The CTO and founder of the Digibyte blockchain network tweeted, “So its time we make the DigiDollar. A USD stablecoin launched on the DigiByte Blockchain.” Jared is a controversial personality in the crypto community as he has brutally criticized centralized crypto exchanges several times.
Digidollar will be different from other stablecoins.
Jared Tate mentioned that stablecoins are controlled by a centralized group that promises to back these coins with money on a bank account. And people have to trust these centralized groups. He also mentioned that these centralized groups act as central banks that keep on printing digital tokens. Jared proposed that with Digidollar, individuals would be able to back their own stablecoins in real-time with their own bank accounts. He aims to eliminate the central party.
So its time we make the DigiDollar. A USD stablecoin lauched on the #DigiByte Blockchain. All these other stable coins are launched on very insecure centralized networks. Total junk.
— Jared Tate (@jaredctate) December 26, 2019
Criticism of the proposed decentralized stablecoin
In a series of tweets, Jared Tate also acknowledged the criticism of the proposed decentralized stablecoin. He said that by building a decentralized stablecoin like Digidollar, we are not trying to get away from fiat, but he added that this is an intermediate step to bring more people in, and something like this is needed for truly efficient DEX systems. He also acknowledged the threat of banks cutting their API access for individuals to back this currency.