The Bitcoin Cash ecosystem has grown tremendously since its creation.
Last year with the Simple-Ledger-Protocol, the ecosystem has developed the first token protocol on the Bitcoin Cash blockchain that makes it easy for anyone to create and send tokens.
More than 1500 tokens have already been created on the Simple-Ledger-Protocol but until recently, one thing that was still missing was a stablecoin.
HonestNode in collaboration with the US trust company Prime Trust is looking to change that with their stablecoin: HonestCoin.
Honestcoin is the first stablecoin built on SLP and 1:1 backed by the US-Dollar.
Reasons for building on SLP rather than on ethereum include that Bitcoin Cash allows for bigger block, hence faster confirmations
At any point in time can users exchange their HonestCoin for US-Dollar. The fiat funds are safely held in an escrow account by PrimeTrust LLC ensuring that HonestNode employees have no access whatsoever to the funds. The funds in the escrow account are regularly audited by the American auditing company.
When it comes to compliance with AML and CTF-laws that come into play especially with stablecoins backed by fiat, HonestNode is relying on KoiCompliance who ensures that there are no violations of FinCen requirements.
Unlike other stablecoins, Honestcoin is not intended to be used solely for cryptocurrency trading but rather to eliminate inefficiencies in remittances and payments. Therefore, HonestCoin creator Jian Shi sees no direct competition in other stablecoins such as Tether or Gemini.
“Our mission is to unleash the true global power of a currency. Honestcoin is a secure, efficient and low-cost way to transfer assets around the world”
However, HonestCoin is just the first element in a whole ecosystem HonestNode is aiming to build including HonestPay (A stablecoin version of ali pay), HonestCard (a physical card for users to spend HonestCoin), Honest financial (a financial services platform), Honest OTC (an OTC desk for USDH, other major cryptocurrencies and fiat) and Honest API (allowing 3rd parties easy access to the HonestCoin ecosystem).
Anyone interested in using HonestCoin can either mint it on their website by depositing fiat or by buying it with USDT. As soon as HonestCoin is listed on the Bitcoin.com Exchange, traders will be able to buy and sell HonestCoin against BCH, BTC, USDT and ETH making the first SLP-stablecoin more accessible.
HonestCoin will be listed on the Bitcoin.com Exchange on Monday, March 24th at 13:00 UTC with BTC, BCH, ETH and USDT-pairs.
To celebrate this listing, we will be running a trading competition with a $3000 USDH prize pool starting on Wednesday, March 25th 13:00 UTC. Stay tuned!