Decentralized USD (DUSD) is a stablecoin for the decentralized finance protocol DeFiChain. It is a type of cryptocurrency that is pegged to the value of the US dollar. Unlike traditional stablecoins, which are centralized and rely on trusted third parties to maintain their value, DUSD is decentralized and operates on a blockchain, typically Ethereum. This means that it is not controlled by any single entity, making it more resistant to censorship, fraud, and hacking.
DUSD can be used for various purposes, such as payments, transfers, and as a store of value, and aims to offer a more stable and secure alternative to traditional fiat currencies.
Who are the founders of Decentralized USD (DUSD)?
The founders of Decentralized USD (DUSD) are not publicly disclosed. It is a decentralized stablecoin that operates on blockchain, and as such, it is not controlled by any single entity or organization. The development and maintenance of DUSD is typically carried out by a community of developers, contributors, and users. This is in line with the decentralized and open-source nature of blockchain technology, where projects are typically built and maintained by communities of individuals, rather than by traditional centralized organizations.
What is Decentralized (DUSD) used for?
Payment and Transfer
Decentralized USD (DUSD) can be used for payments and transfers, just like any other cryptocurrency. Its stability and decentralization make it a suitable option for people who want to send money across borders or pay for goods and services without the risk of volatility.
Store of Value
As a stablecoin pegged to the value of the US dollar, DUSD can be used as a store of value. This can be especially useful for individuals and organizations who want to hold their funds in a stable asset, without the worry of fluctuating prices.
Trading and Investing
DUSD can be used for trading and investing, just like any other cryptocurrency. Its stability makes it a suitable option for traders and investors who want to hedge against volatility in the crypto market.
Decentralized Finance (DeFi)
DUSD can be used in decentralized finance (DeFi) applications, such as lending, borrowing, and yield farming. DeFi allows individuals to access financial services without relying on traditional financial intermediaries, and the stability of DUSD makes it a suitable asset for DeFi transactions.
DUSD can be used as a diversification tool for individuals and organizations who want to spread their investments across multiple assets. The stability of DUSD can offer a hedge against volatility in other more speculative assets, such as cryptocurrencies.
How is Decentralized USD (DUSD) unique?
Unlike traditional stablecoins, which are centralized and rely on trusted third parties to maintain their value, DUSD is decentralized and operates on a blockchain, such as Ethereum. This makes it more resistant to censorship, fraud, and hacking, and allows users to maintain more control over their funds.
It is pegged to the value of the US dollar, which means its value is designed to remain stable, unlike other cryptocurrencies which can be highly volatile. This makes DUSD a suitable option for individuals and organizations who want to hold a stable asset, without the worry of fluctuating prices.
DUSD parent protocol, DeFiChain approaches decentralized finance as a specific and critical segment of the blockchain community. DeFiChain is a dedicated blockchain that is optimized specifically for DeFi applications. It is intentionally non-Turing-Complete and does not support any function other than those needed for Decentralized Finance, resulting in a blockchain that provides higher throughput and better functionality specifically for dApps related to finance.
It is also interoperable and can interact with other decentralized applications and protocols. This opens up new possibilities for using DUSD in decentralized finance (DeFi) and other blockchain-based systems.
How many Decentralized USD (DUSD) coins are in circulation?
Although the circulating supply of DUSD is unknown, it has a maximum cap. value of $399,126,182.
How is the Decentralized USD network secured?
Decentralized USD is provided with security and immunity by the underlying features of its parent protocol, DeFiChain. To provide immediate security of the blockchain, DeFiChain anchors itself to the bitcoin blockchain and saves its most recent Merkle tree every few minutes to the Bitcoin blockchain, similar to how Rootstock is planning to connect to Bitcoin.
In this fashion, the most recent chain is always fully secure and immutable and can be checked against the most recent record anchored to Bitcoin. Over time, DeFiChain will space out the anchors at larger intervals. This anchoring mechanism ensures provably immutable records from day one and defends against attacks, hackers and vulnerabilities that can cause concern in emerging chains.
At the same time, DeFiChain keeps its consensus mechanism and function set, allowing for all those characteristics that Bitcoin does not inherently have. This is achieved by DeFiChain being a dedicated non-Turing-complete blockchain designed specifically for the decentralized finance (DeFi) industry built on top of Bitcoin. DeFiChain provides full functionality for this specific segment of the DLT community, sacrificing other types of functionality for simplicity, rapid throughput and security. DeFiChain utilizes a completely decentralized Proof-of-Stake mechanism allowing for:
Unlike Ethereum or other turing-complete blockchains, DeFiChain is not a general-purpose blockchain, and commands outside the basic set of functions are not allowed. Limiting the allowed commands on purpose provides a dramatically reduced attack surface for smart contracts, eliminating the obvious breaches that are made possible when programmers need to design complex coding for these functions.
How do I buy Decentralized USD (DUSD)?
The DUSD token can be used for a wide range of purposes, like staking and governance.
DUSD tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy DUSD through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Decentralized USD (DUSD)?
The PTPWallet platform supports many cryptocurrencies, with DUSD soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.