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IOST, First Blockchains Batch Supporting HUSD Stablecoin

Supporting HUSD Stablecoin

March 30, 2021 | 

1386 Views | 

JOHN K MWANIKI | 

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IOST has recently taken the limelight for being the first blockchains batch to support HUSD. In other news, IOST (Internet of Services Tokens) experienced a 650% rise in price. It is a decentralized blockchain network based on "Proof of Believability." This is a consensus algorithm that allows high transaction throughput speeds. This takes place while at the same time the nodes are staying compliant. That is using factors that range from token balance to user behaviors. 

The whole idea of the algorithm is to ensure the creation of a scalable decentralized economy. The enterprise-level blockchain system is on a mission to provide blockchain as a service. This is for the mass adoption of blockchain technology.

IOST blockchains batch and HUSD

To understand how the blockchain network's move to support HUSD stable coin, there is a need to understand HUSD. 

Like other stablecoins, the idea behind HUSD is to manage the volatility of the digital currency. That is through pegging to other stable assets like fiat currency. While there are many categories of stable coins, this one falls under the fiat-backed category. 

HUSD's value is pegged 1:1 against the US dollar. HUSD, which is an ERC-20 stablecoin, can trade with other cryptocurrencies in most exchanges. The token is also built on the Ethereum network, giving it a high degree of security and decentralization.

The token is backed by the US dollar and issued by Stable Universal, making it among the most secure tokens. More so, monthly audits of the token are conducted to ensure the maintenance of the 1:1 ratio is maintained. 

The stability and reliability of the coin have also attracted widespread interest and acceptance. This is a plus as such kind of acceptance means that people can use the tokens to pay for goods and services, among other transactions. 

IOST blockchains batch integrating HUSD will be beneficial for both of them. It will increase the use of HUSD as it has already been accepted as a reliable token. Users in the IOST network will be able to carry out a plethora of transactions using the tokens. 

So, the integration will put IOST at a competitive advantage. The network's users will have access to a secure, decentralized, and stable trading asset. 

Integration of HUSD into the blockchains batch and its effect on volatility

Volatility is a problem that you cannot ignore in decentralized finance. Traders are usually unable to unlock the true value of the tokens. Traders often miss the chance to use cryptocurrencies and derive profits from them due to their value's constant fluctuation.

This has served as a significant challenge to the blockchain network. It has interfered with the ease of transactions and even the acceptance of smart contracts. Blockchains batch such as IOST has solved the puzzle by integrating stablecoin. Pegging stablecoins on fiat currencies has gone a long way in managing volatility. 

The stability has led to the growth of blockchains batch as transactions have become cheaper. 

How HUSD will help IOST stand out in the decentralized finance market

The adoption of stablecoin by the blockchain network will go a long way in growing DeFi. Already IOST is standing out in DeFi thanks to several of its features. They include:

1. Micro State Block

Bootstrapping and storage costs often pose a challenge to miners in the blockchain network. The demanding storage requirements of the blockchain make it hard for miners to join sharded blockchains. This is due to the costs involved. 

The Micro State Block feature of IOST plays a critical role in enhancing storage efficiency. It brings about transaction and storage efficiency. This, in turn, reduces the storage costs, allowing miners to join. 

2. Proof of Believability

The feature allows high transaction speeds and also ensures that nodes stay compliant. The use of this algorithm helps in reducing storage use and the costs of configuration and processing power. 

3. Efficient Distributed Sharding

Instead of dedicating the entire network to the same transactions' validation processes, the efficient distributed sharding feature reduces the load of work. That is by letting various groups handle the validation of the multiple subsets. The feature also goes a long way in eliminating bias. 

While there are competing blockchains batch in the cryptocurrency market, IOST stands out in the crowd due to its high throughput. It seems to outdo ones for established architectures such as Ethereum.

More so, the validator process is more efficient, supporting approximately 1000 block producers every day. The platform is providing developers with software developer kits to build on using the popular programming languages. 

Blockchains batch adoption of HUSD will support DeFi

IOST adoption of the HUSD stablecoin will go a long way in the blockchain's DeFi use. The partnership will support interoperability. Users will be able to access the tokens and carry out transactions across a wide array of platforms. 

To use DeFi, IOST will also need stable tokens, can be used to store value, and can offer a connection between cryptocurrency and fiat. This is precisely what HUSD does. On top of providing a bridge and being a reliable store of value, HUSD will also eliminate the volatility of cryptocurrency.

This way, individual users and investors will be more comfortable and confident with transacting on the blockchain. 
Already, the application has what it needs to be the talk of DeFi space. That is speed and the ability to align with the goals of other decentralized application launchers. The recent partnership with HUSD will also give it an upper hand. 

Some of the HUSD tokens' use on the IOST and other blockchains batch will include payment of goods and services. Traders can also use the tokens to pay commissions and fees for running smart contracts and payment of rewards to users contributing to the network resources. 

IOST integration of HUSD has gone further ahead to confirm that the platform might be the next decentralized finance home. From strategic partnerships to remarkable features, the blockchain might be a game-changer to decentralized finance. 

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