BRICS Countries Launch Gold-Backed Digital Currency "Unit"
BlockBeats News, December 8th, according to Intellinews citing the Institute of the Russian Academy of Sciences (IRIAS), the BRICS group has launched a working prototype of a gold-backed trade currency called "Unit." This is a digital trading instrument backed by a reserve basket containing 40% physical gold and 60% BRICS national currencies, with equal weights of the Brazilian Real, Chinese Yuan, Indian Rupee, Russian Ruble, and South African Rand. The pilot project was initiated by IRIAS, which issued 100 Units on October 31st, with each Unit initially pegged to 1 gram of gold. Although this initiative has not yet become official policy, its existence is a direct step towards de-dollarization. The value of "Unit" is designed to fluctuate daily based on the trend of the component currencies against gold. As of December 4th, market fluctuations have adjusted the value of the reserve basket to equivalent to 98.23 grams of gold, effectively bringing the value of each unit to 0.9823 grams of gold.
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Altcoins, short for "alternative coins," are essentially all cryptocurrencies other than Bitcoin (BTC). While Bitcoin was the first and remains the largest cryptocurrency, altcoins have emerged to offer different features, address specific problems, or introduce new functionalities that the original Bitcoin protocol doesn't support.
š° Types and Purpose The creation of altcoins began shortly after Bitcoin's success, often by forking (copying and modifying the code) of the Bitcoin blockchain. However, many modern altcoins now run on entirely new blockchains or networks.
Utility Tokens: These grant users access to a product or service within a specific ecosystem
Memecoins: These are often created as a joke or based on internet memes and are highly speculative
DeFi (Decentralized Finance) Tokens: These power decentralized applications for lending, borrowing, and trading
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Merging Bitcoin's security with Ethereum's smart contract power via the hemi creates the ultimate 'supernetwork' for scalable DeFi. I'm #bullish on how $HEMI is unlocking true Bitcoin-native programmability and seamless interoperability.
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