Public distrust with centralised financial institutions has grown as currencies around the world continue to debase over time. Blockchain technology enables complete transparency rather than centralised control, allowing for an unbiased, highly-efficient, permissionless global financial system that better serves the public good.
While Bitcoin, Ethereum, Polygon(MATIC), and others succeed as a cryptocurrency on varying levels, their price volatilities do not lend themselves to be an optimal medium of exchange.
Contrarily, IRON brings value because it is designed to minimize price volatility.
IRON aims to be money with a stable, consistent, and predictable value that provides exposure to all crypto backing it. It is decentralized, unbiased, collateral-backed, and soft-pegged to the US Dollar.
The mission of the IRON Stablecoin is to perform the functions of money:
A store of value
A medium of exchange
A unit of account
A standard of deferred payment
A store of value is an asset, commodity, or currency that maintains its value without depreciating. Because IRON is a stablecoin, it is designed to function as a store of value, even in volatile markets.
A medium of exchange is an intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties. IRON aims to be the medium of exchange in the decentralized, non-custodial ecosystem of DeFi products, protocols, and use cases that make up Iron Finance.
A unit of account is measurement for value, used to assign value to goods and services. IRON currently has a target price of 1 USD. While IRON is not used as a standard measure of value off-chain, IRON functions as a unit of account within the Iron Finance protocol and some blockchain dapps.
IRON is required to settle debts given in IRON in order to receive back one’s supplied collateral in IronLend.