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Charles Hoskinson Shares Development Update for Cardano-Based Stablecoin Djed

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Sat, 12/25/2021 - 12:29
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Yuri Molchan
IOG chief Charles Hoskinson has tweeted an update for stablecoin that is being built by COTI Network on Cardano
Charles Hoskinson Shares Development Update for Cardano-Based Stablecoin Djed
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Charles Hoskinson, chief executive of IOG and founder of Cardano, has taken to Twitter to share an update from COTI whose devs are building Djed stablecoin together with IOG on Cardano.

The article released by the dev team in their blog has unveiled details on the present implementation of Cardano’s Plutus for Djed. They are working on main contracts that will help provide oracle exchange rates, will enable users to submit multiple orders at the same time, cancel pending orders, etc. The developers are currently testing this implementation.

According to the article, a pre-released version will be delivered over the next several days for UI integration.

Djed is a stablecoin that will utilize smart contracts to maintain a base coin reserve in an autonomous bank that will also operate using smart contracts. This will allow users to trade stablecoins and use them for DeFi-based transactions.

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Djed will be first pegged to the USD but it will be compatible with other traditional currencies as well. IOG promotes Djed as the first stablecoin that is “formally verified”.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.