Inside stable coin blockchain lab (Seoul — Tokyo — HongKong) by PLATINUM Q DAO ENGINEERING: What are USDQ, KRWQ, CNYQ and JPYQ and why will they replace scammy Tether?
The rapid development of the cryptomarket has brought forth several new investments and ventures into the technology, and while some have proved to be a dud, others have surpassed user expectations.
One cryptocurrency that is set to create a lot of buzz is USDQ. Let’s break down and explore what USDQ is really all about and why USDQ, KRWQ, CNYQ and JPYQ stablecoins are a viable alternative to Tether (USDT), one of the most scandal stablecoins. Moreover, KRWQ — a stablecoin pegged to Korean Won will be attached to Q DAO family. This will not only make a huge impact on the local Korean market but also to the whole Asian region
USDQ and It’s Functioning
USDQ is a decentralized stablecoin backed by Bitcoin (and other top 10 cryptocurrencies in the future), being developed by PLATINUM Q DAO ENGINEERING. A stablecoin is a cryptocurrency that is immune to the price volatility often associated with current cryptocurrencies.
PLATINUM Q DAO ENGINEERING is creating the technology behind USDQ, KRWQ, CNYQ, JPYQ and other stablecoins under Q DAO brand, that will present a viable option to current popular centralized stablecoins that are finding it difficult to maintain the pegging of their values to the US Dollar, because of privately held reserves.
Pegging maintains the cryptocurrency’s value in a 1:1 ratio alongside a real-world asset, usually the US Dollar. The USDQ stablecoin is pegged with the US dollar; therefore one USDQ is equivalent to one US Dollar. This offers to traders and crypto exchanges a “fiat-like” cryptocurrency that is free from regulatory restrictions.
Most stablecoins in the cryptosphere are pegged with US Dollar reserves held in private bank accounts by the issuing entity. Even though the trade is done digitally, intermediaries are still needed to facilitate the process. Several things can go amiss with this with user transparency being compromised as the biggest issue.
The USDQ stablecoin aims to bring the security of a stablecoin along with the advantages of a cryptocurrency. This removes the extra baggage of a middleman in the trade.
How Does USDQ Manage to be Stable Despite being a Digital Currency?
USDQ functions to maintain its security and defense even though it is a digital cryptocurrency. This is made possible by its two defense mechanisms.
The first mechanism is based on smart contract defense mechanisms. It stabilizes a price fluctuation of USDQ to US Dollar.
However, in case of dramatic events that lead to hyper-fluctuations in bitcoin prices, the second defense mechanism comes into action. All holders of the Q DAO tokens that own nodes create more governance tokens and sell them on the secondary market that works towards the restabilization of USDQ.
This mechanism enables the value of the USDQ stablecoin to be pegged with, and closer to, the US Dollar. The Q DAO token owners are rewarded for their participation in the stabilization of the price of the USDQ.
The value of Q DAO is interconnected with the use of USDQ stablecoin. The higher the use of USDQ, the greater would be the value of the Q DAO token.
USDQ is an ERC20 token and can be stored on any ERC20-compatible wallet, like MyEtherWallet or Mist. Users can now trade USDQ and Q DAO on BTCNext.io. It’s convenient that all trading pairs at BTCNext.io will be listed with USDQ as the basic currency.
Why are we using BTC as collateral? Bitcoin is the most liquid digital asset. We have many friends who are big Bitcoin holders (BTC whales) or Bitcoin OTC traders. We hope even so big guys like Brothers Winklevoss (Cameron Winklevoss and Tyler Winklevoss) will start to use Q DAO.
Why we built Q DAO based on Ethereum smart contracts? Our genius engineers love Ethereum because of mass adoption of this blockchain, also we respect the business approach of Vitalik Buterin (we met him a few times). Maybe in the future, we will consider using TRON or EOS, in case their foundations can provide enough funds to proceed with development.
BTCNEXT Exchange is a next generation spot and margin trading platform by the PLATINUM Q DAO ENGINEERING team. It is the first Strategic business partner of USDQ stablecoin.
About PLATINUM Q DAO ENGINEERING
USDQ is brought by the PLATINUM Q DAO ENGINEERING team, as a measure to develop a high-endurance stable coin that uses innovative solutions in collateralization, price stabilization mechanisms, and oracles.
Visit https://platinum.fund/usdq/ for latest updates about USDQ (and KRWQ — soon)
Visit now Official Telegram chat to learn about the latest development hacks.
Dive in Official Kakao Talk to ask questions in Korean directly to Platinum Q Dao management team.