Introducing MITHCash — A New Algorithmic Stablecoin
MITHCash is the new algorithmic stable coin forged from Mithril, a valuable silver-like metal that is not only stronger but also lighter than steel, just as the community that we are building.
How Does MITHCash Work
While several different designs of algorithmic stable coins have launched, we believe that the Basis Cash design is the best out there. It’s proven to be resilient while also having the widest distribution of users. MITHCash is a fork of the Basis Cash protocol.
The MITHCash protocol controls money supply similarly to how central banks of the world may guide the value of fiat money through monetary policy. By controlling the quantity of money supply in an economy by buying or selling bonds, a target value can be achieved (In this case $1). Instead of a central bank or a currency board, rules are set and executed programmatically via smart contracts so that the behavior of the system can be predictable.