BasisX is Huobi’s first algorithmic stable currency to anchor USD

The year 2021 continues with the instability of the cryptocurrency market and the explosion of the Defi blockchain, with the birth of new networks in the backyard of exchanges such as: Binance Smart Chain, Houbi ECO Chain, Okchain. Columns is a new landmark for Bitcoin in the growth of the blockchain industry, together with the reality that the network community is now rising bigger, wealthier and far greater.

Today, I will join you in learning about a brand new project based on the HECO network (Houbi ECO Chain) which is the BasisX project, an algorithmic stablecoin project built on the Huobi ecological chain. In order to help construct the Heco ecosystem, BasisX has incorporated developments and optimizations in both the process architecture and engineering model, since the first Dong HT stabilized algorithm anchored to USD, BXC and HT is closely associated with each other and seeks to promote the creation and growth of the Huobi Ecological Chain Application.

BasisX is an improved variant of the Basis Protocol, which has been optimized in many respects:
1) The upper limit of the inflation rate, by setting the highest rate of growth, would make the token model more robust.
2) Fast rebasing time, high frequency is more intense experience.
3) Endorse USDT mining in order to respond to the habits of more users

How BasisX works

The BasisX protocol consists of three tokens: BXC, BXS and BXB. BXC and BXS will be acquired by mining liquidity, where BXC is set at USD and the value is fixed at USD 1.00, BXS holders participating in board bets will make better returns on BXC appreciation and table mining can begin 6 days after the start of the project. BXB is a bond offered to purchase back BXC when the price of BXC is less than $0.95 and BXB investors will swap BXC at a discount of 1:1 when the price of BXC is higher than USD 1.05. The BasisX protocol guarantees economic resilience while at the same time recruiting more artifacts to help motivate HUSD and HECO.

BXC — BasisX Cash
BXC tokens are intended to be used as an exchange medium. The built-in stabilization function in the protocol deterministically extends and contracts the supply of BXC to hold BXC at $1USDT
Contract: 0x15F4c382926F8A083bC924AbD3aa84Ce3982CAa9

BXS — BasisX Share
BasisX Shares are loosely the valuation of BasisX and confidence in its structural capacity to hold BXC trapped. During the duration of expansion (when TWAP — the time-weighted average price of BXC is more than $1USDT peg), the protocol mints BXC and distributes it proportionately to all BXS holders who have staked their tokens throughout the boardroom. In addition, BXS is used to achieve a truly autonomous on-chain governance where BXS holders have the power to vote and the freedom to make recommendations to improve BasisX. BXS has a cumulative availability of a maximum of 1,000,000 tokens.
Contract: 0xbe0e001A5553f4421DC250A20bBdAb0e735495e3

BXB — BasisX Bonds
BasisX Bonds are minted and redeemed to facilitate improvements in BasisX Cash supply. Bonds are often offered to BasisX Cash buyers, while sales are likely to be done at a price below 1 BasisX Cash. At any given time, the investors are eligible to swap their bonds for BasisX Cash Tokens in BasisX Cash Treasury.Upon redemption, they are eligible to convert 1 BasisX Bond to 1 BasisX Currency, giving them a premium on their prior bond transactions.

Contrary to Basis Bonds of Basis.io, BasisX bonds do not have expiry dates. Both investors are eligible to turn their bonds to BasisX Cash tokens as long as the Treasury has a healthy BXC balance.

The BasisX Protocol sets a market stability threshold above or below the threshold at which the stabilization function will be activated.

When BXC is under $ 0.95

If BXC trades below $0.95, consumers would be allowed to buy BXB at a certain discount to assess BXC’s market stability, in the expectation of a return on acquisition.

Any BXB agrees to own exactly 1 BXC at some stage in the future under some circumstances. Whenever a customer consumes BXC, BXB is burnt, reducing BXC’s circulating stock. BXB has no interest rates, no maturity period or expiry date. Instead, they can be traded at a ratio of 1:1 to BXC as the price increases above $1.05.

