MASSIVE GAMING CLUB & USDC
What is USDC?
Digital currency USD Coin (USDC) is entirely backed by U.S. dollar assets. As a fiat-collateralized stablecoin, USDC is pegged 1:1 ratio to the price of a single U.S. dollar. This implies that for every USDC in circulation, one U.S. dollar is held in reverse.
The Boston-based Circle and Coinbase exchange created USDC in 2018 as part of the Centre consortium. Since its introduction, it has established itself as a key component of the stablecoin market via abundant liquidity and trading.
How does USDC work?
Every time a dollar is deposited, the smart contract generates USDC that can be redeemed for one dollar.
Commercial issuers of USDC should ensure audited Anti-money laundering and compliance processes that comply with the Financial Action Task Force requirements. Additionally they must maintain reserves equal to the number of issued tokens in a 1:1 ratio and provide monthly publicized proof of reserves with certified public auditors’ attestations.
As a result, a USDC token is created via a smart contract each time a dollar is technically deposited. Circle employs Grant Thornton LLP, a U.S. accounting company, to audit those accounts and offer routine updates via monthly attestations on the reserves supporting USDC.
Is USDC safe?
USDC is considered reliable for several reasons:
Backed by US dollars:
USDC is backed by US dollars held in reserve, meaning that for every USDC in circulation, there is a corresponding US dollar held by the issuing institution. This helps to ensure that the value of USDC remains stable and predictable.
Issued by regulated institutions:
USDC is issued by regulated financial institutions, such as banks and money transmitters, that are subject to strict financial regulations and oversight.
Transparent and auditable:
USDC is built on blockchain technology, which provides a transparent and auditable record of all transactions. Regular audits are conducted to ensure that the number of USDC in circulation is fully backed by US dollars held in reserve.
Strong security measures:
USDC is protected by state-of-the-art security measures, such as multi-signature wallets and encryption, to prevent unauthorized access or theft.
Overall, these factors help to ensure that USDC is a reliable and trustworthy form of digital currency, making it an attractive option for use in financial transactions and as a store of value.
How can USDC be used in Massive Gaming?
Users can earn USDC by exchanging Gem/Ruby to USDC through Intella X exchange. The exchange rate between Gem/Ruby and USDC will be affected by in-game indicators, users’ play patterns and user’s Massive Rewards tier. Different formulas are applied to USDC to Gem/Ruby exchange rate and Gem/Ruby to USDC exchange rate. Number of exchanges, minimum amount of exchange(in USDC) and maximum amount of exchange a user can make will be also decided by users’ Massive Rewards tier.
Our goal is to share our profit with users and build a user based decentralized economy. Our team implemented USDC to ensure the value we share with the users not to be degraded. One major thing we should know is that our team can not give back users more USDC than what we earned. Massive Gaming must constantly replenish the USDC balance of the wallet connected to PnE Reward Contract. Obviously, replenishment will be held with money earned from users’ In-App purchases.
