Float Protocol is building the decentralised monetary system of the future. At the heart of the protocol is the FLOAT token. It is designed to be the first truly native internet currency and fully satisfying all three of major properties of money: as a medium of exchange, a store of value and a unit of account.
Unlike most stablecoins, whilst FLOAT is designed to be stable and have significantly lower volatility than most cryptocurrencies, it is not designed to hold its price at $1.00. Instead, like most major fiat currencies, it is designed to float and change value over time.
FLOAT is stabilised through frequent auctions to expand or contract the supply. It is also partly supported by a Basket of cryptocurrencies that are used as part of the auction process.
FLOAT is also supported by a second token, BANK. This token serves three purposes: first to take the profit created in times of excess demand for FLOAT, second to support the price of FLOAT from time to time and third to govern the Float protocol. Float protocol will have a Democratic Launch with an initial BANK issuance that is designed to achieve wide distribution across different crypto communities and to incentivise ownership by users who are active participants in other decentralised protocols. Float Protocol is built by Abbey road, an anonymous group of hackers who are researchers at the world's leading institutions 🤘