Wednesday, April 18, 2018

The New Global Cryptocurrency is BASIS


BASIS to the rescue

An Algorithmic CENTRAL BANK

It's magic:

It's stable...ubiquitous...REAL digital currency...unlike BITCOIN or LITECOIN...and every other SHITCOIN...

What will Andy the Twitchmeister say about this?  Stay tuned...

Perhaps Allah the divine and merciful is behind the project?

Nader Al Naji, the cofounder and CEO of Basis

Basis says it's creating a cryptocurrency with a stable, predictable value that can be used to make payments instead of being relegated to a method of speculation like bitcoin.

On Wednesday, the New Jersey-based cryptocurrency startup Basis announced it had raised $133 million in a round backed by venture-capital firms including GV (formerly Google Ventures), Bain Capital Ventures, Lightspeed Venture Partners, Andreessen Horowitz, and Sky Capital.

The team behind Basis says it is designing a "stable cryptocurrency" that will maintain a fixed value and thus be better suited for making purchases. That's in contrast to bitcoin and other popular cryptocurrencies whose wild price swings make it undesirable as a day-to-day replacement for traditional money.

"The price volatility of cryptocurrencies is one of their biggest barriers to widespread adoption," Nader Al Naji, the CEO and cofounder of Basis, wrote in a Medium post on Wednesday announcing the funding.

Al Naji says cryptocurrencies are now used almost exclusively as a means of speculation instead of as a way to buy things, so Basis aims to make a digital token backed by "an algorithmic central bank" that will simulate inflation and deflation to control the price, "just like a real currency."



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