Sydney company Chrono.tech’s flagship exchange now offers its traders the experimental new ‘adaptive base-money’ asset.
Sydney, 17 October 2020 –– Australian cryptocurrency exchange TimeX has listed Ampleforth (AMPL), a new form of digital asset that features a novel approach to mitigating the volatility for which crypto is notorious.
Developed by Sydney blockchain firm Chrono.tech, TimeX is one of the fastest-growing crypto exchanges to be based in Australia. Unlike conventional, first-generation exchanges, the hybrid platform uses both centralised and decentralised technologies to deliver a unique combination of benefits to its users, offering the security of blockchain settlement with the user experience of the best traditional trading platforms, along with privacy and high-speed order matching thanks to the use of Ethereum Plasma.
A new class of digital asset
TimeX is the first Australian exchange to list Ampleforth (AMPL), a project that has generated considerable buzz in the cryptocurrency space. Unlike bitcoin and other cryptocurrencies, which can be extremely volatile, AMPL aims to dampen volatility while remaining fully decentralised.
The low-volatility crypto asset space is dominated by stablecoins. Most of these – including the popular USDT and USDC – are backed by fiat reserves, held by a centralised entity. Others, like MakerDAO’s Dai, are decentralised but collateralised by digital assets. Ampleforth, which aims to reduce price fluctuations but does not aim to track the dollar precisely, takes neither of these approaches. Instead, its supply is adjusted by a smart contract in response to changing price in the market, thereby maintaining a balance with demand at any given time.
‘Ampleforth is an intriguing and innovative new kind of asset that pushes the boundaries of what is possible in the blockchain and DeFi space,’ said Sergei Sergienko, founder and CEO of Chrono.tech. ‘With a radical new concept and technology, such a forward-thinking and potentially revolutionary project is the perfect match for TimeX, which itself has a strong track record of applying the latest blockchain developments to deliver benefits to the crypto world.’
AMPL can be traded on TimeX against USDT stablecoin.
Chrono.tech is one of the foremost Australian blockchain initiatives. Founded in 2016, the company was launched to transform the HR and recruitment sector using blockchain-based technologies. Chrono.tech has developed a suite of initiatives in the crypto and HR space, including its decentralised freelance marketplace, LaborX; the TimeX exchange; cryptocurrency payroll service PaymentX; and the stablecoin AUDT.
Ampleforth was launched in 2019 by a team of software engineers, academics and crypto investors and enthusiasts. AMPL is an adaptive base-money cryptocurrency project that seeks to mitigate volatility by automatically adjusting supply in response to demand. As the price of the token on the open market moves up and down, according to oracles that post exchange data to the blockchain, the number of tokens held in each wallet is diluted or decreased, while the proportion of all tokens owned by each holder remains the same.
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