What is Money On Chain? Money On Chain is a decentralized, Bitcoin-backed stablecoin protocol. The protocol provides solutions to meet the needs of different users. So what advantages does Money On Chain have? How will Money On Chain work? Join the Weakhand team to find out below in this article!
To understand more about Money On Chain, you can read the following articles:
- What is Sovryn (SOV)? Sovryn Cryptocurrency Overview
- What is Tether (USDT)? Overview of Cryptocurrency USDT
What is Money On Chain?
Money On Chain is a Bitcoin-backed stablecoin platform. Money On Chain brings Bitcoin to mass adoption, providing solutions to meet the needs of different users:
- A stablecoin fully collateralized by Bitcoin (DoC).
- Bitcoin on steroids are made for long-term Bitcoin holders (BPro).
To do this the protocol has developed a unique financial and mathematical model and uses it IPFS technology for web applications. The core values that the platform brings are decentralization, anti-censorship and no third-party risks.
Money On Chain uses the RSK Network, the only network offering Turing complete smart contracts for Bitcoin.
Mechanism of action
Steps to use Money On Chain:
- Step 1: Set up a wallet that the protocol supports, such as MetaMask.
- Step 2: Take rBTC. rBTC is used to pay for gas, blockchain usage fees, paid to miners for mining transactions.
- Step 3: Connect the wallet to the Money On Chain Stablecoin platform.
Here rBTC is a cryptocurrency issued by Rootstock. It is pegged 1:1 to BTC. rBTC is necessary because you cannot run Smart Contracts with BTC, which makes DeFi possible.
Architecture of Money On Chain
Money On Chain is based on the following 3 tokens:
- DoC is a USD-pegged Stablecoin.
- BPro (Bitpro) is a token designed for BTC holders, to earn Bitcoin rent and get free leverage .
- MOC token ddesigned to manage a decentralized autonomous organization (DAO) that will manage Smart Contracts.
Money On Chain architecture operates based on smart contracts, these smart contracts serve a number of purposes: Platform governance, stablecoin, tdecentralized bitcoin leveraged exchange and decentralized token exchange.
DOC
DOC is the Stablecoin of the Money On Chain platform. It is pegged 1:1 to the US dollar backed by a smart contract. To be able to create or change a DOC, users need to pay a small fee, can be paid in MoC tokens (0.1%) or in rBTC (0.15%).
What is BPro?
BPro is a HODL + Earn token that allows holders to earn more Satoshi on bitcoin while keeping their private keys without commitment. BPro is designed for long-term bitcoin holders, it pays passive income in bitcoin and it has a bit of free leverage. KWhen the price of bitcoin goes up, it goes up a little, increasing the amount of bitcoin you hold, and when the price of bitcoin goes down, it goes down a little more, however this downside can be mitigated by earning passive.
Normally, users will be able to exchange their BPro for bitcoin based on the Smart contract, but when the market fluctuates and the user does not take assets out of the system, the user can sell BPro for Bitcoin.
You must pay a small fee to mint or redeem BPro. You can pay with MoC tokens (0.1%) or with rBTC (0.15%).
Lo Trinh Development
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Core team
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Investor
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Tokenomics
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Exchanges
Currently DOC is being traded on Sovryn exchange.
Project Information Channel
- Website: https://moneyonchain.com/doc-stablecoin/
- Discord: https://discord.com/invite/9pt728aD5K
- Twitter: https://twitter.com/moneyonchainok
- Telegram:
Summary
Above is information about the Money On Chain project that the Weakhand team learned. Money On Chain chose Bitcoin as collateral for the protocol’s stablecoin, because the development team understands that Bitcoin is stablecoin, the most stable crypto asset, and the only truly secure, non-monetary collateral. focus and resist censorship.