Money On Chain launched a stablecoin backed with bitcoin in the RSK testnet

Max Carjuzaa: “We are surprised by the high demand for leveraged operations, which at least in the testnet, exceeded our expectations”

Money On Chain’s CEO was interviewed by Criptonoticias, one of the more prestigious crypto-sites of Latin America. Check out the article!

The startup Money On Chain, which created a smarts contracts platform in RSK, launched its project on the testnet on September 17, where those who are interested can test, first hand, the properties that the protocol brings with its stablecoin with collateral in Bitcoin, Dollar On Chain (DOC), or its BitPro token; as well as perform decentralized exchange transactions for leveraged BTC trading.

After more than fifteen days of the launch on testnet, Max Carjuzaa, CEO of Money On Chain, declared to CriptoNoticias that the volume of operations has exceeded his expectations.

“We have had people who buy Dollar on Chain, the stablecoin that uses Bitcoin collateral in the protocol, people who buy BitPro and people who transact bitcoin leveraged operations. We are pleasantly surprised by the high demand for leveraged operations which, at least in the testnet, exceeded our expectations”, said Max.

Carjuzaa adds that all activities carried out in the test network will provide valuable data for the launch on the public network, which is planned before 2020 arrives.

The startup says that next year will be promising, taking into account that they are in conversations with several DeFi projects, which are willing to provide solutions using the Money On Chain protocol. In the future many users will adopt the platform, without knowing that they are actually doing so, through third-party DeFi services that interact with the protocol.

The concept managed by the team, in relation to the Bitcoin blockchain, may be setting foot in a territory that is already traveled by projects such as MakerDAO and its stablecoin Dai. However, the CEO of Money On Chain highlights the differences in his project.

Maker DAO sets a high standard for the rest of the stablecoins projects that may arise. There are differences and similarities between both projects. Examples of differences are the options offered by each protocol. In the Money On Chain protocol, the user who needs to issue a stablecoin only pays a small fee for one time. Additionally, the protocol generates incentives and has specific solutions for each actor such as crypto holder, stablecoin holder and traders. There are also similarities between Money On Chain and MakerDao, such as decentralization and the ability to enable the creation of DeFi projects on decentralized stablecoins protocols using collateral crypto.

Carjuzaa also explains that once the platform is launched to issue the Dollar on Chain, BitPro or BTC2X crypto assets, it will not be necessary to have a node since it will be possible to interact directly with the smart contract.

The CEO of Money On Chain adds that the stablecoins of the protocol can also be exchanged for other cryptocurrencies in the Money On Chain decentralized exchange, or they can be exchanged on other exchanges, without the need to interact with the smart contract.

Original article here.