Introducing Carbon, a Stablecoin Powered by Hedera Hashgraph

Today, we are excited to announce Carbon, a price-stable cryptocurrency for next-generation payments. The Carbon team is comprised of members who previously worked for hashgraph, ConsenSys, Stanford, Uber, and more.

For more information on Carbon and its team, or to receive the latest updates, please visit our website and join our growing Telegram community. If you are interested in participating in Carbon’s private presale, please register your interest and our team will reach out to you soon.

Why Carbon?

Decentralized cryptocurrencies such as Bitcoin allow people to send money anywhere in the world without the need for a trusted third-party intermediary, serving as a borderless medium of exchange.

Due to having a fixed total supply, however, changes in demand for Bitcoin and other cryptocurrencies can result in extreme fluctuations in their market price. Therefore, Bitcoin lacks reliability as a store of value and as a unit of account, precluding even the most basic financial contracts, such as loans, salaries, or any other contract where participants care about value over time.

Carbon aims to bring the power of next-generation distributed ledger technology into the global economy by introducing a cryptocurrency that maintains a stable value against the US Dollar.

How Does It Work?

The Carbon protocol incorporates an elastic supply policy to adjust the quantity supply of the coin in response to its market demand as a means of achieving price-stability around $1. This is similar to how most central banks operate today, yet Carbon maintains full decentralization and transparency.

Market participants who remove their coins from circulation when the protocol prescribes contraction are rewarded with a share of newly minted coins during future supply expansions. For more details on Carbon’s stability mechanism and how it compares to other stablecoin approaches, please refer to our whitepaper.

Why is Carbon Building on Hedera Hashgraph Instead of Blockchain?

Solving volatility is just one piece of the puzzle in creating a globally-adopted medium of exchange. After investigating numerous smart contract platforms, we have decided that the Hashgraph public ledger provides the strongest foundation for the Carbon protocol. It will enable CarbonUSD to achieve unprecedented speed with fractional cost per transaction, all while maintaining bank-grade security.

Hashgraph is a blockchain-alternative that achieves hundreds of thousands of transactions per second in addition to “asynchronous Byzantine Fault Tolerance”, the strongest form of security attainable for a distributed ledger.

Foundation for the Future Economy

Our hope is that Carbon will expand the horizons of how we use money, enabling applications such as frictionless cross-border remittances, event-triggered payments, global lending markets, and as a low-volatility cryptoasset for developing economies. Ultimately, Carbon’s integration into smart contracts will allow for a much higher degree of contextualization surrounding value transfer. The most powerful use-cases are likely the ones we have not yet imagined, and that’s a future to be excited about.

If you are interested in partnering with Carbon or want to learn more about how the stablecoin can be integrated into your business, don’t hesitate to reach out to partner@carbon.money.

The Team

Before Carbon, Connor Lin worked at ConsenSys while helping source blockchain investments for Turing Capital. Previously, he was on the Founding Team of Riley, a Y-Combinator startup that automates sales lead qualification. Connor studied Humanities and Psychology at Columbia University.

Gavin Mai studied Symbolic Systems at Stanford University. He worked on Uber’s marketplace team, where he forecasted unknown events and their impact on Uber’s global ride sharing economy. Previously, Gavin worked at worked at Salesforce-IQ, Datmo, and Stanford’s Visual Genome Lab.

After evangelizing Ethereum since its release in 2015, Miles Albert worked with the early team of hashgraph, a next-generation distributed ledger technology that overcomes many of blockchain’s limitations. Miles studied at the University of Southern California.

Sam Trautwein studied Computer Science and AI at Stanford University. He was a part of the founding CS team at Plenty, an AI hydroponics company backed by Softbank. Sam has focused on the intersection of system design and tech, concentrating mainly on distributed systems and encryption.

Backers

We have raised a seed round of funding from General Catalyst, Digital Currency Group, FirstMark Capital, Plug and Play Ventures, and The Fund.