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ICHI Creates Decentralized Monetary Authority for Filecoin to Support Peer-to-Peer Cloud Storage Transactions to Power Web3

oneFIL Stablecoin Provides Reliable Form of Payment for Decentralized Transactions

ICHI Partnering with ConsenSys to Build Filecoin Ecosystem on Ethereum Mainnet

ICHI, the protocol for creating the world’s first Decentralized Monetary Authorities (DMAs), announces the launch of oneFIL, a stablecoin for the Filecoin community. As ConsenSys brings Filecoin to Ethereum, oneFIL will now serve as a reliable and standardized form of payment for the Filecoin decentralized storage ecosystem.

Filecoin pioneered the idea that storage should be open, accessible, and decentralized. As Filecoin works with ConsenSys and Ren Protocol to expand its peer-to-peer storage marketplace on the Ethereum Mainnet, oneFIL will provide a stablecoin for the transactions required to support Web3 application development. oneFil can now be used to pay hardware, pay for storage, earn yield in DeFi and more.

ICHI’s protocol, which is fully-audited by Quantstamp, provides any crypto community the ability to easily mint secure, verifiable, and standardized stablecoins, or oneTokens. Unlike other stablecoins projects, ICHI’s protocol provides every crypto community with the tools they need to operate all aspects of a sustainable, scalable economy. By creating their own DMA projects can:

  • Create a customized and audited stablecoin contract: The ICHI contract can be configured to the community’s desired specifications. Minting each oneToken requires both USDC and the community’s scarce token.
  • Develop liquidity mining incentives: The community creates initial mining programs to encourage the minting of its oneToken and provide necessary collateral.
  • Elect multisig governance: A community-controlled treasury, created when minting oneTokens, is governed via decentralized voting where every oneToken is one vote. The community decides how to use the treasury to offer better discounts, better interest rates and other stimulus efforts to support and grow their community.

ICHI oneTokens are capital efficient because they can be minted and redeemed for exactly $1 of value. All stablecoins created using ICHI’s protocol are over-collateralized by a blend of fiat-backed stablecoins and a community’s native scarce token. This is in stark contrast to algorithmic stablecoins or partially collateralized stablecoins such as Iron.Finance and Fei. ICHI is also 100% on-chain, so anyone can see the reserves and collateral pools at all times.

“By enabling a truly trustless decentralized storage network, Filecoin is helping create a more resilient, robust and efficient internet,” said Bryan Gross, former Principal Product Manager of IBM Blockchain who now serves as an ICHI Steward. “We are proud to provide all Filecoin users with complete freedom over how they spend, invest, save and and otherwise use their money as they help achieve the full potential of Web3.”
“oneFIL can be used as a stable medium of exchange for the Filecoin community,” said Corbin Page, Head of Product at ConsenSys Codefi. “The Filecoin community is powering web3 with decentralized storage, and Ethereum DeFi serves as the financial system for this emerging industry. oneFIL provides a stable way for providers and consumers to exchange web3 storage services while also opening up a new yield generation for FIL and renFIL holders.”

To learn more and read ICHI’s whitepaper, visit docs.ichi.farm.

On The Flipside

  • The cloud storage market is competitive. Filecoin will have to engage in competition with rival cloud storage providers. This means it  has to outperform competitors in terms of speed, security and reliability.

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