After eleven months of simulations, testing and two audits, Money on Chain has announced the Alpha version launch of its decentralized stablecoin protocol on the RSK network. Backed by Bitcoin, the protocol is comprised of two tokens that provide several use cases for Bitcoin holders, including leveraged Bitcoin operations.
The platform is decentralized and secured by Bitcoin miners, with none of the collateral held in a bank account. All the collateral is held using Smart Contracts that run on the RSK network.
- The first token is Dollar on Chain (DOC) – Users can quickly send and receive any amount of DOC, a token pegged to the value of the US Dollar. As a safe haven from Bitcoin volatility, DOC simplifies many types of transactions. In the event a Bitcoin holder wants to buy property, for instance, they can hold stable assets collateralized on Bitcoin and without counterparty risk during the financing process.
- The second token is BitPRO (BPRO) – Specifically designed for Bitcoin holders to earn passive income on their coins. BPRO holders have several streams of revenue: they receive a percentage of platform-collected fees, an interest rate, and a small leverage on the price of Bitcoin.
“This is a very important step towards a more open and transparent financial system. The Money on Chain protocol enables other projects to develop lending, credit, and advanced trading for Bitcoin holders.”
– CEO and Co-founder of Money on Chain, Max Cajurzaa
The protocol will allow Bitcoin holders to hedge against volatility and enable the creation of DeFi services for the Bitcoin ecosystem.
Running on the RSK platform, which enables the creation of smart contracts for Bitcoin, Money on Chain is a major launch point of a Bitcoin-backed DeFi ecosystem.
“Creating representations of local currencies with Bitcoin backing was the first use case we envisioned when we developed RSK. It’s the key component to bridge traditional economies with the Bitcoin and crypto-economies and enable a decentralized financial ecosystem for Bitcoin, turning financial inclusion into a reality. We’re very excited for RSK to take part in this massive evolution in Bitcoin.”
– Diego Gutiérrez Zaldívar, CEO of IOV Labs (the organization behind RSK)
Users can use Nifty and Metamask Wallet to access the web application. A metrics panel allows any user to see all of the liquidity on the platform.