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Mithril Cash is the new algorithmic stablecoin forged from Mithril, a valuable silver-like metal that is not only stronger but also lighter than steel, just as the community that we are building.
As the growth of cryptocurrencies adoption continues, so must the growth of a strong set of stablecoin options. Mithril Cash will launch with no team nor investor allocations. Only those who contribute into the project will be rewarded. This project will launch on December 30, 0200 UTC+8.
While several different designs of algorithmic stablecoins have launched, we believe that the Basis Cash design is the best out there. It’s proven to be resilient while also having the widest distribution of users. Mithril Cash is a fork of the Basis Cash protocol.
The Mithril Cash protocol controls money supply similarly to how central banks of the world may guide the value of fiat money through monetary policy. By controlling the quantity of money supply in an economy by buying or selling bonds, a target value can be achieved (In this case $1). Instead of a central bank or a currency board, rules are set and executed programmatically via smart contracts so that behavior of the system can be predictable.
