Your favorite crypto news blog

ERC20-Based Stablecoin DIRHAM Unveiled and Backed by AED

Crypto 2021/06/07 21:49 by Guest Author
DIRHAM: A New AED Backed Fully Regulated Stablecoin With Smart Contract Support

Dirham stablecoin, an ERC20 token-based stablecoin backed by the United Arab Emirates Dirham, has been unveiled. Tied to the AED in the ratio of 1:1, the Dirham stablecoin will cost approximately $0.27.

Notably, the Dirham stablecoin is fully regulated and issued under market conditions depending on the demand. According to the issuer through a press release, the value of the stablecoin will be secured by 20% AED/USD. The remaining 80% will be secured by the issuance or burning of a token within the framework of the blockchain protocol.

To start with, 11,000,000,000 DAH tokens are expected to be released to the market. Out of which, 5% will be allocated to an initial coin offering (ICO). 83% of the initial release is expected to be allocated to the initial public offering. The remaining 12% is expected to be divided in the ratio of 3:3:6. Whereby 3% is expected to be used in remuneration, grants, and other financings. The other 3% is expected to be used in the Dirham fund, for engineering development, building communities, and marketing activities. While the last 6% will be allocated for creators, to the team, and development purposes.

The Dirham stablecoin is currently listed on Coinsbit and Finexbox crypto exchanges. The asset is listed against popular digital assets including Bitcoin, Ethereum, And Litecoin. 

The initial coin offering is currently ongoing and is expected to run until June 19, 2021. Interested crypto users can purchase the Dirham at a 25% discount. After the initial coin offering is completed, the firm has planned for a staking program where users can stake their Dirham stablecoin and earn up to 0.8% in rewards.

The team behind Dirham stablecoin has designed it to act as a base for the Habicoin ecosystem. Notably, the Habicoin network s a separate decentralized ecosystem focused on the privacy aspect and mining capability. 

The Dirham stablecoin is venturing into a vast industry that plays a significant role in maintaining the cryptocurrency industry. Notably, cryptocurrency traders use different stablecoins to protect their capital against huge and unpredictable market volatility.

By having a regulated and a trusted mechanism, Dirham intends to compete with the likes of USDT that has had several transparency issues. Moreover, cryptocurrency users now have an opportunity to use a stablecoin backed by different fiat currencies other than the popular currencies.

0 Like(s)

You should also read...

Altcoins 22/02/20 15:49 by Brenda Ngari
Investor Loses $45 Million In Bitcoin (BTC) And Bitcoin Cash (BCH) Via A SIM-Swap Attack
A hacker has drained the account of a Chinese whale of approximately $45 million in a SIM-swap heist. For those in the dark, a SIM swap attack is an act of porting a user’s mobile number to another...
Read More
Altcoins 25/06/20 21:04 by Adrian Klent
John McAfee Insists MoneyGram Doesn’t Use XRP, Brands It “Worthless”
John McAfee, the popular cryptocurrency personality that has been on tabloids countless times for publicly endorsing and promoting digital currencies, and most recently, the founder of the “Gho...
Read More
Crypto 31/07/20 02:00 by Nick Chong
As Crypto Rips Higher, the US SEC Is Warning of ICO Scams Yet Again
It’s been an explosive past few weeks for the crypto market. While much focus has been put on Bitcoin and Ethereum, altcoins have also performed extremely well, with some rallying hundreds of pe...
Read More
Crypto 19/09/20 15:30 by Guest Author
OneSwap ONES ITO Goes Live on CoinEx
The global cryptocurrency exchange service provider, CoinEx has announced the launch of OneSwap’s ONES token on its platform. The listing went live yesterday, followed by the official launch of ITO ...
Read More
Other 21/04/21 20:54 by Guest Author
Antares Features And Advantages
Antares is an investment platform that lets participants choose from an array of profitable products that suit them the most. Marketing programs differ in profitability and other conditions, with new...
Read More