The Swiss blockchain start-up Eidoo has joined the ranks of projects launching own stablecoins, announcing the creation of a stable coin tied to the price of gold.
Eidoo's stablecoin is called Ekon and is a token compatible with the ERC-20 standard, which will be available in a multi-currency purse and on a hybrid decentralized project exchange. It will be possible to exchange 1 Ekon for one gram of gold of 999 test, which is in a special storehouse. Reserves of gold will be audited every 90 days, moreover, to increase confidence in the token, the company promises to be able to watch gold vault via a video camera.
The profit from the purchase and sale of Ekon within the Eidoo ecosystem will be converted into a native EDO project token.
Despite the uniqueness of the offer of the Swiss start-up, not all experts agree with its usefulness, since the price of precious metal is not so stable. So, for the last six months it has fallen by almost $ 150, however it has grown by $ 25 since the end of August.
In October 2017, Eidoo raised $ 27.9 million in a token, and in April of this year received a license from the Swiss Financial Services Standards Supervision Authority (VQF) under the national financial regulator (FINMA).