We are happy to announce our partnership with the COTI Team. This collaboration will result in implementing the overcollateralized algorithmic Djed stablecoin as a storage exchange payment means on our shared storage economy platform.
Djed was developed by Input Output Global and is powered by COTI. It is a stablecoin relying on smart contracts and its reserve coin to maintain a stable price. The coin’s creators intended to power the Cardano’s DeFi ecosystem. The project has undergone thorough testing on the Testnet. Once the verification is completed, and an external security audit is carried out, COTI plans to deploy Djed on the Mainnet. This should happen shortly so stay tuned!
Iagon aims to provide a marketplace for decentralized computing resources, the future of digital utilities. Currently, we are working on launching the decentralized storage platform, and Djed will be a significant element of the whole trading process.
What are algorithmic stablecoins?
An algorithmic stablecoin is designed to achieve price stability by balancing its circulating supply. Its price is pegged to that of an asset such as the U.S. dollar, gold, or any foreign currency.
Djed’s value is meant to equal 1 U.S. dollar. As an algorithmic stablecoin, it uses an algorithm underneath. If for some reason its value goes up, more coins are minted. If it drops, a fraction of the circulating coins is burned. All these operations are managed by smart contracts.
What’s the goal?
Iagon’s shared storage economy is built around the concept of sharing spare resources with those who can use them and being rewarded in return. Resource providers commit their storage space for a specified period. The protocol then locks a portion of tokens on the marketplace by storage consumers. Those tokens will be used as rewards for the providers. Dive deep into our token utility model on the blog. There’s an additional opportunity for the resource providers to earn extra bonuses. Stillyou can find more details on that in our whitepaper and the Adagio article we posted earlier this month.
What’s worth noting, the tokens from the marketplace are actually stablecoins. This is why Iagon’s partnership with COTI is so essential regarding our platform. Djed will play a key role in our ecosystem due to nearly no value fluctuation as low volatility makes it a reliable currency, perfect for down payments.
For more information and other updates, please follow us on our social media (links below), or head over to the IAGON Website!
About Djed StableCoin
Djed is the first overcollateralized algorithmic stablecoin, built on Cardano. It uses smart contracts to ensure price stabilization, and the usefulness of the coin for decentralized finance (DeFi) operations. It operates by keeping a reserve of base coins, and minting and burning stablecoins and reserve coins.
The Djed stablecoin is powered by COTI. Part of COTI's role is to be in charge of developing the user interface system and to operate the integration between users and the smart contracts for the stablecoin. COTI will partner with enterprises, developers, and other parties who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.
COTI is a DAG-based layer 1, specifically designed for enterprises.
COTI meets the challenges of both centralized finance (fees, latency, global inclusion and risk) and Decentralized Finance (fees, clogging and complexity) by introducing a new type of DAG-based base protocol and infrastructure that is scalable, fast, private, inclusive, low cost and is optimized for finance.
Iagon’s mission is to revolutionize the cloud by developing storage and processing platforms where anyone can profit from shared resources. The whole value proposition circles back to the potential of blockchain technology by letting device owners join the storage and processing power grids to create a completely decentralized data cloud and supercomputer.