An ERC20 token linked to the Australian Dollar
Exciting news from Chrono.tech who have just announced a new blockchain solution, the AUD Token (AUDT). In short, AUDT is a stablecoin cryptocurrency in the form of an ERC20-compliant token whose value is tied to the Australian dollar. This will enable a new user base with the ability to utilize the benefits of cryptocurrency whilst side-stepping the volatility that currently affects existing crypto assets. Read this article in order to find out more about how AUDT works!
Building upon the success of Chrono.tech’s existing blockchain-based solutions PaymentX, TimeX, and LaborX, it's exciting to learn more about their new project AUDT. However, for those of you who are unfamiliar with Chrono.tech we thought we'd just give you a brief overview of who they are and what they’ve achieved in the blockchain industry.
Founded back in 2016, Chrono.tech is an Australian Company and has proven to be one of the success stories of the cryptocurrency boom. Early adopters of this technology, the Chrono.tech team have spent the last three years developing a suite of blockchain-based solutions for the HR sector.
Amongst these solutions is LaborX, a recruitment marketplace that connects service providers directly with businesses and employers. Users of LaborX are governed by smart contract-powered work agreements, digital escrow and dispute resolution processes.
In addition to LaborX, Chrono.tech developed TimeX, a Plasma-based cryptocurrency exchange, enabling fast, trustless peer-to-peer trading.
Last amongst the Chrono.tech’s suite of products is PaymentX, a crypto payroll solution and invoicing system, that enables easy payment to workers anywhere in the world.
The valuable experience the Chrono.tech team has acquired over the past three years has equipped them with the ability to take disruptive blockchain solutions to market. This is why AUDT feels like a natural progression for their ecosystem and team.
AUDT, which takes the form of an ERC20-compliant token on the Ethereum network, is linked to the Australian dollar and held in a licensed bank account. In order to ensure the cryptocurrency's legitimacy, AUDT's reserves will be regularly audited by a third party, which ensures compliance under the terms of Australia’s financial intelligence agency.
Security is paramount for AUDT's success and so the results of all the audits shall be published on the AUDT website to ensure the utmost transparency. Furthermore, tokens are minted and redeemed through a standard automated process in order to provide a tamper-free and secure environment.
How Does it Work?
The AUDT cycle begins with users who first register and deposit Australian dollars through the AUDT platform. The user will then be credited with newly minted AUDT on their linked Ethereum address upon receipt of funds. Since the tokens are hosted on the Ethereum network, they can then be transferred and traded frictionlessly, at low cost, with users anywhere in the world. When users wish to withdraw their funds, they simply repeat the process in reverse, sending their tokens to the designated address on the platform and thus receiving equivalent value directly to their bank account. Tokens that were sent for withdrawal will be then immediately burned.
This all means that users can harness all the fluidity and flexibility that comes with cryptocurrency, whilst protecting themselves from the volatility and uncertainty which naturally puts off new crypto users.
Founder and CEO Sergei Sergienko had this to say on this exciting new project...
‘We know that volatility is a significant pain point for cryptocurrency users, including both businesses and traders. We also know that moving money in and out of the cryptocurrency ecosystem can be time-consuming and expensive. AUDT is designed to provide an on-blockchain store of value, which can be held in a regular wallet and transferred easily, as well as withdrawn back into the banking system with a minimum of friction – all within a transparent and compliant framework.’
– Sergei Sergienko, Chrono.tech founder and CEO
Naturally by being a development of Chrono.tech, AUDT will be integrated into all their existing products and services, providing new functionality and benefits to users across Chrono.tech’s platforms.