First decentralized ruble stablecoin launches

MonolithosDAO, a single hybrid platform with built-in DeFi services and a decentralized stablecoin, is hostingprivate round of financing. Unlike other stablecoins, the MCR crypto ruble is managed by all participants of the platform with the right to vote through a decentralized autonomous organization.

MonolithosDAO platform is an ecosystem of digitalservices, which is designed in accordance with the fundamental rule of the cryptocurrency world, decentralization. MonolithosDAO is based on the MakerDAO protocol and runs on the Ethereum blockchain. This is a full-fledged DAO project - coordinated, scalable, open source. DAO is managed through two mechanisms - self-executing smart contracts and voting.

MonolithosDAO network unit of account — Thiscryptoruble MCR, the rate of which is softly pegged to the ruble in a 1:1 ratio. It is possible to keep the MCR rate close to the target through voting and interest rate adjustment scenarios.

“2020 has once again shown the validityinvestors' concerns regarding too active intervention of regulators and central banks in the economy. We see how they are trying to put out fires in major economies using the printing press. The past crisis gave birth to Bitcoin, the current one will become the basis for the birth of more independent and sustainable services and assets, — says Dmitry Kryshtal, head of business development in the MonolithosDAO development team. “Decentralization can make financial services more resilient in the face of modern challenges, and the integration of a stablecoin that is not controlled by any centralized company and does not suffer from high volatility expands the range of potential users of the MonolithosDAO platform.”

MCR stablecoins are generated onsoftware that the user places on the Land platform. Land is a DeFi platform that exists in the MonolithosDAO ecosystem, designed to trade, lend, deposit and generate MCRs. Land is a decentralized platform accessible through a wallet supported by Ethereum. Access to assets remains entirely in the hands of the users themselves.

Land may become a collateral assetany Ethereum-based ERC-20 standard digital coin, the adoption of which as a guarantee on the MonolithosDAO platform was voted by members of a decentralized organization with voting rights. This right is granted to holders of MDT tokens.

June 20, the first, closed stageTokensale, which will last until August 10. During the private round, 300,000 MDT will be sold for as low as $ 0.4. In the second phase, which will begin on August 3, 500,000 MDT will be put up by a liquid pair at Uniswap. Later, MCR cryptocurrency will be included in the list of supported tokens on the peer-to-peer cryptocurrency exchange Bitzlato, one of the largest P2P platforms for trading in the CIS market. In total, it is planned to sell 800,000 MDT, which is 80% of the total issue of stablecoins.

You can learn more about MDT on Twitter and atTelegram channel. The documentation, white paper, and Monolithos codebase are publicly available on Github. Details of the project can also be found on the website.

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