NEW YORK, NY / ACCESSWIRE / May 4, 2019 / Ontology has announced its plans to launch Paxos Standard (PAX) , a regulated USD stablecoin,on the Ontology blockchain. With this news, Ontology will work to explore application scenarios on Defi (Decentralized Finance, another Ontology partner project) beyond exchanges and are expected to launch the PAX token on Ontology in May. According to technology company IBM, By now, even most banks have concluded that blockchains could greatly reduce the time, cost and risk of many transactions. Blockchain technology will play a more important role in the future financial industry.
Ontology’s core team members are experts in blockchain technology, some of them are from Alibaba group (BABA) and Tencent (TCEHY). They are top programmers in the industry.
Based on Ontology’s OEP-4 token standard, the token (PAXO) will continue to use PAX as its ticker. PAX will enable atomic swaps between the Ontology-based main blockchain and blockchain network and make it easier for individuals and institutional partners to do business pegged to fiat in the Ontology ecosystem.
PAX was launched on September 10, 2018, with the approval of the New York State Department of Financial Services (NYDFS), thanks to its high It is the first regulated USD stablecoin that ensures open auditing, asset safety, and is supported by a large number of exchanges, making it a stable “digital dollar” in every sense of the term, unlike Tether, which cannot guarantee its token is always worth $1. All the deposits in USD are kept in independent accounts of FDIC insured banks registered in the US to ensure the safety of PAX tokens. Monthly audits of PAX are done by top US audit firms to ensure the amount of USD in the accounts is consistent with the PAX in circulation.
Since the release of the Ontology MainNet in June 2018, much progress has been made in scaling up and realizing business applications. Ontology also boasts rapid product iteration, community growth, and offers…