OKEx will transact stablecoins through ASA

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3 years ago
Topics: OKEx, Exchange, Algorand, ASA, Algo

Algorand is fast, secure and public blockchain. Algorand Inc. developed the first open source, public and pure proof-of-stake blockchain protocol (Pure PoS), aimed at the new generation of financial products. This blockchain, the Algorand protocol, was designed by Turing Prize winner Silvio Micali.

The company is dedicated to eliminating the friction of financial transactions, driving the evolution of DeFi, allowing the creation and exchange of values, building new financial tools and services, bringing on-chain assets and providing responsible privacy models.

The Stablecoins USDC/USDT will be transacted on OKEx through the ASA

For those who do not yet know more about the Algorand Protocol technology, it is necessary to understand that Algorand has the ASA (Algorand Standard Asset), translating into Portuguese, it would be the Algorand Standard Asset, which is the way in which any asset can be represented and traded by Algorand's infrastructure, as already happens with USDT (Tether) and USD Coin (Circle). In addition, it is also possible to provide traditional microactions from Tesla, Amazon, Netflix, Twitter, Google, Apple, Microsoft, all through the broker Mese.io, and store them in the Algorand wallet (Algorand Wallet). This way OKEx will benefit from this technology.

What are ASAs (Algorand Standard Assets)?

Algorand Standard Assets (ASA - Algorand Standard Asset) provide a standardized mechanism, in Layer 1 (1st layer), to represent all types of assets on Algorand's blockchain, including fungible and non-fungible, restricted fungible and non-restricted fungible assets.

In today's economy, there are still many challenges regarding digitizing assets. Some of them are:

  • Access to global digital markets

  • 24x7 Transferability

  • Instant discharge

  • Ease and implementability of asset controls

  • Management efficiency, such as compliance and accountability

ASAs provide optional and flexible asset controls for issuers and business managers, compliance and regulation. In addition, unlike other networks, the Algorand infrastructure offers more protection to the user, for example it protects against asset spam to prevent unknown assets that may have reputation, tariff or legal problems from being sent to users without their explicit approval (the users need to approve the entry of new assets into the portfolio).

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Avatar for portalgeographia
3 years ago
Topics: OKEx, Exchange, Algorand, ASA, Algo