The Element Zero Network recently launched their public TestNet earlier this month, giving users the ability to learn more about how the platform will function in the future (and in the present) as the project continues to grow and evolve. For those who have just come across this platform, the TestNet release may have prompted further questions about what the Element Zero Network accomplishes and how it functions.
To better address this new audience, the below information serves as a comprehensive review of the network and will, hopefully, cover all of the aspects of the platform that new users will need to know.
What Is the Element Zero Network? Purpose and Mission
Element Zero is, at its heart, a network designed to tackle some of the biggest issues currently facing the cryptocurrency industry. The Element Zero Network is a not-for-profit network that allows partner organizations to develop their own stablecoins that they design and market themselves, simply using the platform as a creation and launching point. Serving as a stablecoin itself, the Element Zero coin (EZO) powers the network and works as a safer payment alternative for those who seek to use the network as a way of making and receiving digital currency. The Element Zero stability protocol and stablecoin help to overcome inflation and market volatility while also ensuring stability.
What Is a Stablecoin?
For those who are new to the crypto economy, a stablecoin is a digital currency that is stable; performing more like the USD or Euro do today. Stablecoins are aptly named due to the fact that their price doesn’t fluctuate or rarely fluctuates rather than being evaluated by speculation as Bitcoin is. Many stablecoins are backed by physical or commodities that have a predictable monetary value; for example, some stablecoins are backed by the U.S. Dollar and others are backed by gold while others rely on algorithmic models that adjust supply and demand to invoke price stability. Many of the stablecoin solutions today, however, struggle with the promise of stability, due to either market volatility or sentiment. Element Zero’s stablecoin eliminates these possible volatile situations. (We will cover this more in the next section.)
How Does Element Zero Work?
Unlike other platforms, the Element Zero Network utilizes two-way smart contracts to promote trust and ensure that they are receiving what they ask for in terms of value. Whether it be an invoice, a good or service, or another cryptocurrency, two users can engage in trade by providing the other user with something of equivalent or great value than the known fixed value of the Element Zero stablecoin. The smart contracts work to ensure that terms are met and help to make sure that any value differences in value are settled and the user providing something of greater value is promptly refunded the individual who sent something of greater value to the other sender. In addition to the secure two-way smart contract feature, you can also see features such as escrow protocol that holds funds until certain conditions are met and a payment system that doesn’t require identifying information in order to be used, which is a rarity in today’s market.
The TestNet Launch
If you have yet to take a look at the TestNet on the Element Zero website, the TestNet gives you the option to see how you can purchase or send EZO stablecoins in a variety of different use cases. Based on a fixed price (currently $100) and always accurately using the current price of the crypto used at the time of the transaction, users can use the easy-to-use MetaMask add-on application to purchase, sell, or wire EZO for items or simply for the sake of sending to another individual. They plan on launching a test for live-trading soon as well.
Why Element Zero?
If the above reasons weren’t reason enough to get excited about the platform, the network also boasts an impressive team and extensive, seasoned advisory board, runs only on donations and does not operate for profit, and is truly invested in the future of cryptocurrency.
Where Can I Get Started?
The TestNet is now live for users to interact directly with EZO and brands can reserve their personalized, free stable coin.
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