Stablecoin based on the Cardano Algorithm The Founder Of COTI Says: “Pretty Close”

Shahaf Bar-Geffen, the chief technology officer at the blockchain-based COTI Network, mentioned the impending introduction of Djed, a stablecoin built on the Cardano algorithm.

Stablecoin based on the Cardano Algorithm The Founder Of COTI Says: "Pretty Close" 2

At the Cardano Summit last month, Bar-Geffen initially declared that the algorithmically-backed stablecoin would debut in January 2023. In September, the stablecoin was nearing completion of development. Its new capability was made available for testing earlier this month. Bar-Geffen said the group had to make sure the stablecoin worked with the Vasil upgrade.

The project has also already through two “rigorous” audits. “The one area in which we cannot err is security. If consumers are not drawn to the product… I’m okay with that. I simply cannot deal with leaving security flaws… This is the reason it took a little longer.”

The failure of TerraUSD (UST) in May shook investors’ confidence in algorithmic. Prior to Terra, a number of other ventures of a similar nature had failed, highlighting a systemic risk.

Djed stablecoin will be incorporated into numerous decentralized finance protocols after its launch. It is difficult to forecast Djed’s level of success. Due to funding issues, Cardano’s top stablecoin project, Ardana, was shut down last month. According to Charles Hoskinson, CEO of Input Output, it is “distasteful” of the management of these initiatives to attribute their failures to Cardano.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.