Blockchain Laguna Labs has just launched the first cost-of-living cryptocurrency called Nuon Flatcoin. Unlike other fiat- or commodity-pegged stablecoins, this test token is intended to be an alternative to daily inflation, the company said.
It is a new type of stablecoin inspired by the discussions and proposals of Brian Armstrong, CEO of Coinbase, Balaji S. Srinivasan, ex-CTO of Coinbase, and Vitalik Buterin, co-founder of Ethereum. All three have talked about the need to create a cryptocurrency that allows users to maintain purchasing power.
“The value of a Nuon flatcoin is based on daily unbiased, authentic, and on-chain inflation data,” the firm said in a press release. It means that the value of the token remains "flat" or constant over time from the moment of its purchase until its sale.
There are other stablecoins whose designs are part of a concept similar to the Frax Price Index (FPI) launched in April by Frax…
