Kowala, the creator of the kUSD stable cryptocurrency designed to algorithmically track the value of one US dollar, has launched a sale for qualified investments in their stablecoin project.
Leveraging third-party vendors such as AngelList and VerifyInvestor, Kowala will allow certain qualified persons to purchase a right to receive Kowala’s mining token (mUSD), which Kowala plans to deliver after completing the network. The mining tokens associated with the sale will initially be subject to certain restrictions on their use and transferability.
The stablecoin protocol features a two token system: the primary token, kUSD, is a stablecoin designed to track the US dollar while the secondary mining token, mUSD, allows holders to mine on the blockchain.
With today’s sale announcement, Kowala builds on the momentum of existing support by Ledger, Exrates, and RightBTC. Last month, Kowala launched its alpha mainnet, Andromeda. Following stress testing and debugging of Andromeda, Kowala anticipates the release of its beta mainnet, Boötes, in Q1 of 2019.
“While multinationals like Goldman Sachs and IBM have been part of the over $375 billion invested in stablecoins over the last several months, most stablecoin projects don’t allow others to participate. Kowala’s protocol is different.”
The kUSD network is built using the Kowala Protocol, it utilizes advanced stability algorithms designed to make one kUSD track the value of $1 USD. By automatically minting and burning the kUSD coin supply in response to user demand, kUSD is designed to achieve stability while avoiding the pitfalls of asset-backed stablecoins that are backed by physical fiat currency or other centralized assets.