Cryptocurrencies have disrupted the financial technology sector to a degree where countries have either adopted the technology or fiercely opposing it. The unique characteristics of decentralized ledger technologies give cryptocurrencies the ability to be transacted much faster than centralized technologies, with increased security and a significant reduction in transactional costs.
The cryptocurrency market is very volatile. A fluctuation of up to a hundred dollars in Bitcoin’s value a day is currently considered normal. Bears and bulls push the value of cryptocurrencies wildly. This, although seen as a great chance for making money by investors, is a serious drawback to bringing cryptocurrencies to the mainstream. The same gains and losses that appeal as money making, deter the worldwide cryptos adoption.
Stable Coins: The Solution
The answer is a crypto coin that is not Volatile and attempts to retain its value against a set asset. One of the most famous examples is USDT, a US Dollar Tether token. The concept has been widely accepted as a success. Yet, even stable coins such as USDT and TrueUSD have their own issues:
- Ownership and decision making of the platforms are still centralized.
- The transaction fee is very high.
- Transactions per unit time are low.
- Mostly used in the crypto trading scene as a “value parking” when other crypto value falls.
- Legality of the tokens, just like others.
Mile: Stable Coin For the Masses
Mile is a crypto platform that addresses the volatility of digital assets and capitalizes on stability. The platform has developed a crypto token that possesses all of the abilities and properties of regular crypto coins but has none of the price variation issues.
The platform issues XDR, the stable coin that will be used for everyday transactions around the world. The XDR borrows its name from the unit of accounting set by the International Monetary Fund (IMF). IMF’s XDR is a conceptual unit of value that is used by it for financial activities. The Mile XDR is pegged to the IMF’s.
Normally when it comes to stable coins, the tokens are force pegged to physical assets and the value is controlled centrally. USDT, for example, is promising that every USDT token is collateralized by the USD at the Tether Inc. bank account. This centralization actually destroys the concept of the blockchain; a decentralized technology.
Miles does away with this issue through two ways:
- Designing the token for day-to-day usage, meaning it is not an asset people would trade like a commodity or a security in an exchange.
- Since it is pegged to IMF’s XDR, a supply and demand forced change in value on an exchange will lead to either a drop in sell orders or buy orders, automatically bringing the value back to its original.
Other benefits of XDR are:
- High transactions per second: The ability to transact up to ten thousand a second.
- Zero Transaction Fee: With node users earning from staking tokens, rather than signing transactions, there is no transaction fee at all.
- Actual Demand: The XDR addresses actual world applicable issues.
The Mile foundation has made a number of partnerships around the world. It is actively taking part in including XDR in different forex around the world, allowing international clients and goods traders to store and transfer in the stable coins, rather than volatile fiat. The platform is also in talks with different intergovernmental communities, banks with the BRICS region, financial industries, and crypto exchanges to utilize the unique benefits that its stable coin offers. The Senegal government is also in talks for using XDR for remittance purposes and use it to buy vehicles and electronics from EU.
Mile Unity Foundation has also signed and Memorandum of Partnership with GBPay, a fiat to crypto payment system that serves clients around the world, with its own banking card. The GBPay card, loaded with XDR means the flexibility and speed of cryptos, and reliability of a stable currency.
Investing in Mile
The platform offers a staked Byzantine Fault Tolerant consensus and allows node runners to earn from staking tokens on the blockchain. Since the XDR is a stable coin, the only possible way to earn through investment is to setup a node. The Mile blockchain is designed to be ASIC resistant and any PC with a 4 TB hard disk can be used as a node.
The other way to invest is to acquire the MILE token. This is a token within the ecosystem that will generate XDR. Since the MILE is not pegged like XDR, its value will fluctuate, depending upon the supply and demand curve. As the value of MILE rises, not only that means investment increases, but it will generate more XDR.