Singapore-based decentralized stablecoin project Alchemint, which is designing a smart contract-based stablecoin on the NEO blockchain, has announced a future Bibox listing amongst its developments in the month of August. Alchemint features decentralized stablecoin design models that differ from more centralized stablecoins, such as Tether’s USDT and Gemini’s GUSD, in that Alchemint’s products can be backed by blockchain assets that have been mortgaged in a trustless smart contract on the NEO blockchain.
Alchemint has earned a listing on Bibox, a Hong Kong-based cryptocurrency exchange, which is currently ranked among the top 10 exchanges in adjusted daily transaction volume.
Alchemint’s SDS token finished in third place out of ten in the exchange’s 6th “Vote for Listing” competition. Alchemint and the other two winners are slated for addition to the Bibox exchange, pending an official confirmation from Bibox.
Alchemint completed a 1:1 token swap to the SDS (Standards) token shortly after completion of its token sale. Alchemint claim the SDS token is better optimized for its role in the upcoming SAR smart contract. The change in name to SDS from the previous name SDT (Special Drawing Token) is also said to be easier for the community to understand in relation to other Alchemint products.
Alchemint also held its first AMA session with its Reddit community. Some of the topics discussed were Alchemint’s exchange listings, angel investors, the utility of its SDS token, and pegged currencies. The AMA can be found here.
The Alchemint wallet and its SAR-B (institutional stablecoin) issuance system is currently under development on its private network and the NEO TestNet. In the SAR-B model, institutions issue customized stablecoins that are backed by real asset reserves and mortgages of Alchemint’s SDS token. SAR-B stablecoins, which are pegged to the US Dollar, the Euro, Japanese Yen, and the precious metal, gold, have been included in the first version of the platform.
Alchemint’s SAR-C model, available for creation by individuals, is also under development. The SAR-C model relies on blockchain assets that have been mortgaged in a smart contract as collateral. SAR-C tokens are standardized by design.
More information on the Alchemint project can be found by following the links below.
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
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