A Simple Explanation of The Samecoin Ecosystem For Normal People like Joe

Let’s face it, learning about crypto can be complicated. There’s tons of info to digest, and some people can find it overwhelming. Introducing Joe—a normal guy just like you. He’s heard a bit about Crypto in the past, has seen the huge rise of coins like Bitcoin and has some interest. But Joe also leads a busy life, he works hard all day and he doesn’t have the time or inclination to learn everything there is to know about Crypto and Bitcoin. He’s interested in the future of a blockchain payment system and digital currency, but he still doesn’t understand it all. And he’d actually like to start spending digital currency on normal items that he buys every week, rather than as some hypothetical investment. Sound familiar? You might be like Joe, too.

Not everyone wants stable crypto

Joe’s friend Bob is different. He wants all his coins to “moon”. He bought a few Bitcoin—but he wasn’t an early adopter, so he isn’t rich. He’s also bought a few Altcoins that he hopes could be the next big thing. He’s still dreaming about his Doge holding making him a millionaire, along with millions of others.

But Joe doesn’t want a digital currency that he has to hold for months or years to see any real gains. He does believe that Bitcoin and others will probably continue to grow for a few years, but that isn’t important to him. It also puts him off a bit. What’s the point in spending a currency that could be worth even more in the future right now?

Some people need stability

That’s why Joe was interested to learn about the Samecoin ecosystem and their range of stablecoins. These were currencies he could understand the real value of and that he knew were going to be worth a similar amount in the future. Finally, a digital currency Joe could enjoy using for everyday purchases, and especially online services.

But Joe still doesn’t understand how the whole ecosystem relates to itself. After all, Joe hasn’t got time to study, and he doesn’t have a huge background in crypto.

Here’s how the Samecoin ecosystem works

The overall Samecoin ecosystem is powered by a utility token, also called Samecoin ($SAME). This is sold for fundraising and can also be staked for further rewards. Samecoin can be used for a reduction on payment fees when using the associated payment app, SamePay—either for lower fees when trading crypto on exchanges or when making purchases. Samecoin can also be staked to get vSamecoin, which is used for voting on governance issues and the future of the platform.

But Samecoin isn’t the currency that’s used for everyday purchases. The Samecoin ecosystem also has  stable currencies like SameUSD and SameEUR. While Joe might have some interest in earning more utility tokens and reduced fees, it’s the stablecoins like SameUSD that he’s really interested in.

These are the spendable coins. And they maintain stable values so that Joe can always understand what they’re worth—and what he expects them to be worth in the future. Whether he’s spending them on pizza, coffee, an online course or a vacation. He doesn’t have to worry that the costs are going to go up massively before the transaction has completed, or that what he spends now could have been worth a fortune in the future.

The stability mechanism used for Samecoin’s stablecoins make them different from the rest of other stablecoins in the market. SameUSD is backed by a basket of top USD stablecoins to ensure less volatility.

If you’re like Joe, the Samecoin ecosystem of stablecoins could be for you, too. Stable currencies that you can understand.

Worried about the security? Samecoin’s smart contracts are audited by Certik and the details can be verified transparently. 

For getting further questions answered, one can check out the upcoming AMA with Satoshi Club here on May 14th 2021 at 03:00 PM UTC.