Kowala (stablecoin) is a cryptocurrency designed to keep the value of each of its units equal to the value of a unit of a fiat currency. The Kowala Protocol first stablecoin is kUSD.
A stablecoin allows consumers and merchants to transact using cryptocurrency without worry about a variation in the value of their liquid funds. kUSD has a stable value, 1 second block times, high transactions per second, and very low transaction fees. It inherits the smart contract features of Ethereum.
kUSD relies on the Kowala protocol to use advanced stability algorithms, which ensure that it is always pegged to the USD value by creating and destroying coins as necessary to maintain the same dollar value. This is possible because the kUSD blockchain adds or eliminates currency based on the demand. This happens automatically and transparently to confirm the stability and value of the currency, as well as its security.
The Co-Founder & CEO of Kowala is Eiland Glover.