Introduction to J9BC
J9BC is an abbreviation of the word “Jailbreak”. It is a cryptocurrency based on the BSC (Binance Smart Chain) designed to facilitate transactions in the South American markets.
The main objective of this altcoin is to make digital payments available to the unbanked and underbanked population of South America.
The project has a strong focus on the unbanked and underbanked population of South America. It has been created with the objective of making digital payments available to them.
The J9BC project is spearheaded by a team of individuals who are passionate about making a positive social impact on the people they serve.
This article will provide you with an overview of J9BC and what it is all about.
What is J9BC?
The J9BC Network is a blockchain-based financial payment network that utilizes a basket of fiat-pegged stablecoins, algorithmically stabilized by its reserve currency J9BC, to facilitate programmable payments and open financial infrastructure development.
The Network provides payment functions for individuals and businesses including peer-to-peer payments, remittance, merchant payments, and other forms of cross-border value transfers.
In addition to these basic functions, the Network also provides derivative products such as decentralized asset trading, short selling and options trading.
The Network is an open-source project that leverages smart contracts to automate the issuance of new tokens on top of the existing network. This allows for the creation of new services that can be easily integrated with existing services on the platform.
J9BC (J9B) Coin
The J9BC coin is a BEP20 token that is used as a reserve currency to stabilize the price of fiat pegged tokens in the J9BC network. The supply of J9BC coins will remain constant at 1 billion coins but will be never increased or decreased through mining or staking rewards.
Each day 100 million J9BC coins will be burned until all coins are burned out which is expected to take approximately 100 years.
The remaining 99% of coins are locked up in smart contracts where they can only be released under certain conditions defined by smart contract logic.
These conditions may include holding specific token balances in addition to other requirements like vesting periods or lockdowns which are built into the smart contract logic.
How Does J9BC Work?
The J9BC network implements a dual-token system where users must hold both the J9BC and the fiat pegged token in order to stake them on the network and earn rewards. The J9BC token is used as a reserve currency while the fiat pegged tokens are used as the reward currency.
Fiat pegged tokens are created and destroyed based on a supply schedule that is set by the smart contract. This schedule is automatically published to block explorers so that anyone can view it at any time.
The supply schedule for each fiat pegged token can be altered by changing the parameters of its smart contract. However, this may not be desirable for certain use cases because it would cause changes to market supply that could affect price discovery or create confusion among investors.
To stake on a particular token, users will have to lock up their J9BC coins in addition to any other tokens they want to stake. As an example, let’s say that there is a new token called “T1” which gets issued on the network with a supply of 1 million coins and an initial price of $1 each.
Users may choose to stake $100 worth of T1 coins by locking up their J9BC coins valued at $100 worth of T1 coins (assuming 1:100 ratio). In order to unlock these T1 tokens, users will have to wait until they get paid out with interest earned from staking along with their original investment.
For example, let’s say that after staking on T1 for a year, the total supply of T1 tokens gets reduced to 500k due to coin burn and the price increases to $2 each. After a year of staking, users will be paid out with the following:
Original investment worth $100 + Interest earned from staking during that year = $120 worth of T1 tokens.
In order to unlock those T1 tokens, users will have to pay back the initial investment amount in addition to their earned interest amount. If they do not have enough J9BC coins, then they will have to sell some of their other staked tokens in order to unlock their J9BC coins.
This process is also known as “bonding” and it can be used for any number of tokens that get issued on the network. The only requirement is that all required tokens must be held by the same user in order for them to stake on them together.
The main objective of this altcoin is to make digital payments available to the unbanked and underbanked population of South America. The supply of J9B coins will remain constant at 1 billion coins but will be never increased or decreased through mining or staking rewards. The remaining 99% of coins are locked up in smart contracts where they can only be released under certain conditions defined by smart contract logic.