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.”
“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