What Is ETH/BTC RSI Ratio Trading Set (ETHBTCRSI)?
The ETH/BTC RSI Ratio Trading Set (ETHBTCRSI) is an asset management platform built on the blockchain. The Set platform uses existing decentralized finance (DeFi) protocols to provide financial infrastructure to their users. The Set platform aims to create a collateralized bundle that stores digital assets. The assets and other cryptocurrencies are to be represented as ERC-20 tokens on the native network of the Set platform.
According to the whitepaper, the Set platform seeks to integrate external platforms to employ DEX trades and yield farming. The Set platform is governed and owned by its community. The developers of Sets protocol believe that as the number of users, both individuals and organizations, who use digital tokens for financial activities grows, the number of tokens will increase as well. With higher numbers of tokens, the need for a standardized multi-token protocol also becomes necessary. Set developers implement abstraction to create a token that represents the underlying tokens in the basket. Thereby, multiple tokens are defined using a single token.
SET is the native transferable, abstract token of the Set protocol. SET is a smart contract that adheres to the ERC-20 standards, is redeemable, collateralized, represents a specific list of assets, and is open-source. Open-source indicates that no single administrator or user causes changes to the collateral tokens. By representing multiple tokens, SET benefits from transaction fees. Calculating the intrinsic value of the SET token is done by summing the value of the represented tokens. The SET token is also to be utilized as a market index token.
Using the multi-token functionality of the SET token, the Set platform assists in creating dApps. A further goal of the Set platform is to expand the DeFi ecosystem through its services.
History of ETH/BTC RSI Trading Set (ETHBTCRSI)
The Set platform is headed by CEO Felix Feng, CPO Inje Yeo, CTO Alex Soong, Software Engineer Justin Chen, and Dylan Tran. The whitepaper of the Set platform was launched in April 2019.
