Dollar-Backed Digital Coin to Compete with Bitcoin

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Dollar-Backed Digital Coin to Compete with Bitcoin

ForexMinute.com – Despite being one of the most advanced and profitable trading instrument, Bitcoin is often categorized as unreliable and risky because of being extremely volatile. The major fluctuations in the cryptocurrency market are indeed one of the major issues faced by the investors today.

And to fix it, a Santa Monica-based company has reportedly created a new dollar-backed digital currency which would surely attract the investors who want to trade safely and soundly, while remaining inside the cryptocurrency sector.

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Dubbed as Realcoin, this new currency will be redeemed only for the US Dollar; thus ensuring its stability. Unlike Bitcoin which has been seeing a massive and manipulative drop since its inception, Realcoin will offer its customers a sense of peace while trading into the cryptocurrency markets. The coin is surely targeting the weakest point its competitors have.

Realcoin was founded by a team of experts, including celebrated Bitcoin investor Brock Pierce, software engineer Craig Sellars and ad industry businessman Reeve Collins. It is one of the ventures launched under the cloak of Bitcoin 2.0 – a protocol developed by Mastercoin team which doesn’t require the involvement of third-party services for executing contracts.

While one could say that Realcoin is using the Bitcoin’s very own machinery against it, the coin’s CEO Mr. Collins doesn’t think so. The main differentiates between what people known as Bitcoin, and what no one knows as Bitcoin technology. “Unfortunately, there has been confusion for people between the currency called bitcoin and the technology called bitcoin, when they are distinctly different things,” he says. “In effect, we are digitizing the dollar and giving that digital dollar access to the bitcoin blockchain.”

Apart from being backed by world’s leading fiat currency, what Realcoin trying to achieve is a way which can execute certain features of the Bitcoin technology, such as its blockchain methods which is used to distribute Bitcoin as periodic rewards to miners. In case of Realcoin, the blockchain is likely to be used for exchanging digitized properties, such as contracts, commercial deals, etc.

You can read more about the coin here.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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