Here’s What You Need To Know about the New Algorithmic Central Bank

Economist Stephen Moore was supposed to be a candidate that would join the board of the Federal Reserve, unfortunately for Moore, he didn’t succeed. But that’s not going to hold Moore down, he’s still aiming on being part of a central bank of his own design.

Moore is reportedly fighting the power in a decentralized way. According to Fox, Moore will work with a group of entrepreneurs to form his own decentralized reserve or his own “world’s decentralized bank”.

Apparently, the group has ambitions of stabilizing the world’s leading decentralized digital asset, bitcoin.
The venture is said to be called Decentral.

What Will Decentral Do?
The ironically named Decentral seeks to act as a centralized intermediary in a world that embraces decentralization. It seeks to act as a de-facto Federal Reserve that would influence the supply of digital assets. It will, of course, have its own token and it will be pegged to a fiat currency such as the dollar.

The centralized Decentral is expected to be algorithmic.

Who is Involved?
Sam Kazemian, the cofounder of Everipedia, is expected to be the CEO of Decentral.
Stephen Moore will be a chief economist.

Is there a need for Decentral?
The concept does not make sense in the decentralized world. The whole point of bitcoin is to be decentralized cryptocurrency based on supply and demand, consensus, and untethered by states and central banks.

We already have an influx of stablecoins, from more cryptocurrency-oriented initiatives such as DAI to others such as USDC, Tether, Paxos and the potential Binance stablecoin in addition to other planned stablecoin launches.

The world was just introduced to one of the largest stablecoin projects of all time.

Libra, the initiative by the social media giant, Facebook is set to launch in 2020. With partners such as Uber, American Express, Visa, Paypal and more, the currency is expected to be one of the largest stablecoin projects in the world today. The corporation is said to have already met with central banks in the U.S. and around the world.

The blockchain but not really blockchain project is one that should be interesting to watch as the company has the right partners and the userbase as well.

But coming back to the main question.

Do we need yet another stablecoin project?

No, we certainly don’t need another stablecoin project, we need further projects that will grow current initiatives such as bitcoin and Ethereum.