Central Bank Digital Currencies shall DeFi Compound’s New Blockchain Readies
Recently the compound labs have released a white paper that states the details of the plan for creating the compound chain. It basically is a blockchain that is application-specific. It can give you the services of the money market all across different networks. Robert Leshner who is Compound founder has released a statement that they are now looking forward to making an announcement for the blockchain design which can actually scale the compound for the next century.
What is the compound chain?
Basically, it is a re-imagination of the compound protocol which works as a standalone distributed ledger. It has the ability to solve the limitations while working protective for better adoption and even the digital assets growth on the different new blockchain. This includes the central bank digital currency ledgers and Eth2. The compound chain joins the blockchain chorus efforts, however; it is quite unique in nature. There are so many similar attempts that have been made. Although it is quite new it still shall be governed by the similar system of Ethereum-based t that runs Compound v1.
What is CASH?
CASH token is the compounds chain native that can be used for paying off the transactions that are made on the Network. When Compound Chain shall be governed COMP, it is the token that was introduced as a new cryptocurrency called CASH. Cash has been designed in such a way that debt against the collateral which is locked shall be held on the compound chain.
There is also a new white paper which becomes a draft that was shared using the CoinDesk well in advance. It has even been authored by the Leshner and even the staff of the Compound labs. They have stated certainly limited to the current version of the Ethereum compound. This includes the inability for serving the assets, gas price, and also the fact those assets which were supported aggregate the risk of every supported asset.
CBW - External Analyst