2021 Cardano Summit Highlights Partnership Announcements Part 4

Knowledge Base

2021 Cardano Summit Highlights Partnership Announcements Part 4

Charles Hoskinson closed out the 2021 Worldwide Cardano Summit by announcing the latest partnership between Cardano and Coti, and the upcoming release of the first ever Cardano Stablecoin called "Djed".


We all know about Stablecoins which are tethered to fiat currencies, providing predictable value for cross trading of crypto currencies and crypto assets and Defi applications...but if you are like me, you probably use the term without really knowing much about them, right? Well, in keeping with the cutting edge technologies that Cardano consistently puts forth, Djed, the soon-to-be released Cardano Stablecoin in partnership with Coti, is a truly unique stablecoin that offers a baffling algorhithmic design. Charles Hoskinson ended the 2021 Summit by bringing Shahaf Bar-Geffen, CEO of the Israeli fintech Coti Group, onto the stage, introducing him, and then standing by while Shahaf announced the creation and release of Djed to a thunderous round of applause from the live audience and the worldwide virtual viewing community. IOHK and the Cardano ecosystem venture capital subsidiary cFund have invested $500,000 in Coti as part of the collaboration. It is cFund's primary focus is to invest in projects that are synergistic with Cardano.

Shahaf Bar-Geffen

“I’m honored to have the cFund as investors and supporters in COTI - we don’t take such a vote of confidence lightly," said Shahaf. "We’d like to thank Charles Hoskinson, Jeff Pollack and the executive team of Cardano, alongside David Siemer of cFund, for putting their trust in COTI and its technological abilities by making the fund’s symbolic first investment in us. Cardano has one of the biggest and most engaged communities in the space and we are excited to join this family as partners."


Djed is not your average stablecoin as far as my limited understanding can determine.  The stablecoin will be useful in Defi applications based on an algorhithmic design that uses Smart Contracts (click the hyperlink to see my earlier blog post on this subject) to ensure price consistency and stability. Believe it or not, it Djed operates by maintaining a reserve of coins, then minting or burning the reserve coins which automatically keeps the overall price on an even keel. I find this so incredibly amazing that I really cannot fathom the depths of programming and intelligence required to even come up with this concept. Djed is described as a "crypto backed algorithimic stablecoin that acts as an autonomous bank." It was developed by IOG and issued by Coti.

"Autonomous Bank"

The fact that an "autonomous bank" is a real-life, real-time entity is a total eye opener. This kind of thinking and programming development did not exist a few years ago until the advent of Defi and RealFi.  It is decentralization in the most accessible and functional form, and it is here and now, not a future concept.  Once again Charles Hoskinson and his team have moved the bar higher than it was before, not just for our Cardano community, but for the entire world.  

written by: Eric Hill     published at: Dec 19, 2021

Further articles you might be interested in

Knowledge Base

Gottfried Wilhelm Leibniz: The Last Of The Polymath Geniuses

I wrote about the great genius Geralomo Cardano in an earlier post. He was what we call a "Polymath", which was a common description of early scientists and mathematicians before the concept of "academic specialization" became the normal path to follow. Gottfried Wilhelm Leibniz is considered to be one of the last great Polymaths, and for good reason.

Dec 3, 2023, by Eric Hill

Knowledge Base

A.T. and A.I.

Anyone who has studied the history of computer science and cryptography will be familiar with the terms, "Turing Complete", and "Turing Machine". These terms were coined due to the influence Alan Turing had before computers as we know them existed. His brilliant solution to breaking the Nazi's Enigma coding machine during WWII has been well documented in multiple books and films. However, just before his untimely death in 1954 at age 42, (69 years ago) he correctly foretold the potential of what we now call, "AI", and the disruption it would cause in our own time.

Sep 7, 2023, by Eric Hill

Knowledge Base

What is ESG?

Most of us agree that businesses should apply the basic concepts of ESG to reduce environmental stress on the earth and to encourage like-minded individuals to invest in those companies. Here is a basic description of ESG principles, and an observation on the backlash that has arisen in opposition to them.

Apr 9, 2023, by Eric Hill

Knowledge Base

Charles Hoskinson

Everything relating to Cardano can be traced back to its co-founders: Charles Hoskinson and Jeremy Wood. I highlighted Jeremy Wood in one of my recent posts, and now I will attempt to illuminate some of the important facts about Charles Hoskinson and his broad sweeping vision for Cardano and the world.

Mar 22, 2023, by Eric Hill

Knowledge Base


The Vasil hard fork has ushered us into “Basho”, the next-to-last era of the Cardano Roadmap. Soon we will enter into the final era, "Voltaire", planned from the very beginning of Cardano’s journey and development. This post is about Voltaire himself, one of the most advanced intellects of all time. His influence on the way we look at the world and the way we think about our world cannot be overstated. However, the scope of his writings and pursuits combined with the many places he lived during his lifetime cannot be covered in a blog post. Therefore I am touching upon the more important points of his life and work, leaving a deeper investigation up to you, the reader.

Oct 22, 2022, by Eric Hill