Reviewing Stable Coins and Testing a New Stability Protocol

Element Zero’s public Testnet takes users through different use cases highlighting technology created with industry leaders.

Transparency is a critical factor in gaining trust in the crypto market, which has been fraught with secrecy and uncertainty. We are seeing tokens like Tether abuse this public trust for the benefit of the wealthy. Stable coins are necessary for mass adoption yet their transparency and “stability” can cause major setbacks on the path forward.

Focusing on such transparency, Element Zero Network, believes that the more information shared within the marketplace, the more confidence users will have in the new Stability Protocol Methodology, which they are inviting the public to use and validate here.

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Why a Testnet? Because the challenge — or ‘holy grail’ for all stablecoins today is ensuring stability in any market conditions. Element Zero Network’s next-generation payment system addresses the weaknesses of the existing stablecoin methodologies, which are volatility and instability. Our new Stability Protocol Methodology is not tied to any fiat currencies, assets or commodities, which eliminates the possibility for any volatility in the price of the coin. So on charts, such as the Stablecoin Index, coins built on the Element Zero Platform will be represented by a straight line, and coin holders can expect their coin value to remain constant.

Stablecoins tout stability but their charts and daily trading show otherwise

A six-month view of the eight most traded stablecoins today.

“We established Element Zero Network as a not-for-profit organization that belongs to the public, so it makes perfect sense for us to invite users to use participate in the process by accessing the Testnet,” said Jude Regev, Founder, and Chairman of Element Zero. “In our in-house Testnet phase, we established Element Zero as a viable solution, and now users can see for themselves how our stablecoin will provide them with stability in every transaction.”

Coin geeks will find the Testnet easy to use. There’s a short video that explains how to set up a test so you users can participate in a simulated transaction by purchasing and selling of an Element Zero stablecoin (EZO) via a smart contract. During the Testnet simulation, users will validate the Element Zero stablecoin solution and learn how Element Zero’s stablecoin (EZO) retains a fixed face value throughout any transaction, protecting coins from market volatility.

The Element Zero TestNet is a demo which allows users to validate the Element Zero stable coin solution

There’s tremendous value in bringing the public into the Element Zero Testnet operation. “By having users validate the technology before we officially enter the marketplace, users can now see for themselves how our stablecoin, built to stand the test of time, will offer protection from numerous volatility-generating factors,” Regev said. “We see this as revolutionary and are excited for the market to share in that sentiment through this Testnet.”

Why wait? Be one of the first to experience the next generation in stablecoins by trying out our Testnet today.

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Reviewing Stable Coins and Testing a New Stability Protocol was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.