Race for Stable Cryptos Heats Up as Volatility and Demand Surge
By Camila Russo
February 21, 2018, 11:00 AM GMT+1
NuBits, which was was launched in 2014 by what’s known as a decentralized autonomous organization, also said its coins are pegged at one-to-one with the dollar and are meant to be redeemable, though the platform doesn’t guarantee the coins are fully backed. Instead, the funds are stored in a “trustless liquidity pool,” a blockchain-based system that claims to not rely on third parties, in which users are in control of their own funds.
NuBits mints new coins to respond to demand from users, if current users vote to do so. The network controls the supply of coins in circulation to maintain price stability, and has mostly been able to maintain the price at $1 since its inception, according to CoinMarketCap.
NuBits soared by 14 times to almost $14 million […] The coins’ trading volume also increased almost seven-fold