$XBT - ELASTIC BITCOIN - YET ANOTHER REBASE CRYPTOCURRENCY WHICH FOLLOWS BITCOIN PRICE
WE BUILD NEW THING ON AN OLD ONE
XBT (Elastic Bitcoin) like its name, is a cryptocurentcy which adjusts supply proportionally on every holder’s wallet when price changes even when you store it on Metamask or cold wallet. It is a fork from famous AMPL. While AMPL rebases on Tether, XBT is sticked to Bitcoin price.
XBT smart contract allows the increase and decrease of supply to be automatically executed without any need for a transfer between peers, and without the need of a bank.
The monetary protocol automatically adjusts the supply of XBT across all user wallets based on price. This means the number of XBT you own changes based on market conditions. When price is high wallet balances automatically increase. When price is low wallet balances automatically decrease. This supply adjustment operation happens on a specific of time and is called a rebase.
Rebase event is applied universally and proportionally across every wallet’s balance. This means XBT is non-dilutive. Like Bitcoin, if you own 1% of the overall network you will always own 1% unless you actively make a transfer.
THE WAY XBT WORKS - LIKE.NO.OTHER
Varying economic circumstances like recessions, booms, and technological advances, affect how much a currency people want to hold. In the case of fixed supply currencies like gold, silver, and Bitcoin, these changes in demand are expressed entirely by changes in the value of the currency.
This means the volatility of demand translates into the price of anything denominated in that currency—including contracts and notably debt. For this reason, sudden shocks in demand can destabilize ecosystems supported by fixed supply assets. The greater the complexity of an ecosystem built on fixed supply assets, the greater the risk of cascading failure.
To address this shortcoming, we gave XBT the ability to fairly and automatically adjust its supply in response to demand, without any need for a bank. XBT was designed to be the simplest direct solution to the supply inelasticity problem that limits assets like gold and bitcoin.
Today XBT’s unique volatility pattern makes it a valuable new building block for decentralized finance.
You can read more about how an elastic supply coin works from AMPL
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