Alphabet, Google's parent company backs new cryptocurrency after banning all Cryptocurrency ads

2년 전

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For some time now, Google and its parent company, Alphabet, have been trying hard to enter the cryptocurrency market because of its potential for success, and the market will allow Google to support cryptocurrencies. According to reports, the company raised a huge sum of US$133 million in the first round of this cryptocurrency fund called “Basis”.

The base coin is built on the Ethereum blockchain and aims to solve the basic problem of using a cryptocurrency as a stable method of delivering value. Coins like Bitcoin, Ethereum, Litecoin, and almost all other cryptocurrencies are almost entirely derived from the demand for specific coins. This is why it is normal for investors to see that the price of a coin fluctuates by more than 10% and does not even shrink.

However, if the widely used product becomes a product of the cryptocurrency industry, then there is a need for a coin to run a built-in monetary policy to maintain some form of stability. The foundation is designed to automatically adjust the supply of coins in circulation to avoid the mad price jump linked to demand. This makes the major changes in demand have less impact on the performance of cryptocurrency, because supply can be adjusted to reduce the impact of the deep fall in prices, which is usually happening in this market every week.

“At Basis, we believe that the price fluctuation of cryptocurrency is one of the biggest obstacles to its widespread adoption. Unlike the currency we use today, most cryptocurrencies do not have a mechanism to maintain the stability of purchasing power.

This excerpt from a blog post on Medium announced the introduction of this new self-tuning cryptocurrency, which it calls the "central bank of algorithms." Now, in the words of the Central Bank, any cipher-related thing tends to give rise to the innermost reaction of more hardened believers in decentralization. However, by building monetary policy into the currency itself in the form of code, as long as the smart contract that composes the project is competent to write, there is no chance of corruption.

Given that Google and Alphabet have recently banned all cryptocurrency ads on their platform, it will be interesting. This decision seems to be more affected by the launch of their own cryptocurrency and the desire to reduce competition, rather than protecting users from fraud and fraudulent ICOs.

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Classic shakeout of the 'weak hands' - first scare the market and push prices way down, then get back in when the markets are at their low. Makes sense right.

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