Cardano Creator Charles Hoskinson Unveils Details on Crypto Project ‘Djed’

Cardano Creator Charles Hoskinson Unveils Details on Crypto Project ‘Djed’


Cardano creator Charles Hoskinson says that his development company Input Output Global (IOG) has created its own stablecoin crypto.

IOG describes the new coin, called Djed, as a “crypto-backed pegged algorithmic stablecoin.”

 

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“Djed [is] an algorithmic stablecoin protocol that behaves like an autonomous bank that buys and sells stablecoins for a price in a range that is pegged to a target price. It is crypto-backed in a sense that the bank keeps a volatile cryptocurrency in its reserve.”

Hoskinson tells his 547,000 Twitter followers that he had “been busy” and also reveals details on Djed in a live AMA (ask me anything) video.

Been Busy. pic.twitter.com/mmYGoBAsPO

— Charles Hoskinson (@IOHK_Charles) July 15, 2021

Although the full whitepaper has not been released, Hoskinson says the researchers have spent significant time verifying the new project using Isabelle code, a tool that computer scientists use to prove theorems and make them easily convertible into code.

“What makes this paper

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