What is ERUSD?
ERUSD (ETC Reserve USD) is a crypto-collateralized decentralized stable coin built on the Ethereum Classic blockchain backed solely by Ethereum Classic (ETC). It is a single asset backed stablecoin.
Technological Foundation of ERUSD
ERUSD been built on the Ethereum Classic chain offers great advantages in scalability, security, and interoperability. One of the major advantages of ERUSD being built on the Ethereum Classic blockchain is its ability to handle a growing user base and increasing transaction volumes without compromising performance or network congestion. This is achieved through Ethereum Classic's low latency, scalability, and high transaction throughput.
ERUSD (ETC Reserve USD) prioritizes decentralization and transparency. Due to this, ERUSD (ETC Reserve USD) utilizes smart contracts that are programmed with algorithmic rules that enable the autonomous adjustment of ERUSD's supply and maintain its peg to the target asset.
This approach not only ensures stability and reliability of ERUSD but a transparent and decentralized approach without the need for centralized control or intervention.
Security is a major priority for ERUSD. Strict and robust security measures are put in place to ensure the security of its platform and user funds.
How is this achieved? This was achieved through robust security measures such as including multi-factor authentication, encryption, and regular security audits, implemented to safeguard user assets and prevent unauthorized access. Also robust smart contract security practices, such as code reviews and audits, are employed to mitigate the risk of vulnerabilities and exploits.
Advantages of ERUSD (ETC Reserve USD) over other Stable Coins
Lets take a look at ERUSD's competitive edge over other stable coins in the market.
ERUSD (ETC Reserve USD) is backed by algorithmic stability mechanism. This mechanism sets it apart from collateral-backed stablecoins. Unlike stablecoins that require direct collateralization this mechanism enhances efficiency, eliminates the need for direct collateral, and mitigates risks associated with over-collateralization or under-collateralization. This allows ERUSD achieve stability through algorithmic adjustments, ensuring its value remains pegged to the target asset.
Building upon the limitations of other stablecoins, ERUSD introduces a unique soft liquidation mechanism compared to other stablecoins that utilizes hard liquidation mechanisms which can be disruptive and result in significant losses for users as other stablecoins compared to ERUSD may experience hard liquidations. ERUSD implements a more gradual and adjustable liquidation process as this provides users with more flexibility and minimizes the impact of sudden market volatility.
To learn more about the project, announcements and its advancements I'd like you all to check out our website.
Link to ERUSD: https://erusd.io
Our community:https://t.me/VeritasEcosytem