Home Bitcoin Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

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On June 12, the Honestnode group introduced the launch of a brand new stablecoin undertaking constructed on high of the Bitcoin Cash community referred to as Honestcoin (USDH). The new token was made utilizing the Simple Ledger Protocol (SLP) and just lately launched on the cryptocurrency buying and selling platform Coinex. This week information.Bitcoin.com spoke with the founding father of Honestnode, Jian Shi, to study extra about this new stablecoin.

Also learn: Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash

A Discussion With the Founder of Honestnode

Over the previous couple of years, stablecoins have develop into a preferred automobile inside the cryptocurrency panorama and since the start of tether (USDT), there’s been a decent number of launched stablecoins on networks like Omni Layer, Ethereum, and Tron. These stablecoins have been collateralized in several methods.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

Now the Bitcoin Cash network has a stablecoin referred to as honestcoin (USDH) which was created utilizing the SLP platform by the Honestnode group. USDH is a regulated stablecoin backed 1:1 for U.S. {dollars} and the Honestnode group goals to construct varied types of infrastructure to help the token’s use circumstances. News.Bitcoin.com spoke with Honestnode founder and CEO, Jian Shi, who mentioned how the firm plans to bolster the potential of cryptocurrencies and blockchain options.

News.Bitcoin.com (BC): Can you inform our readers a little bit about Honestnode?

Jian Shi: Honestnode has created a regulated and safe stablecoin referred to as honestcoin (USDH), and is constructing a various set of value-added utility situations and instruments to help its end-users. This will present the Honestnode customers with a stablecoin that’s actually precious in each the cryptocurrency world and the actual world. Honestnode’s ecosystem consists of six major merchandise:

  1. Honestcoin (USDH): A regulated stablecoin backed by the U.S. greenback.
  2. Honestpay: The USDH model of Alipay.
  3. HonestOTC: An over-the-counter buying and selling platform for USDH and different main currencies together with fiat forex.
  4. Honest Financial: A monetary service platform that could be a fiduciary receiver for USDH.
  5. Honestcard: A bodily financial institution card that backs up the USDH accounts of customers.
  6. HonestAPI: Allowing third-party functions to simply implement the USDH assortment.

Our mission is to unleash the true international energy of forex. Honestcoin is a safe, environment friendly and low-cost technique to switch property round the world. With Honestcoin, customers break by exterior constraints, take away pointless restrictions, and bypass pricey intermediaries to take care of complete management over their international property. Honestcoin helps bolster the freedom of cash.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
The Honestcoin.io website.

BC: What made you determine to make use of the Bitcoin Cash (BCH) community to create a stablecoin?

Jian Shi: As the first regulated stablecoin on the BCH chain, USDH can fill a spot in the BCH ecosystem that lacks a regulated stablecoin. At the similar time, Bitcoin Cash helps giant blocks, with low switch charges (about 1 satoshi) and zero affirmation (prompt arrival of small quantities). From the perspective of each switch charges and speeds, it’s superior to the BTC Omni Layer protocol and the ERC20 protocol constructed on Ethereum.

BC: Can you inform our readers how the USDH stablecoin is backed by your U.S. companion?

Jian Shi: Honestnode works with Koi Compliance, a San Francisco-based supplier backed by Binance Labs, to make sure that USDH complies with all relevant authorized necessities, together with U.S. federal and state cash transmission legal guidelines and AML/CFT guidelines. Among different issues, USDH follows all necessities of a FinCEN-registered MSB by performing thorough identification verification, due diligence, beneficiary possession checks, sanctions screening, transaction monitoring, and regulatory reporting. Additionally, Honestnode works with Cohen LLP to problem audited assertions now and again to make sure that USDH is backed by USD 1:1.

USDH’s custody system is an identical to that of TrueUSD. Specifically, all USD quantities used to buy USDH are positioned right into a custody account managed by Prime Trust LLC, a Nevada-chartered belief firm. USDH’s operational employees and administration members haven’t any authorized declare to such USD collateralization quantity.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
The USDH token’s data according to Simpleledger.info.

BC: Were there any regulatory hurdles you needed to take care of earlier than launching the Honestcoin (USDH) undertaking?

