Alchemint, a stablecoin project based on the NEO blockchain, recently published a progress report. The team outlines strides made in the development of its smart contract, wallet, cross-chain protocol and more.
Alchemint allows for the mortgaging of digital assets to stabilize its SDUSD “stable coin,” a cryptocurrency token that’s pegged to fiat currencies. The goal of the coin is to create an easy to use currency that bridges the gap between digital assets and the real world.
Alchemint’s smart contract has received particular attention, as it forms the backbone of its ecosystem. Core features such as converting, mortgaging and publishing functions have been completed and moved into the testing phase. The team have been able to overcome a number of issues, such as ownership of UTOX assets in the mortgaging system.
Progress has also been made on web wallet, which remains under active development. The wallet will allow users to store their SDUSD tokens, and the team is working on its underlying libraries for future integration with many of the platform’s functions.
The team also worked on their cross-chain program, which will let Alchemint support cross-chain digital assets.
April also saw a number of events and marketing initiatives held by Alchemint. One event that Alchemint participated in was the NEO European Tour that was held from the 14th to the 26th of April. Alchemint’s founder, Elva Zhang, and Europe community leader, Jonathan Qual, attended meetups in Amsterdam, Lisbon, Madrid, Paris, and Zurich. There, the team gave overview presentations on Alchemint and the importance of stablecoins for the cryptocurrency ecosystem. They also unveiled Alchemint’s stabilization mechanism through the mortgaging of digital assets. During the NEO European tour, Alchemint announced a community airdrop of SDT tokens. The first 100 people who signed up for the airdrop qualified to receive 50 SDT tokens each.
Alchemint also attended the Global Inclusive Blockchain Conference that was held at the Singapore University of Social Science, April 17 to April 18. Chris Qi, who is the platform’s chief technology officer, attended the event and spoke about the role that Alchemint will play in the development of stablecoins during a panel discussion. Alchemint claimed attending the Europe and Asia events was productive, as it attracted the cooperation of other NEO projects and entities interested in stablecoin technology, and added an additional 2,000 followers to its Telegram social media accounts.
Other marketing efforts by the platform included a logo design of its stablecoin, SDUSD, an explainer video that describes Alchemint’s stabilization mechanism, and the production of Alchemint merchandise, which tied in the company’s other financial activities for April.
Financially, April was an important month for Alchemint, as it attracted a host of capital and strategic partnerships, and concluded the pre-sale of its SDT token. The pre-sale ended on April 5th and received investment from cornerstone and private investors, including NEO Global Capital.
Finally, the platform also partnered with Switcheo, a decentralized cryptocurrency exchange built on NEO. The exchange features instant trading and withdrawals with low trading fees.
More information on Alchemint can be found at the below links.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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