Kowala kUSD Stablecoin to Power CanYa’s P2P Service Platform
Jan 1, 2018
Kowala is dedicated to removing the obstacles to mass adoption of cryptocurrency. The company plans to launch kUSD, an autonomous, decentralized, stable cryptocurrency pegged to the US Dollar. kUSD is a protocol coin on its own modified fork of Ethereum featuring the Tendermint consensus protocol.
Cayman Islands, Cayman Islands - January 1, 2018 /PressCable/ —
Australian blockchain innovator CanYa announced today that it has entered into a pioneering partnership with Kowala, creator of the first autonomously stable cryptocurrency, kUSD.
CanYa plans to transition its growing p2p marketplace of services into a fully decentralized, blockchain-based ecosystem over the coming months. While customers on CanYa’s platform will be able to pay for services with a range of cryptocurrencies like Ether and Bitcoin; the platform’s service providers require a stable cryptocurrency to facilitate invoicing and payments.
Bitcoin’s highly publicized volatility shows no signs of abating. The cryptocurrency’s wild price swings, while providing endless fodder for news outlets, also serve as an impediment to the adoption of cryptocurrency as a means of payment. kUSD, Kowala’s autonomously stabilizing cryptocurrency pegged to the US Dollar, solves this problem for digital marketplaces like CanYa because kUSD allows merchants and consumers to maintain an equitable and balanced rate of exchange for goods and services.
CanYa not only plans to adopt kUSD as a payment mechanism; it also wants to launch its business on the kUSD blockchain.
“The Kowala Protocol was developed as a fork of the Ethereum codebase,” explains Kowala CEO, Eiland Glover, “so any Ethereum-based project can run on the kUSD blockchain from day one.”
The attraction of the kUSD blockchain, Glover continued, extends beyond the desirability of its stable cryptocurrency: “We’ve combined the Ethereum codebase with a new consensus protocol that helps us achieve enterprise-grade transaction volumes and speeds rivaling the Visa network.”
This comes as welcome news to many Ethereum watchers. In recent weeks, the Ethereum blockchain has been slowed by the popularity of a single digital cat collecting game: CryptoKitties. While its developers remain confident in their ability to eventually address these bottlenecks, blockchain businesses need more robust networks today. Kowala’s consensus approach addresses these needs for businesses such as CanYa.
About Kowala
Kowala is dedicated to removing the obstacles to mass adoption of cryptocurrency. The company plans to launch kUSD, an autonomous, decentralized, stable cryptocurrency pegged to the US Dollar in Q1 of 2018. kUSD is a protocol coin on its own modified fork of Ethereum featuring the Tendermint consensus protocol for faster block times and enterprise-grade transaction volumes. Kowala will also launch an intuitive, consumer-friendly wallet app that facilitates P2P fiat-to-crypto exchange, lowering the barriers to entry for new cryptocurrency users.
About CanYa
CanYa is the world’s first blockchain-powered marketplace of peer-to-peer services that helps people find, book and pay for local and digital services. The CanYaCoin powers the ecosystem and will help accelerate the mainstream adoption of cryptocurrency by providing a meaningful reason to spend cryptocurrencies on services.
Contact Info:
Name: Dominique Nguyen
Email: [email protected]
Organization: Kowala
Address: P.O. Box 10315 George Town, Cayman Islands 1-1003, Cayman Islands
For more information, please visit http://www.Kowala.tech
Source: PressCable
Release ID: 282596
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