Sunday, June 4, 2023

Scientists Designed A Fully Decentralized Stablecoin Pegged To Electricity

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Scientists designed a fully decentralized stablecoin that is pegged to electricity but to make it perfect, the e-Stablecoin will require a few other advancements that are already in the works and will make it possible to transmit electricity for free so let’s have a closer look at today latest cryptocurrency news.

The researchers at the federally funded Lawrence Livermore National Laboratory in California combined statistical mechanics and information theory in order to design a class of stablecoin which will be called Electricity Stablecoin that will transmit energy as a form of information. Livermore’s Maxwell Murialdo and Jonathan Belof said the innovation will make it possible to transmit electricity without having to be connected to physical wires or a grid and then create a fully collateralized stablecoin that is pegged to electricity.

According to the scientist, the e-stablecoin will be minted via the input of the one-kilowatt hour of electricity and a fee and the stablecoin can be used for transactions the same way as most stablecoins will be extracted by burning it for a fee. The process will be controlled by smart contracts and a decentralized data storage cloud so no trusted centralized authority will be needed to maintain and disburse the asset.

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The scientists designed a new type of stablecoin which will be the first for a hard-pegged stablecoin to be directly exchangeable for a quantity of a physical asset. They suggested that electricity has a stable price and demand and the electricity used in minting E-stablecoins that will be easily sustainable so investors will be able to mint these stablecoins in regions where electricity prices are low and burn tokens where electricity is expensive.

Murialdo and Belof described their work as a Proof of concept and made extensive use of advanced mathematics for the reasoning so to make the stablecoin work, an advance, scalability of information engines will be required. The improved cloud storage will also be needed and in the meantime, the research has quite the theoretical implications for the way cryptos derive value and the work is already being published in CryptoEconomics Systems on Monday.

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