Chapter 890 USDA
On February 14, 2013, Valentine’s Day, Anchorage, a company established by Matrix Capital, launched USDA, a stable currency pegged to the US dollar.
USDA was launched to help BitC investors convert funds between different exchanges.
Although Mt.Gox exchange currently accounts for more than 70% of global BitC transactions, in addition to Mt.Gox, there are also exchanges including Bitstamp, Kraken, etc. In China, there are also Exchanges such as BitC China, Bitmain, and Huobi have emerged.
Prior to this, when users transfer assets between different exchanges, they need to withdraw BitC from the exchange, and then transfer it from the chain to another exchange - in the process of transfer out and transfer in , all need to consume BitC as a handling fee, and the transfer efficiency (time) of BitC is not high.
If the price of BitC was low before, BitC's handling fee might not be too much of a concern, but when the price of BitC rises, every transfer will be painful.
After using USDA, using USDA’s network, the transfer fee can be ignored.
Anchorage company stipulates that the price of USDA will be pegged to the U.S. dollar, that is, 1 USDA is worth 1 U.S. dollar. Users who transfer a certain amount of U.S. dollars to the escrow account will receive the equivalent USDA.
Of course, this exchange process does not require users to do it in person. Anchorage injected US$100 million into the escrow account in the first phase, and then sold the 100 million USDA to users through the exchange - that is, users started trading To purchase BitC, you must first use your own currency Exchange it to USDA at a certain exchange rate, and then use USDA to buy BitC...
Mt.Gox exchange listed USDA at the first time, and then their BitC price was displayed in USDA - BitC /USDA trading pair.
In fact, in Barron's previous life, there were many similar stablecoins, the most famous of which was Tether (USDT), launched by Tether Limited in 2014, which was also pegged to the U.S. dollar. It was also the most stablecoin at the time. Commonly adopted, by 2021, Tether’s market capitalization has exceeded $60 billion, making it the world’s largest circulating stablecoin.
The reason why Juzhen Capital will establish Anchorage to issue USDA, in addition to providing "infrastructure" for various future digital currency transactions, is that if USDA can replace the status of USDT in the original time and space, then They can affect the price trend of Coin by controlling the issuance and destruction of USDA.
And at some point, they can also obtain a certain "coin right" - just like in the original time and space, although Tether has always claimed that they minted the issued USDT one-to-one. US dollar cash reserves, but regulatory aspects have always believed that the issuance of USDT lacks transparency.
In other words, TetherLimited is suspected of issuing additional USDT, and they did not provide sufficient U.S. dollar reserves for the USDT issued...
Then this company will be able to obtain excess in the process of additional issuance. U.S. dollar income - you know, even with tens of billions of U.S. dollar funds, just investing in U.S. bonds can earn them a lot of income.
In addition to Matrix Capital, the Distributed Foundation, also headquartered in Brita, is still absorbing a small amount of BitC after previously acquiring 500,000 BitC from the market and sealing it...
Although Barron's No other funds will participate in this In the midst of the BitC bull market hype, in the future, after the price of BitC reaches more than 1,000 US dollars in the second half of this year, distributed foundations will also gradually sell part of the BitC they hold, but the amount sold will be controlled at a certain amount. within the scale.
One of the purposes of this is to avoid over-hyping its price in this round of BitC bull market. After all, this short-term over-hyping will also harm its long-term development.
In addition, distributed foundations can also control the price of BitC within a benign range by selling BitC at a high level and then absorbing it at a low level.
The profits they receive can also support other blockchain start-up projects. At present, in addition to BitC, the Distributed Foundation also has a certain scale of reserves for another emerging digital currency, LitC.
LitC was launched in 2011 by former Google engineer Charlie Lee. It is similar to BitC but improved in some aspects. Its goal is to provide a faster and cheaper way of transactions.
Currently, many exchanges, including Mt.Gox, have launched LitC transactions outside of BitC...
It is also worth mentioning that Charlie Lee is the largest BitC in China The younger brother of Li Qiyuan, CEO of the exchange BitC China (BTCC).
As for Li Qiyuan, Yuan Shikong had a conversation with "well-known economist" Lang Xianping in a talk show in 2014, which made Lang Xianping create "You give me BitC, I don't I'll do it." The person involved in this famous scene.
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Also in Kolo, on February 15, the groundbreaking ceremony of the Ajahara Hydropower Station project was held grandly at the construction site.
Participating in the groundbreaking ceremony were the presidents, ministers, members of the National Assembly of Kolo and Benin, as well as the Chinese ambassador to Kolo and Benin.
Kolo President Thomas Kabore, together with the President of Benin, unveiled the cornerstone of the Ajahara water project.
The Ajahara Hydropower Station is located on the Mono River, the boundary river between Colo and Benin. For nearly 40 years before this, Kolo and Benin had been raising funds for this hydropower station. After all, the two countries had previously There is a power shortage in China, and the completion of this hydropower station can provide considerable power output for the two countries. However, this project has been shelved due to financial problems.
According to the plan of this project, the total installed capacity of the Ajahara Hydropower Station is 147,000 kilowatts, and the average annual power generation after completion will be 461 million kilowatt hours.
The entire project includes a barrage with an average dam height of 40 meters and a total length of 3,700 meters, a 161 kV high-voltage power transmission and transformation line with a total length of 252 kilometers, water diversion systems, workshops, access roads and other ancillary facilities.
The project is invested by West Africa Power Group and constructed by Huaxia Hydropower Construction Group. The project duration is 50 months and the total cost is US$550 million. All these funds are funded by West Africa Power Group, including Huaxia Import and Export. The bank provided it with an interest-free loan of US$250 million.
The West African Power Group will acquire a 70% stake in the Colo-Benin Hydropower Complex, which holds the project, while the governments of Colo and Benin will each hold a 15% stake.
The Ajahara Hydropower Station is a large-scale trilateral cooperation infrastructure project agreed upon by the heads of state of China, Kolo, and Benin. It is the first cross-border trilateral cooperation project in the West African subregion and will effectively strengthen regional energy interconnection. Interoperability and relief of power tensions in Benin and Kolo.
The project can provide nearly 10,000 jobs, equivalently reduce carbon dioxide emissions by 150,000 tons per year, promote a balanced domestic power supply structure, significantly reduce electricity prices, create huge economic benefits for the people of the two countries, and continuously improve the performance of both countries. the material and cultural quality of life of the Chinese people.
(End of this chapter)