Singapore-based stablecoin project, Alchemint, has announced continued refinement of its “SAR-C” collateral-backed stablecoin in its latest September progress update. Alchemint is developing “SAR-B” stablecoins for the NEO blockchain, to be issued by trusted institutions, as well as “SAR-C” stablecoins, available for creation by the general public. The trade value of SAR-C stablecoins is backed by digital assets, that are mortgaged in a smart contract, to be held as collateral.
Since Alchemint’s SAR-C is backed by mortgaged digital assets as collateral, the Alchemint smart contract needs to be able to liquidate mortgaged assets to protect the stablecoin’s value. Liquidation will occur if the value of the mortgaged collateral drops below an appropriate threshold and circulating SAR-C coins are not returned to the contract by their creator.
Alchemint has been working in the past weeks to optimize these collateral calls, and the liquidation function. These ensure that Alchemint SAR-C stablecoins in circulation are always backed by the appropriate digital asset reserves, even if the resserve asset’s price drops.
Creation of SAR-C stablecoins will require SDS tokens as a fee. Alchemint is “optimizing the calculation and rules” for its SDS fees. Alchemint has also added SDS deposits and withdrawal functions to its SAR-C smart contract.
Other improvements were also made to the SAR-C smart contract interface, including a user interface upgrade, and detail optimizations meant to improve the user experience.
Alchemint’s SAR-C contract is currently undergoing development on NEO’s TestNet, and its invitational beta testers have been suggesting more than two code changes per day. Most of the fixes and proposed improvements have already been implemented and merged.
Finally, Alchemint participated in the NEO Black Sea Community Assembly and Hackathon at the end of September.
The Alchemint progress report covering September 16-30, 2018, can be read in full at the following link: https://medium.com/@AlchemintIO/16th-30th-sept-progress-report-e4edc0dbd58e
Further development work on the SAR-C stablecoin can be seen in their previous update, covering September 1-15, 2018: https://medium.com/@AlchemintIO/1st-15th-sept-progress-report-764c2d80231c
More information on the Alchemint project can be found through the links below.