Transformation of Money into Stablecoins, CorionX and #MoneyInTheRightDirection

Transformation of Money into Stablecoins, CorionX and #MoneyInTheRightDirection

By insidetrader | HODL the Universe | 3 Sep 2020


Like everything in our lives, money is a dynamic object, meaning it is constantly striving for change, transformation and renewal. It is now accepted by many people and authorities that this dynamic object has completed its most recent transformation thanks to cryptocurrency and blockchain technology, after banks are established, futures contract transactions begin, debt securities appear, credit cards enter our lives and etc... Most companies and organizations in such an ecosystem are now working on the integration of blockchain technology in R&D operations. Especially in the early 2000s, cryptocurrencies that entered our lives became accepted and widespread in a very short time. Those who are aware of this change have already begun to look for ways to keep up with time and build the future with new ideas. A team with this awareness founded the CorionX Foundation in 2016 to ensure that the use of money is not limited to a specific audience and that it must touch everyone in the new world!

The CorionX team, led by Tamás Magyar and Miklos Denkler, laid the foundations for the CorionX Foundation in Switzerland in 2016. At this time, their main goal was to provide financial services to people who did not have access to the bank and to represent the younger generation who were hesitant to participate in the conventional financial system. Realizing that the necessary intermediaries to achieve these goals are to use DeFi technology, the team has also been working for years to provide infrastructure for the platforms to be built based on this foundation. It is possible to reach other members of this team through the website who are taking action to show the world that cryptocurrencies are not just trading tools.

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What is CorionX?

CorionX is a cryptocurrency community that aims to use DeFi resolution to solve problems in the financial system, increase the usage rate of stablecoins and expand OpenFinance applications worldwide. In order to achieve these goals, the platform is always ready to provide the necessary support to users in terms of creating the infrastructure. As they move along this path, they are far from the volatility of cryptocurrencies and use stablecoins to overcome the problems of fiat currencies that have been going on for years.

Today, USDT, USDC, PAX and BUSD are the leading cryptocurrencies in the stablecoin field. But despite working many years, they still have not been able to provide complete reliability among individuals within the cryptocurrency ecosystem. For this reason, people are very interested in new projects that will be created in this area. CorionX believes that by 2021, more than 20 million people around the world will have knowledge of the use of stablecoin and will strive to spread this information to other people. It is at this point that they are conducting a large-scale campaign to increase the recognition of ‘programmable’ cryptocurrencies such as stablecoins. So what is this campaign?

Global Stablecoin Movement

Thanks to this campaign, which they call the Global Stablecoin Movement, they aim to inform more people and eliminate their concerns, as well as encourage the use of stablecoins across all over the world. They developed 9 different programs for this. Those who want to access the details of the campaign, can read relevant Medium page or join Telegram group to get support through it.

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What Is CBDCs? What's the relationship with CorionX?

CBCDs, which stands for ‘'Central Bank Digital Currencies’', also shows that it has agreed with various governments to achieve the similar goals of the CorionX project. While more than 1 billion people in various parts of the world do not already have access to banks and any means of the financial system, it is also possible to close this gap through CBCDs. CBCDs can be defined as stablecoins to be produced by central banks. As can be seen from my previous article, about the CDEP project is supported by the central bank in China, the central governments have already taken various steps in this regard. What convenience the CorionX project will provide to governments in the future is a situation we will wait and see…

 

So What Does The CorionX Token Do?

Although the CorionX team is known for its emphasis on DeFi platforms and stablecoins in particular, as mentioned in previous lines, it is actually making efforts to provide the leading infrastructure for these initiatives. As we went along this path, we actually expected them to create a stablecoin and use this token in the work they would carry out. But to achieve this goal, the team has created a token called CORX, which is built on the ERC20 chain and the total supply of this coin is 400 million units and will never increase in the future. Details on Etherscan is here.

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Basically, the CORX token will provide a ‘'gas’' service that we can define as a ‘'commission payment tool’' for platforms that will be produced using the CorionX infrastructure. In addition, 60 million of the total supply is stored for use in the ‘'Loyalty Staking Program’'. Details are available on WhitePaper. For users who will join that program will receive 2.5% APR on each quarter of the year.

 

Why CORX, Why Not Another Stablecoin?

As can be easily understood from what is written in WhitePaper and the information on the website, the CorionX team plans to release a stablecoin called CorionPay. Before that, the superiority and characteristics of stablecoins were described so much that it would not be appropriate to continue with an ordinary ERC20 token. But even a sufficiently thought-out cryptocurrency that will be produced under the current conditions allows us to almost access to many of the conventional financial instruments. Therefore, it is expected for stablecoin to be created and produced using a brand new technology without missing out on possible future developments.

 

What Awaits Us In The Near Future?

The team which has been successfully progressing since 2016, has also published what will be done over the next few months on the website alongside WhitePaper. According to that informations;

  • New partnerships,
  • Expansion of the Global Stablecoin Movement,
  • Disclosure of new programs for the community and traders,
  • Scoring by regulators and organizations

as many new steps await us. You can follow Twitter account, join the Telegram group or browse Facebook pages to keep up to date with any innovations.

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insidetrader
insidetrader

Freelance crypto writer & translator


HODL the Universe
HODL the Universe

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