Element Zero Launches Public TestNet Showcasing New Protocol, Effectively Eliminating Volatility
Element Zero Network, a not-for-profit next generation payment network that addresses the weaknesses of existing stablecoin methodologies, announced today that the Testnet phase for the new Stability Protocol methodology has been completed. Public audiences will be able to interact with the world’s first algorithmic stablecoin prior to fundraising.
As indicated in a release first introducing the new methodology late last year, the Element Zero Protocol methodology for a new generation of stablecoins eliminates the possibility for any volatility, while aiming to challenge Bitcoin and current stablecoins as a common way of payment. The true value in the Element Zero stablecoin comes from the fact that it is not currency or commodity-backed.
The Element Zero Testnet is the first opportunity for users to use and validate the Element Zero stablecoin methodology by demonstrating how the new and proprietary two-way smart contract that maintains the coin’s stability. The unique design protects the stablecoin from any future volatility events while simultaneously retaining purchasing power against inflation. Using the TestNet, users will be able to simulate the purchase and sell of an Element Zero stablecoin (EZO) while interacting with the smart contract, thereby receiving a "behind the curtain" look at the precision and stability that maintains the value.
"From the beginning, we have felt an essential component of a stablecoin should be to offer protection from factors that induce volatility,” said Jude Regev, Founder and Chairman of Element Zero. “This Testnet phase has established Element Zero as a viable solution. Users can now see for themselves how our stablecoin, built to stand the test of time, will offer protection from numerous volatility-generating factors. We see this as revolutionary and are excited for the market to share in that sentiment through this Testnet.”
Presently, the cryptocurrency market relies on stablecoins trying to achieve stability by backing the coin with a currency, assets or commodities, intending that the market will trade the coin with the same value it has been pegged to. In addition, there are other stablecoins that are governed by creative internal protocols that try to stabilize the coin every time there is a variance in the market.
With the advent of many stablecoins on the market, we are seeing continued focus on their ability to maintain stability irrespective of market conditions. A principal concern for these stablecoins is that in the future, governments such as the U.S. will launch their own digital coin. Element Zero, as a model, is not subject to the same challenges that have thus far been prevalent in the market and can provide that much-needed consistency
Regev added, “We feel it is imperative for this Testnet to be accessible to a large audience at this early stage in order for people to validate the technology before we officially enter the marketplace. This new methodology is a departure from the standard models and people will have the chance to experience for themselves that this methodology undeniably works.”
For more information on Element Zero and to access the Testnet, please visit: https://www.elementzero.network/stablecoin/
About Element Zero Network
Element Zero is a not-for-profit organization based in Silicon Valley, CA. Our new Stability Protocol stablecoin is designed with the expectation of making the world better for all by offering protection against long-term inflation and by eliminating the possibility for any volatility in the first place. Visit https://www.elementzero.network/