Jian Shi: There have been no regulatory hurdles. The USDH group proactively researched the regulatory framework for fiat-backed stablecoins and associated compliance issues and determined to work with established suppliers comparable to Prime Trust LLC and Koi Compliance. The launch, subsequently, was a easy course of.

BC: Will Honestnode proceed coping with regulators going ahead?

Jian Shi: Yes. Honestnode will, for USDH, adjust to all relevant authorized necessities on an on-going foundation. We will, subsequently, proceed to work with regulators in success of sure of those obligations (e.g. regulatory reporting and asset blocking).

BC: USDH just lately launched on the change Coinex. Do you propose to launch on every other exchanges in the future?

Jian Shi: We will step by step enter listings on extra mainstream cryptocurrency exchanges in the future. Honestnode is at present targeted on constructing USDH functions in the actual world, to unravel high-cost fee and remittance points, and gaining extra non-cryptocurrency targeted audiences.

After now we have gathered a cushty variety of customers in the fee and remittance situations, we are going to broaden the USDH’s presence in the cryptocurrency secondary market buying and selling and enter extra digital forex exchanges.

BC: You labored with the SLP builders when creating USDH. Can you inform us about this expertise?

Jian Shi: It was an unforgettable expertise, and we went by the gradual enchancment of the Simple Ledger Protocol (SLP). While the course of was difficult and arduous, SLP continued to enhance and help us till USDH was launched.

There is little doubt that this can be a nice group and we benefited quite a bit from their cooperation. At the similar time, the improvement group of SLP may be very enthusiastic and useful. They at all times welcome new builders and are keen to share varied issues encountered in the improvement course of.

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash
Looking at the distribution of USDH through Simpleledger.data’s Tokengraph.

BC: Do you assume a stablecoin created utilizing Bitcoin Cash is useful to BCH?

Jian Shi: As the first stablecoin on BCH, USDH can fill the hole in the BCH ecosystem. We will broaden USDH in the fee and remittance situations, which is able to assist enhance BCH’s exercise. In addition, with the improvement of SLP and different protocols, there needs to be an increasing number of functions primarily based on the BCH chain, and USDH can present entry to fee implementation for these functions.

BC: There are a variety of stablecoins now. Do you assume it’s good to have a range?

Jian Shi: From an early age, we realized that Emperor Qin Shi Huang’s unification of the six Chinese nations can be very helpful at the time, whereas on the different hand, the super-globalization of the Euro of at this time reveals many issues and intricacies. So, whether or not financial variety is sweet or dangerous can not merely be determined so shortly. The monetary system is extremely associated to the nationwide coverage, the fiscal and tax system, and the financial system.

As Honestnode, we have to keep humble in the face of such an objectively sophisticated existence and system, to attempt to create utility situations whereas sustaining the regulation, stability, and effectivity requirements. Under the similar compliance framework, we’re open to different secure currencies and welcome different groups to work with us to resolve the problem of forex segregation.

BC: Do you assume USDH is a competitor to different stablecoins like tether (USDT) and Gemini greenback (GUSD)?

At current, the major utility state of affairs of tether is digital forex commerce, however the under-regulation of Tether is an current threat of significance. Whereas, the Gemini greenback is backed by the Gemini change, which trades primarily in digital currencies. The USDH is initially positioned to be utilized in the actual world to unravel the issues of excessive price and the hindered path in the means of fee and remittance. Because the goal market is completely different from tether and Gemini greenback, there might be no direct competitors in the preliminary stage.

What do you consider the Honestcoin undertaking and the stablecoin USDH? Let us know what you consider this topic in the feedback part beneath.


Image credit: Shutterstock, Honestnode, Simpleledger.data, Honestcoin, and Pixabay.


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Tags on this story
BCH, BCH Stablecoin, bitcoin cash, bitcoin cash tokens, China, Coinex, economic, Gemini Dollar, Honestcoin, Honestnode, Honestnode Founder, Jian Shi, KYC/AML, Regulations, Regulators, Simple Ledger Protocol, SLP, SLP Token, Stablecoin, Tether, tokenization, US dollars, USD, USDH, USDT

Jamie Redman

Jamie Redman is a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open supply code, and decentralized functions. Redman has written hundreds of articles for information.Bitcoin.com about the disruptive protocols rising at this time.




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