Hint: You should only trade BXB bought at 1:1 ratio with BXC when BXC’s magic price is above $1.05. This stops the holders of BXB from cutting acquisition losses and generating an excessive supply boost.

When BXC exceeds $ 1.05

If the price of BXC reaches $1.05, the contract effectively requires BXB to be traded for a single BXB swap. Also after the purchase of BXB, when the price of BXC was trading over $1, increased demand for BXC resulted in new BXC tokens being minted and circulated to BXS holders.

BasisX initially opened 6 groups where users would bet HT, HUSD, HBTC, HDOT, HETH. A total of 5 HRC-20 assets to invest in the operation of BXC.
The overall initial supply of BXC is 50,000 and will be split by the percentage of incentives for each group: 25 percent HUSD, 25 percent HT, 25 percent HBTC, 20 percent HETH, 5 percent HDOT. The cumulative initial supply will be issued linearly after five days.

The allocation of BXS will begin shortly after the start of the distribution of BXC for a total of 1,000,000, all to be allocated as a mining incentive.

BXC-HUSD LP shares for BXS: 750,000 BXS (75 per cent) will be distributed beginning at 6,250 BXS every day and a 25 per cent discount every 30 days thereafter.
BXS-HUSD LP shares for BXS: deliver 250,000 BXS (25 per cent) and continue to be distributed linearly for 365 days.

BXC is an algorithmic stablecoin on the HECO ecological chain that can be used with the following wallets:

Metamask (https://metamask.io)
Huobi Wallet (https://www.huobiwallet.com)
TokenPocket (https://www.tokenpocket.pro)

Now I’m going to teach you how to set up HECO wallets on the Metamask to mine tokens on the Basisx network.
You need to set up a Heco wallet before mining.
1) Click on the mainnet of Ethereum in the upper right corner
2) Click custom RPC
3) Set up custom network

·Network name: Main network HECO
·Add RPC URL: https://http-mainnet.hecochain.com

·Network name: Main network HECO
·Add RPC URL: https://http-mainnet.hecochain.com
·ChainID: 128

· Icon: HT

· URL of the explorer: https://scan.hecochain.com

For instance:
Switch your wallet
Then go to HECO’s key network to prepare for quality exploitation.

1. Deposit of USDT (You can buy USDT on Huobi AND withdraw with HECO)
2. Join the BasisX.io
3. Join the mining community to start quality mining, take USDT-BAS as an example, first import Medex.com, select the corresponding USD and BAS, add accounts and get just LPs.

Conclude

The launch of BasisX will usher in a new age for Defi ventures on the HECO network. This initiative aims to become a fresh theme in 2021.
BasisX will be publicly released on January 18, 2021, during which users will mine BXC, BXS, BXB to make a profit for themselves and can also remove tokens from USDT, USDC, BTC, Their HT on Huobi for heco Tokenpocket.pro wallet.

BasisX is a project with a solid ecosystem and worldwide coverage. According to the Money Supply Roadmap of the project, the project is heading towards a cooperative monetary strategy and motivating the society in a way that will guarantee the survival of the environment. The project is actually in the process of exploitation, so if you’re involved in this project, it’s the best time to read about the project and make wise investment choices.

This is not an investment advice post, it is a group project study to consult and read more about, but we will not be responsible for any issues found in the investment process. Any investment opportunity still has some possible risks, so we expect that each investment decision will be cautiously considered to have the greatest chance of success.

For more information:
Web: https://basisx.io
Telegram: https://t.me/BasisxOfficial
Medium: https://basisx.medium.com
Twitter: https://twitter.com/x_basis
Chanel: https://t.me/BasisXAnnouncement
Bounty: https://bitcointalk.org/index.php?topic=5309863.0

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►Author
Bitcointalk Username: Cryptolakshi
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=2813018
HECO Address: 0xcb33aba154cfc1838c09e351a7f693d3cc2c868c

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Review ICO, IEO, Exchange Contact Info: cryptoarindu@gmail.com

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