Can Basis Provide the Price Stability with a Viable Peg and an Algorithmic Central Bank Needed to Succeed?

Friends, lack of price stability, a legitimate peg and an algorithmic central bank with fixed currency supply have been major shortcoming of first gen cryptocurrency leaders Bitcoin, Ethereum and Litecoin. Enter Basis … a second generation cryptocurrency purpose-built to overcome these limitations and offer greater accountability to the economies of developing nations. Basis addresses currency expansion and contraction via a three-token system including Base Shares, Basecoin and Base Bonds. Initially Basis will be pegged to the US dollar using simple supply and demand to manage the price of its currency. When too many people want Basis, the protocol increases the supply of the currency. It does the opposite when demand is weak. Basis is backed by an impressive list of investors and advisors such as Lightspeed Venture Partners, former Federal Reserve governor Kevin Warsh, hedge fund manager Stan Druckenmiller, Bain Capital Ventures and respected VC Andreessen Horowitz. Only time will tell if Basis will succeed. Our key takeaway is that Basis does represent a highly credible move beyond the “wild west” of first gen cryptocurrencies and deserves a serious look as a viable payment method. Let us know your comments! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)