What is that iFIAT Ecosystem, saw that in whitepaper, but I don't understand it too good, to be honest.How will that work and what is the purpose of it?
iFIAT is one of the most interesting elements of Agate. It uses decentralised blockchain technology (Agate blockchain) to resolve many of the fundamental issues in the cryptoeconomy in real time.
Fiat-pegged cryptocurrency works like a fiat credit or stable coin and is called “iFiat.” All iFiat will initially be issued on Agate blockchain, so they exist as a cryptocurrency token. Each iFiat unit issued into circulation is backed on a one-to-one ratio (i.e., one iFiat iUSD is one US dollar) by the corresponding fiat currency unit.
This has a lot of advantages over other fiat-pegged cryptocurrencies.
Stable coins are getting more and more popular,so im not surpirsed that Agate has that too,as its needed for mainstream adoption.
That is right,i doubt crypto can reach mainstream without being more stable,and thats where stablecoins come.
Agate has their own iFIAT Ecosystem not only for that, iFIAT offers much more advantages then a simple stablecoin does.
What are the advantages of iFIAT ecosystem besides acting as a stablecoin?
You can read about it in WP or even on Agate website, but I will lay it out here for you anyway.
iFiats exist on Agate blockchain rather than on less developed and tested blockchains, also, not within closed-source software running on centralised, private databases, or on very costly and slow blockchains like bitcoin, which is not viable or practical to use it as a medium to transfer funds or for micropayments.
Although, iFiats can be used just like other cryptocurrencies, i.e., in a p2p, pseudo anonymous, decentralised, cryptographically secure environment, but they are only circulated inside Agate blockchain to facilitate the payments and real-time settlement and secure the value of funds for both users and merchant as iFiat redemption will not face any pricing or liquidity constraints.
iFiats run on one of the fastest decentralised blockchain platforms, which include a decentralised exchange (DEX), Browser base, wallet encryption, open source, multiparty security and reporting functions and all transaction can be tracked on our blockchain explorer.
iFiat’s one-to-one backing implementation is easier for traditional merchants to understand and accept for their goods or services.
Although iFiats are fully redeemable via the options below, the best use case scenario is to spend it with other merchants or suppliers, because it’s real-time and has a very small transaction fee for users.
Instant loading onto virtual or physical debit cards
Request to transfer to bank account
Pay any type of bill, include loan repayment, utilities etc.
Generate crypto gift voucher, which is redeemable with all Agate merchants (in store or online)
