The decentralized store of value protocol Fragments just announced that it is rebranding to Ampleforth. Along with the rebranding news, the company also introduced its new non-collateralized stablecoin called Amples.
Ampleforth now uses an Ampleforth protocol, which moves volatility from unit price to unit count and achieves price stability by algorithmically expanding and contracting supply among holders based on demand.
A noncollateralized stablecoin counteracts many of the current risks associated with fiat-collateralized stablecoins,” explained Evan Kuo, CEO of Ampleforth. “Many stablecoins are centralized and pegged to fiat, which is government controlled and prone to inflation. With Ampleforth, we hope to disintermediate the issuance and regulation of money by creating an independent money that can’t be diminished by cycles of inflation.
As Business Insider reports, there are currently nearly 60 stablecoin projects in development.
Rather than solving the Tether problem, Ampleforth is delivering on Bitcoin’s original promise,” said Kuo. “The Bitcoin protocol launched as a fair and independent alternative to fiat money. But, as we’ve seen, Bitcoin’s fixed supply and price volatility makes it virtually impossible to be used as a unit of account or medium for exchange.
Unlike Bitcoin, Amples will be capable of evolving from a store of value to a unit of account, to a medium of exchange over time.