The protocol will allow Bitcoin holders to hedge against volatility and enable the creation of DeFi services for the Bitcoin ecosystem.
After eleven months of simulations, testing, and two audits, Money on Chain is launching the Alpha version of its decentralized stablecoin protocol on the Rootstock network. Backed by Bitcoin, the protocol is comprised of two tokens that provide several use cases for Bitcoin holders, including leveraged Bitcoin operations.
The first token is Dollar on Chain (DOC). Users can quickly send and receive any amount of DOC, a token pegged to the value of the US Dollar. As a safe haven from Bitcoin volatility, DOC simplifies many types of transactions. In the event a Bitcoin holder wants to buy property, for instance, they can hold stable assets collateralized on Bitcoin and without counterparty risk during the financing process.
The second token is BitPRO (BPRO), and it is specifically designed for Bitcoin holders to earn passive income on their coins. BPRO holders have several streams of revenue: they receive a percentage of platform-collected fees, an interest rate, and a small leverage on the price of Bitcoin.
The platform is decentralized and secured by Bitcoin miners, with none of the collateral held in a bank account. All the collateral is held using Smart Contracts that run on the Rootstock network.
“This is a very important step towards a more open and transparent financial system,” said CEO and Co-founder, Max Cajurzaa. “The Money on Chain protocol enables other projects to develop lending, credit, and advanced trading for Bitcoin holders.”
Running on the Rootstock platform, which enables the creation of Smart Contracts on top of Bitcoin, Money on Chain is a major launchpoint of a Bitcoin-backed DeFi ecosystem.
“Creating representations of local currencies with Bitcoin backing was the first use case we envisioned when we developed Rootstock,” said Diego Gutiérrez Zaldívar, cofounder of Rootstock, “It’s the key component to bridge traditional economies with the Bitcoin and crypto-economies and enable a decentralized financial ecosystem for Bitcoin, turning financial inclusion into a reality. We’re very excited for Rootstock to take part in this massive evolution in Bitcoin.”
Users can use Nifty and Metamask Wallet to access the web application. A metrics panel allows any user to see all of the liquidity on the platform.
Check out the Money on Chain platform at: https://moneyonchain.com/
About Money on Chain
We imagine a world where transactions are instant, cost-efficient, and free from the volatility of the current cryptocurrency markets. Furthermore, we want international trade to be frictionless so individuals and companies can use the Bitcoin blockchain without facing volatility risks. In order for our vision to happen we need to bring stability to the Bitcoin world. Money on Chain hence takes the best of both worlds, decentralization, security, the immutability of Bitcoin, and the stability of traditional fiat to create such a solution.
About RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.