The recent, massive influx
of stablecoins has left us all wondering if stablecoins are the next big thing
in cryptocurrencies. Since about 5 years ago, when BitShares was unveiled to
the public, stablecoins have come a long way. There are tens, if not hundreds,
of stablecoin projects so far in 2018, and with the rise of these stablecoins,
we’ve also witnessed the birth of stablecoin conferences, where people come
from all over the world to discuss one thing – you guessed it, stablecoins.
The names of stablecoins
have started to become confusing as well. We have the most famous Tether, or
USDT, TrueUSD, or TUSD, USDC, and so many more. These cryptocurrencies pegged
to the U.S. dollar and other currencies as well as cryptocurrencies do offer a
degree of stability and do serve different purposes. However, they have yet to
leap over the hurdles of adoption, which the Wish Chain team deems essential
for any cryptocurrency ecosystem. We have the conviction to create a stable
cryptocurrency that can be used in our everyday lives. With that belief, we
designed Wish Chain and its stablecoin, Wish Stone.
Wish Stone as a Currency
Wish Stone is the
cryptocurrency on Wish Chain’s private chain. It comes with the features that
are required for stablecoin functionality within an ecosystem. These features
are:
1. Price stability
Wish Stone has a fixed
value, which renders it resistant to price fluctuations. It does have a value
in fiat and will ride the fiat currency’s fluctuations in price, but that kind
of price volatility is negligible. If we had to be concerned about fiat
currencies’ price changes, we’d have no currency to use! Therefore, Wish Stone
has a fixed fiat value.
The value of Wish Stone
isn’t pulled out of thin air, though. As we read in our previous story, Wish
Stone is created from Wish Coin. Because Wish Coin has a market value, the
price of Wish Coin determines how many Wish Stone can be created. Let’s take a
look at this image here.
If 1 Wish Stone has a fixed
value of $1, then 1 Wish Coin that is valued at $10 would yield 10 Wish Stone
tokens. A $5 Wish Coin would result in 5 Wish Stone tokens. Because Wish Stone
is part of an ecosystem that is connected to the outside world, Wish Stone has
value as a cryptocurrency.
2. Usability
For a cryptocurrency to be
used in real life, there must be quick transactions and places that accept the
cryptocurrency as a payment. Wish Chain’s ecosystem offers both. First, the
private blockchain is scalable, thus handling many transactions in a short
period of time. Second, Wish Chain’s Future Stations are home to stores and
sellers that are ready and willing to accept Wish Stone as money.
. . .
For more information,
please visit our website at https://wishchain.io/
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