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What is Acala (aUSD), and how does it work? | KuCoin Review

KuCoin is a cryptocurrency exchange that accepts various digital assets and cryptocurrencies.

KuCoin was founded in September 2017 and has since grown to become one of the most popular cryptocurrency exchanges, with over 20 million registered users in 207 countries and territories across the world.

KuCoin, often known as the “People’s Exchange,” is a global crypto exchange based in Seychelles that offers users 24/7 multi-language customer assistance.

Meanwhile, KuCoin has built 23 local communities throughout Europe, Southeast Asia, and other countries, allowing users to access highly customized services.

What is acala?

The cryptocurrency business has matured into a vital element of the financial space since its inception over a decade ago. The emerging industry promises an open-source future with decentralization, evenly distributed power, increased transparency, and decreased trust. However, the sector is currently hampered by several difficulties that prevent it from delivering on its potential.

Extreme volatility, which generates enormous price swings in digital asset values, is one of the significant pain issues in the crypto business. This flaw makes using the cryptocurrency market as a medium of trade practically impossible. To address this problem, developers built stablecoins, which are 1:1 tied to a fiat currency.

What is the Acala (aUSD) System?

The Acala cross-chain stablecoin network aims to create a stable currency that allows for low-cost borderless value transfers between all blockchains in a network. The protocol allows Polkadot or any other connected blockchain assets to be used as collateral to enhance the collateral supply.

Acala attempts to provide the highest level of security by utilizing Polkadot’s shared security framework. The protocol intends to achieve censorship resistance through its consortium setup and token release strategy. Acala also hopes to set up a bespoke charge schedule using its unique blockchain network while keeping high security.
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What Sets Acala (aUSD) Apart?

The Acala Dollar Stablecoin is a multi-collateral-backed cryptocurrency developed by Acala (aUSD). This digital money is 1:1 tied to the US dollar.

aUSD is decentralized, unlike other stablecoins. The aUSD stablecoin comprises blockchain assets linked to the Polkadot network. Anyone with Acala-supported cryptocurrencies can use them to construct aUSD by using the Horizon protocol to create a Collateralized Debt Position (CDP).
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Who Invented the Acala (aUSD) Currency?

Four people founded Acala: Betty Chen, 0xThreeBody, Ruitao Su, and Bryan Chen. Betty co-founded Laminarly and served as its COO before joining Acala. She is also a co-founder of the Flowing company. The guitar was also a co-founder and CEO of Laminar. Guitar also established Less Code Limited.

Bryan is a Polkadot ambassador and was previously the CTO of Laminar. Dan Reecer, Acala’s Chief Growth Officer, is also on the team. He previously worked in the Web 3 industry, where he helped launch @Polkadot and @Kusama Network.

Conclusion:

Acala touts itself as a breakthrough protocol that helps unlock the actual potential of the crypto industry by working as a decentralized stablecoin system. The Acala network helps to reduce the volatility of the crypto sector through aUSD, enabling more adoption and use in DeFi.

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