AUDT is a stablecoin that is hosted on the Ethereum blockchain and backed 1:1 with Australian dollars (AUD). As an Ethereum token, AUDT can be stored on the blockchain, transferred freely to other users, and traded against other cryptocurrencies.

AUDT enables users to move money into and out of the blockchain ecosystem from an Australian bank account, providing a fiat gateway for Australian users. The token is fully compliant with Austrac, Australia’s financial intelligence agency, which sets out the requirements and best practices for cryptocurrency and fintech initiatives.

The project was launched by Australian crypto company Chrono.tech, which was founded in 2017 to revolutionise the recruitment and HR sectors using blockchain technology. Chrono.tech was crowdfunded with the sale of 710,113 TIME tokens, the native token for the Chrono ecosystem of blockchain products and services. 

Chrono.tech is responsible for two other major initiatives beyond AUDT. TimeX is a hybrid Plasma-based cryptocurrency exchange that combines both centralised and decentralised technologies to provide a secure, user-friendly trading experience. Along with USDT, AUDT is one of the key fiat currencies traded on TimeX. The exchange is also one of the major platforms to list TIME tokens. 

Chrono.tech’s flagship product is LaborX, a blockchain-based freelance work exchange. LaborX uses smart contract-based digital agreements and escrowed cryptocurrency payments (including ETH, USDT and AUDT) to organise and settle work directly between freelancers and customers, no matter where they are based in the world, without any third parties required.

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MultiversX is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost.

MultiversX rewards the community and active participants with EGLD tokens. EGLD, or Electronic Gold, is MultiversX's native token. It acts as a store of value currency to pay for network usage. The coin also serves as a medium of exchange between platform users and validators. Users pay transaction fees in EGLD and validators provide services.

EGLD allows developers to deploy smart contracts, protocols, and dApps on the platform. It empowers participants to perform any network action. Through staking and validation rewards, as well as transaction fees, EGLD manages the MultiversX network. Plus, EGLD is endowed with the functionality of a governance token, so its holders can vote on network decisions.

MultiversX was first announced in August 2019, and its mainnet went live in July 2020.

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