Harju County, Estonia, March 02, 2021 (GLOBE NEWSWIRE) — Because the cryptocurrency market continues to mature, crypto tasks additionally proceed to evolve additional driving the evolution of the market. Thus far, we have now seen cryptocurrency tasks with a hard and fast provide for the native tokens. The last word purpose right here has been to create shortage and drive crypto costs greater.
Now, we imagine it’s time for creating elastic provide of decentralized digital currencies. KGR is one such dynamic and fully decentralized elastic provide protocol that goals to cater to the liquidity wants of the broader crypto market, and extra importantly, to unravel the problems of market manipulation.
The KRG cryptocurrency achieves higher steadiness of provide and demand because it correlates an artificial asset’s value completely with the value of its underlying asset. The KGR token is principally an elastic cryptocurrency with its goal value at 1 Japanse Yen adjusted for inflation.
The worth of KGR could be greater or decrease than 1 Yen, nevertheless, the provision is all the time adjusted to fulfill the goal of 1 Japanese yen (¥). If excessive demand drives the value greater above 1 Yen, the Himegami protocol will add extra provide making a promoting strain and a ‘rebase’ motion. To distribute the KGR token to the token holders, the system would have the ability to concern 100,000 tokens per rebase then promote it on public exchanges following a ﬁrst-come-ﬁrst-serve rule. The unsold tokens within the day shall be burned. This methodology was applied in sensible contracts. This makes KGR one-of-its-kind cryptocurrency with such flexibility and provide elasticity.
The Himegami rebase system is applied each 1385 minutesto rebase the provision. The rebase operate is a brand new idea to the crypto market and is principally related to produce smoothening for decentralized elastic provide tokens like KGR.
For the reason that KGR tokens develop and contract primarily based on the demand and provide, the rebase mechanism ensures that the proportion holding for customers stays the identical.
We envision the Himegami protocol to be a hedge asset for the entire crypto world in addition to to the rising sector of Decentralized Finance (DeFi). The steadiness of KGR will help DeFi traders to cut back their dependency on a few of the centralized stablecoins. It could actually work as a hedge asset, a DeFi collateral, and a steady medium of trade for the whole crypto area.
We’re positioning KGR as a helpful crypto token and a collateral asset for Decentralized Finance (DeFi). Its distinctive qualities like decentralized, worthwhile, self-governing, and extra steady asset, makes it essential to DeFi. Sooner or later, KGR could have a number of completely different purposes and can be utilized to complement different DeFi tasks like Tezos, Polkadot, Cardano, and others.
Moreover, the programmatic rebasing protocol goals to unravel the difficulty of large fluctuations in liquidity and volatility by making it extra predictable and rewarding for everybody concerned.
This enables us to place Himegami not solely within the present crypto ecosystem however create a complete new host of purposes for it within the non-public DeFi ecosystems of tomorrow that many haven’t even been thought of but.
Himegami Protocol Founder Leo Bai