BitPie Cross-chain Stable Coins — more details
Original Article from BetDice
In anticipation of the release of Bitpie’s cross-chain stable coins, and our addition of them to our games, we wanted to provide more details about who they are, and about the coins.
As a correction to our previous announcement, we have been informed that the name of the coins are “EBTC”, “EETH”, and “EUSD” (which are pegged to BTC, ETH, and USDT, respectively).
Once added to the BetDice platform on 12-Dec, you will receive payouts in EBTC, EETH, and EUSD, in the same manner as all other tokens.
We will also be running a promotion when these coins are listed!
You will be awarded with DICE when betting with EBTC, EETH, and EUSD, at a similar rate to when playing with EOS. This will not effect the mining schedule, as these DICE will be awarded from cost, not from the mining pool. More details will be announced when the promotion begins.
The creation of these cross-chain stable coins is a very important first step in on-boarding users from other blockchains. There’s an exciting journey ahead!
• Integration of Bitpie gateway API so tokens can be swapped on BetDice site
• Giving an option to allow users to play without creating an EOS account
Bitpie is a strong technology-driven team with zero security incidents in the last 5 years. Bitpie is popular among Bitcoins holders, especially those holding large amounts of Bitcoin. The team developed a bitcoin wallet, Bither wallet, which is the only wallet recommended by bitcoin.org in the Chinese world, and many institutes and teams are managing their bulk-amount assets using it in Asia.
Bitpie is structured using HD wallet (Hierarchical Deterministic, protocol BIP32/44) technology. Bitpie platform cannot touch users’ digital assets. The “withdrawal pause” or “making off with money” will never happen to us. To date, we have been storing over 15 billion USD worth of cryptocurrencies.
• Expie Exchange
We have a built-in exchange with safe cold-stored coins reserves and high liquidity.
• Instant Trade
Fast, secure and easy way to enter the market by those who are new to cryptocurrency.
• Pie Bank Financial plans
Pie Bank is a centralized account provided by Bitpie for financial services and exchange platform — Expie. Users must deposit their assets into Pie Bank for subscribing financial products (daily, monthly and yearly) which will benefits with promising interests.
• Dapps Page
Collection of most popular Dapps on EOS,
We are dedicated to being the largest and best EOS ecological wallet, meanwhile, supporting multiple blockchain assets and Dapps. We will integrate a number of services for new users in the blockchain world.
About the coins:
EOS stable coins are the mapping of major blackchain assets on the EOS.IO network. Users who hold major blockchain assets are able to swap their assets from the original bockchain network to the EOS.IO network through our gateway service, so as to utilize them in DAPPs or decentralized exchanges. EOS stable coins enrich the diversity of the EOS ecosystem and offer a convenient way for users from other blockchain networks to experience the EOS world.
The volume of stable coins in circulation is always equal to the volume of the original assets. The gateway provides a 24/7 two-way swap service; users can swap their stable coins back to the original blockchain at will. Therefore, the stable coins achieve a stable 1:1 pegging relationship with the original network assets.
The gateway is built on the Chaincloud as the underlying asset management platform. Chaincloud is a well-known blockchain asset management platform developed by the Bither team in 2016. Since its establishment, Chaincloud has been stably serving dozens of institutions and helping them in managing hundreds of millions of blockchain assets every day.
The contracts and volume in circulation of EOS stable coins are transparent on EOS.IO. The user-deposited assets will go to a hot wallet at first, then will be collected into a cold wallet. The cold wallet addresses are public addresses which can be viewed by everyone. The total balances of the hot and cold wallet are posted on the website in real time and always are equal to the amount on circulation on the EOS blockchain.
To cover the operating costs of the gateway, while avoiding malicious in-and-out transfer, a certain amount of handling fee will be charged when using the gateway swap service. This fee will be charged only while redeeming the cross-chain assets back to the original assets. The standard fee is 0.05% of the swapped assets. Meanwhile, the miner/gas fees occured upon transactions on some blockchain networks will be deducted from the user’s total received amount as the case may be.
(To encourage people to experience the EOS stable coins, before March 31, 2019, users who swap their assets to stable coins on EOS through the cross-chain gateway will be exempted from being charged fees when they redeem those assets back to the original network at any time).
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