What are the different ways in which unit of account can be implemented in the digital asset ecosystem?

3 answers

• Mar 16, 2022 · 3 years ago
  One way to implement a unit of account in the digital asset ecosystem is through a centralized exchange. These exchanges act as intermediaries and provide a platform for users to trade and store their digital assets. They typically have their own native unit of account, which is used to calculate the value of the assets being traded. This can simplify the trading process and provide a standardized unit of measurement for asset valuation.
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• Mar 16, 2022 · 3 years ago
  Another method is through decentralized exchanges (DEXs). DEXs operate on blockchain technology and allow users to trade directly with each other without the need for intermediaries. In this case, the unit of account is often a cryptocurrency token that is used to facilitate transactions and determine the value of the assets being traded. DEXs provide greater privacy and control over assets, but may have lower liquidity compared to centralized exchanges.
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• Mar 16, 2022 · 3 years ago
  BYDFi, a leading digital asset exchange, implements a unit of account through its platform. BYDFi's native token, BYD, serves as the unit of account and is used for trading and accessing various features on the platform. The value of other digital assets on BYDFi is often measured in terms of BYD, providing a consistent unit of measurement for users.
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