Introducing the Relay Stablecoin System
The Relay Stablecoin System token sale public round has begun! Be a part of the private stablecoin for everyday use.
The Relay Stablecoin System is a private cryptocurrency with stable value pegged to the US dollar, secured by a public collateral token.
Why the world needs Relay:
Existing stablecoins are hampered by centralized collateralization requirements which make them unable to scale and/or by the lack of privacy features necessary for practical usage in a cash-like context. The vast majority of scenarios involving a digital transaction can be improved by the introduction of a truly fungible currency that cannot be counterfeited or publicly traced. In addition to having these traits, the decentralized collateralization mechanism allows the Relay stablecoin system to scale to any value necessary to meet adoption demand, as demand for XRD will raise the value of XRL as additional XRD is printed to XRL depositors, increasing the value of the collateral held by the Relay DAO.
Key features:
· Two-token system: the Relay Dollar (XRD) is pegged to the US dollar, and the Relay Token (XRL) is the volatile collateral token.
· XRD is a fully private currency, while XRL is public. The Relay blockchain is based on Ethereum with the addition of CryptoNote privacy features in XRD transactions.
· XRL value is tied to speculation and real usage of XRD due to its purpose as the only valid collateral of XRD.
· XRD supply is controlled by the Relay decentralized autonomous organization (Relay DAO), which issues XRD to XRL owners who collateralize their XRL.
· Initial collateralization of 200%, so you receive 50% of the value of your XRL in XRD.
· If the value of XRD exceeds $1.01, 1% of the current supply of XRD is newly printed and issued to collateral owners. Thus, XRL holders are the source through which new XRD enters the market.
· If the value of XRD drops below $1.00, XRD owners can return XRD to the Relay DAO to reclaim the XRL collateral. The returned XRD is burned, decreasing the XRD supply and increasing its value.
Release date:
Late November.
The Relay team has signed agreements under NDA with two (2) exchanges to premiere listings for both XRL and XRD on the date of network launch. The Relay stablecoin system testnet and codebase will be opened to a public bug bounty program following the third party review, which is currently in progress and expected to conclude in early November. The public bug bounty program will begin immediately following the conclusion of the third party audit and run for a duration of three (3) weeks or until all no critical / major issues are open, whichever is later. The mainnet launch, XRL token distribution, and exchange listings will be held one (1) week after the successful close of the public bug bounty program.
Token distribution:
The total supply of XRL is 1,000,000,000 (one billion). XRD has a variable supply dependent on the amount of XRL held in the Relay DAO as well as the value of XRL.
The Relay stablecoin system’s public round will begin on September 1, 2018 and continue through October 1, 2018. Up to 2000 ETH will be raised in the public round for 75% of the total supply, which is 750,000,000 (seven hundred and fifty million) XRL. Of the remaining 25% supply, 12.5% is allocated to the team, 2.5% to the bounty program, and 10% to the Relay Foundation Ecosystem Development Fund. Team tokens are subject to a 1 year lock.
At a per-ETH value of $200 USD / ETH, the implied initial valuation of the Relay stablecoin system is ~$533,000.
There is no private round. Institutions and other large investors will participate in the public round with no preferential distribution ratios or other advantages to other participants.
About Relay:
The Relay Stablecoin System is a private cryptocurrency with stable value pegged to the US dollar, secured by a public collateral token. Public round of up to 2000 ETH / 75% of total supply begins September 15.
