THELOGICALINDIAN - On June 12 the Honestnode aggregation appear the absolution of a new stablecoin activity congenital on top of the Bitcoin Cash arrangement alleged Honestcoin USDH The new badge was fabricated application the Simple Ledger Protocol SLP and afresh launched on the cryptocurrency trading belvedere Coinex This anniversary newsBitcoincom batten with the architect of Honestnode Jian Shi to apprentice added about this new stablecoin
Also read: Coinex Exchange Lists the aboriginal SLP-Based Stablecoin Built on Bitcoin Cash
A Discussion With the Founder of Honestnode
Over the aftermost few years, stablecoins accept become a accepted agent aural the cryptocurrency mural and back the bearing of binding (USDT), there’s been a decent cardinal of launched stablecoins on networks like Omni Layer, Ethereum, and Tron. These stablecoins accept been collateralized in altered ways.
Now the Bitcoin Cash network has a stablecoin alleged honestcoin (USDH) which was created application the SLP belvedere by the Honestnode team. USDH is a adapted stablecoin backed 1:1 for U.S. dollars and the Honestnode aggregation aims to body assorted forms of basement to abutment the token’s use cases. News.Bitcoin.com batten with Honestnode architect and CEO, Jian Shi, who discussed how the aggregation affairs to bolster the abeyant of cryptocurrencies and blockchain solutions.
News.Bitcoin.com (BC): Can you acquaint our readers a little about Honestnode?
Jian Shi: Honestnode has created a adapted and defended stablecoin alleged honestcoin (USDH), and is architecture a assorted set of value-added appliance scenarios and accoutrement to abutment its end-users. This will accommodate the Honestnode users with a stablecoin that is absolutely admired in both the cryptocurrency apple and the absolute world. Honestnode’s ecosystem consists of six primary products：
BC: What fabricated you adjudge to use the Bitcoin Cash (BCH) arrangement to actualize a stablecoin?
Jian Shi: As the aboriginal adapted stablecoin on the BCH chain, USDH can ample a gap in the BCH ecosystem that lacks a adapted stablecoin. At the aforementioned time, Bitcoin Cash supports ample blocks, with low alteration fees (about 1 satoshi) and 0 acceptance (instant accession of baby amounts). From the angle of both alteration fees and speeds, it is above to the BTC Omni Layer agreement and the ERC20 agreement congenital on Ethereum.
BC: Can you acquaint our readers how the USDH stablecoin is backed by your U.S. partner?
Jian Shi: Honestnode works with Koi Compliance, a San Francisco-based provider backed by Binance Labs, to ensure that USDH complies with all applicative acknowledged requirements, including U.S. federal and accompaniment money manual laws and AML/CFT rules. Among added things, USDH follows all requirements of a FinCEN-registered MSB by assuming absolute identification verification, due diligence, almsman buying checks, sanctions screening, transaction monitoring, and authoritative reporting. Additionally, Honestnode works with Cohen LLP to affair audited assertions from time to time to ensure that USDH is backed by USD 1:1.
BC: Were there any authoritative hurdles you had to accord with afore ablution the Honestcoin (USDH) project?
Jian Shi: There were no authoritative hurdles. The USDH aggregation proactively researched the authoritative framework for fiat-backed stablecoins and accompanying acquiescence affairs and absitively to assignment with accustomed providers such as Prime Trust LLC and Koi Compliance. The launch, therefore, was a bland process.
BC: Will Honestnode abide ambidextrous with regulators activity forward?
Jian Shi: Yes. Honestnode will, for USDH, accede with all applicative acknowledged requirements on an on-going basis. We will, therefore, abide to assignment with regulators in accomplishment of assertive of these obligations (e.g. authoritative advertisement and asset blocking).
BC: USDH afresh launched on the barter Coinex. Do you plan to barrage on any added exchanges in the future?
Jian Shi: We will gradually access listings on added boilerplate cryptocurrency exchanges in the future. Honestnode is currently focused on architecture USDH applications in the absolute world, to break high-cost acquittal and remittance issues, and accepting added non-cryptocurrency focused audiences.
BC: You formed with the SLP developers back creating USDH. Can you acquaint us about this experience?
Jian Shi: It was an acclaimed experience, and we went through the bit-by-bit advance of the Simple Ledger Protocol (SLP). While the action was backbreaking and arduous, SLP connected to advance and abutment us until USDH was released.
BC: Do you anticipate a stablecoin created application Bitcoin Cash is benign to BCH?
Jian Shi: As the aboriginal stablecoin on BCH, USDH can ample the gap in the BCH ecosystem. We will augment USDH in the acquittal and remittance scenarios, which will advice admission BCH’s activity. In addition, with the development of SLP and added protocols, there should be added and added applications based on the BCH chain, and USDH can accommodate admission to acquittal accomplishing for these applications.
BC: There are a lot of stablecoins now. Do you anticipate it’s acceptable to accept a variety?
Jian Shi: From an aboriginal age, we abstruse that Emperor Qin Shi Huang’s affinity of the six Chinese nations would be actual benign at the time, while on the added hand, the super-globalization of the Euro of today reveals abounding problems and intricacies. So, whether budgetary assortment is acceptable or bad cannot alone be absitively so quickly. The banking arrangement is awful accompanying to the civic policy, the budgetary and tax system, and the bread-and-butter system.
BC: Do you anticipate USDH is a adversary to added stablecoins like binding (USDT) and Gemini dollar (GUSD)?
At present, the capital appliance book of binding is agenda bill trade, but the under-regulation of Binding is an absolute accident of significance. Whereas, the Gemini dollar is backed by the Gemini exchange, which trades mainly in agenda currencies. The USDH is initially positioned to be activated in the absolute apple to break the problems of aerial amount and the hindered aisle in the action of acquittal and remittance. Because the ambition bazaar is altered from binding and Gemini dollar, there will be no absolute antagonism in the antecedent stage.
What do you anticipate about the Honestcoin activity and the stablecoin USDH? Let us apperceive what you anticipate about this accountable in the comments area below.
Image credits: Shutterstock, Honestnode, Simpleledger.info, Honestcoin, and Pixabay.
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