Crypto Academy Week 7 Homework Post for @yohan2on | Part 2
I'm here to submit my homework task for week 7 given by professor @yohan2on. If you missed this week's lesson, here is the link - Steemit Crypto Academy week 7: Stable coins - Part2
Homework task - Week 7
Write about any one of the following Stable coins
- USD Coin (USDC)
- TrueUSD (TUSD)
- Paxos Standard (PAX)
- Digix (DGX)
I chose to write about the stable coin - USDC. As you may aware stable coins are cryptocurrency which works same as fiat or regular currency. These stable coins act as a bridge between the old currency system and the new currency system. The value of a stable remains the same and constant. You can trade instantly with any stable coin to a fixed value which makes trading easier and less risky.
All You Need To Know About USD Or USDC
- USD or USDC coin is a stable coin that is pegged to US Dollar. It is always 1 USDC = 1USD.
- USDC is also available as an Etherium ERC - 20 token, Algorand ASA, and Solana SPL. USDC is an Etherium compatible token that you can store in a centralized wallet such as Coinbase.
- For every USDC stored in a wallet is backed by 1 US Dollar.
- USDC makes global transactions convenient and safer than regular payment systems.
There are many benefits that you can experience when holding a digital dollar rather than using a regular US dollar.
The main difference is that you don't need to have an account or provide personal details when making a transaction. You can make any transaction within the speed of the internet at an extremely low cost.
During rapid changes in the market, holding USDC brings great benefit to the holders as it acts against volatility. Even if your local currency is prone to volatility, holding USDC does not reduce the value of assets you are holding. The value of USDC remains constant during any market change.
USDC stands for U.S. Dollar coin, It is a representation of fiat currency or regular government currency which holds a stable value in the blockchain. This digital fiat currency is redeemable anytime on a 1:1 for each US Dollar.
USDC is a stable coin that entered the cryptocurrency market in 2018. All the financial standards, technical, and policies are handled by a consortium known as CENTRE. It is created by Circle and Coinbase. These companies are known as giants in the Crypto industry.
USDC stable coins are designed for ease of movement anywhere around the globe. And also to bring stability to cryptocurrency. It operates using the highest standards and always commits to provide full transparency to ensure that USDC is always equal to dollars.
Holding a stable coin such as USDC makes your life a lot easier and will be a great relief to know what you have earned today is not diminished in value tomorrow.
I have completed the homework task as per my understanding and hope it fulfills all requirements in the task given. Thanks to professor @yohan2on for the informative lesson which is understandable for beginners.