Avid enthusiasts of cryptocurrency follow the Stablecoin Index much like the rest of the world follows the financial markets. The challenge — or ‘holy grail’ for all stablecoins today is ensuring stability in any market conditions and stablecoin ups and downs can send the pulse to infinity and beyond. But that’s about to change with the introduction of the Element Zero Network’s new Stability Protocol Methodology, and you can now experience it yourself on the platform’s public Testnet.
Introduced last fall, Element Zero Network’s next-generation payment system addresses the weaknesses of the existing stablecoin methodologies, which are volatility and instability. Its 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 coinholders can expect their coin value to remain constant.
A six month view of the eight most traded stablecoins today.
Element Zero’s TestNet provides the public the opportunity to use and validate the new Stablecoin Protocol methodology.
“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.”
To see the Element Zero Platform in action, go to the Testnet. There’s a short video that explains how to set up a test for yourself. Using the Testnet, users will 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.
“We feel it’s imperative for this Testnet to be accessible to a larger audience at this stage,” Regev said. “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. We see this as revolutionary and are excited for the market to share in that sentiment through this Testnet.”
Ironically, stability has long been an issue for stablecoins, with numerous approaches to this challenge, we still see movement as market conditions impact their value. As more organizations and governments are beginning to enter the stablecoin marketplace, the ability to build on the Element Zero platform will provide the much-needed stability and consistency that has been missing in the stablecoin space.
Perhaps more important, the Stability Protocol will protect coin holder’s long term purchasing power against inflation in addition to protecting against market volatility. And that’s the ultimate goal of the Element Zero Network: to make the world a better for all by offering protection against long-term inflation and by eliminating the possibility for any volatility in the first place. See for yourself at Testnet.