bitCNY BITCNY

$0.1472
Market Cap $ 22.086 MM (#200)
24h Volume $ 16.560 MM
Chg. 24h: -0.20%
Algo. score 1.7/5  (#1427)
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bitCNY project purpose and description

bitCNY purpose and aspects

bitCNY is a decentralized smartcoin that is market pegged to the Chinese Yuan where the price of each bitCNY is worth at least 1 Chinese Yuan.

bitCNY categories

Market-peggedDigital currency

Short description

bitCNY is a market pegged asset (MPA) issued on the Bitshares platform, these assets are known as bitassets or smartcoins. Smartcoins always have 100% or more of its value backed by BitShares (BTS), and can be redeemed for it at any time. Since the exchange rate of BTS to CNY can change, the blockchain protocol deals with increasing and decreasing supply accordingly. This allows users to trade and transfer stable priced tokens across the blockchain and to trade real world commodities like gold and silver in a decentralized manner.

Abstract

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Link to Roadmap: n/a
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