a one time expenditure, but they scare many people who want to try small amounts of ETH. For example, only the beginning of work on the platform (of course, given the inevitable errors), cost the author about $20 to ETH.
Digital gold DIGIX
The project stalmine DGX
with 100% security in gold bullion became the first ICO Ethereum and after almost two years of work, the team promises a full launch in the first quarter of 2018. Code all smart contracts is fully prepared and is currently undergoing the final audit from independent developers. According to CEO Digix Chin Kai (Kai Chng), the audit will be completed in two weeks. Tokens DGX will be the first licenzirovanie asset, which will be followed by others. Christensen, Maker sure the DGX will be an integral part of mortgage pools stalmine DAI 2.0. In addition, the project team hopes that high demand in Japan, where gold has always had a special relationship. At the initial stage of the project, the main store of gold will be in Singapore, and later there will be other favourable jurisdictions.
18 Jan Digix announced
on the conclusion of a partnership agreement with the Republic project dark pool, which will be carried out large transactions in gold.
The project developer, a Singapore-based Global company Digix works within the regulatory sandbox, created under the auspices of the MAS – financial agencies in Singapore. DGX tokens can be purchased at our own site Digix and exchanges. However, upon receipt of the gold bullion in exchange for DGX, the owner token will need to go through KYC/AML.
Despite the fact that in the near future will remain the main Tether stankoinkom, its application is limited only to centralized exchanges, if the company Tether will not take seriously the issues of transparency and auditing.
On the contrary, DGX and DAI have all the chances for the adoption of the broader ecosystem. They will be another response to the arguments of the representatives of the traditional financial system, indicating the high volatility of cryptocurrencies, as their inherent property.
However, the success tokens, Ethereum, and not only talkenov, but all the others, to a great extent depends on how quickly the Fund Ethereum and third-party developers will be able to solve the problem of network bandwidth. It is now clear that the introduction of sharding will take place no earlier than 2019, and the transition to PoS does not solve the problem. It is estimated that after the full transition to PoS the creation time of a block will drop from the current 15 seconds to 4, which means increasing the capacity of only 3.75 times. As for the introduction of hybrid PoS – Casper FFG, scheduled for mid-2018, it will not increase the capacity of the network, he has other problems. Therefore, the only realistic solution to the problem is to run the working version of the Protocol Plasma.