USDX is committed to developing the third generation Stablecoin ecosystem, to make the blockchain economy simpler and more convenient and to become the backbone infrastructure of the future blockchain economy. Cryptocurrencies’ rapid rise and promising future has attracted great attention from speculators and, increasingly, from Wall Street. There are rising expectations among academics and investors that virtual currencies will revolutionize the current financial system. However, the high volatility associated with traditional cryptocurrencies like bitcoin has crippled their adoption as a public medium of exchange. Stablecoin was invented to solve the high volatility problem of traditional cryptocurrencies. It is a special type of cryptocurrency that has its valued pegged to an index-most typically, the equivalent of one US dollar. The first generation of Stablecoin, represented by Tether, relies on a centralized and collateral-based model where, in theory, one Stablecoin is issued only when one US dollar is deposited at the Stablecoin issuer. However, regulatory risk and moral hazard have rendered this model unsustainable. The second generation of Stablecoin, such as Havven, also employs a collateral based model, where virtual currency instead of fiat is mortgaged on a decentralized blockchain network for the issuance of Stablecoin. While solving the regulatory and moral hazard problems, this model has created new issues with fluctuant collaterals and more complicated mechanisms. The third generation of Stablecoin relies on an ’algorithmic central bank’ to automatically adjust the total quantity and velocity of Stablecoin to achieve a stable exchange rate. The implementation of elastic monetary policy is strictly data dependent and will not subject to the governance of any centralized party. USDX is a third generation Stablecoin. Compared to other third generation Stablecoins, USDX differentiates itself in terms of its cuttingedge technology and robust algorithmic logics derived from economic principles. Specifically, USDX possesses the following 4 unique features: 1. USDX is a public blockchain based on ’Proof of Stake’ with high transaction speed. 2. USDX is compatible with existing blockchain infrastructures, such as cryptocurrency exchanges, wallets, and miners. 3. USDX has a sophisticated and systematic adjustment mechanism that can efficiently regulate price fluctuations. 4. USDX’s infrastructure was built with a goal in mind to serve as the center of the next generation blockchain-based financial system. We will build up a crypto-based financial system together with third-party developers.
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