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Creating a truly decentralized stable asset

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Background

Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some "stable" asset or basket of assets. A stablecoin can be pegged to a currency, or to exchange traded commodities (such as precious metals or industrial metals).

Crucially, these tokens offer access to the crypto ecosystem built on the stability and endurance of the existing financial system. And often, to help guarantee stability, Stablecoins really are collateralised by another asset or coin. This is the point where QDAO comes in the existence.

QDAO Solution

The fiat-pegged crypto currencies provided by QDAO solution is called as “USDQ”. All the USDQ will be initially issued on ethereum blockchain as an ERC20 token standard. The USDQ unit issued for the circulation is supported by one-to-one ratio that is one 1 USDQ is equal to 1 USD dollar as per the corresponding fiat currency unit. After the issuing of USDQ, it can be used like a bitcoin or any other cryptocurrency that you can store (like bitcoin store), spend or transfer. In this way fiat currency has gained the cryptocurrency properties and its price will be permanently fixed to the price of the fiat currency.

By using digital token supported by fiat currency, organizations and individuals can enjoy the benefit of robust and decentralized way of value exchange while using a familiar accounting unit. This innovative creation of blockchain technology offers cryptographically secured and auditable global ledger for its users.

At the time of this writing, the digital currency is pegged to the U.S. Dollar (USDQ) and the Korea Won (KRWQ). The digital currency will "soon" be capable of supporting the Japanese yen (JPYQ), Chinese Yuan (CNYQ), Hongkong Dollar (HKDQ), and Singapore Dollar (SGDQ), according to the QDAO website.

Basically, USDQ provides the benefits of blockchain, but it is backed by traditional currency. As a result, it aims to be a "stablecoin" and to be far less volatile than other digital currencies.

The USDQ Basics

USDQ is issued by a DAO community named QDAO, which is based in Korea.

Units of this digital currency were originally issued on the ethereum blockchain using ERC20 token standard. Each of these units has a corresponding unit of fiat currency. In other words, QDAO claims to have one U.S. dollar for every USDQ backed by this particular fiat currency.

Features of USDQ Stablecoin

USDQ is designed on the basis of blockchain technology and provides most secure and tested blockchain and public ledger. They focus to create a truly decentralized stable asset.
Decentralized - All decisions are made by the DAO community.
Collateralized by crypto - No more mythical deposits on private bank accounts. You can track all the transactions in real time and know for sure that a particular stable is backed by a particular crypto asset.
Self-stabilizing - According to the nature of decentralized stable coin, it can’t fall or take off with big fluctuations. Self-stabilizing algorithms and market itself will always keep the price stable.

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Use Cases

USDQ has three possibility use cases. These are:
Exchanges: These marketplaces face many challenges when it comes to accepting fiat deposits and withdrawals, especially when it comes to establishing relationships with payment providers.
Individuals: USDQ allows individuals to make secure transactions using U.S. dollars by eliminating the middleman and also removing the risks associated with storing fiat funds on an exchange. (USDQ is currently tradable on BTC-Alpha Exchange)
Merchants: By using USDQ, merchants can price their goods in the U.S. dollar instead of a digital currency such as bitcoin. Digital currencies can be very volatile, so this makes it easier for buyers.

Be part of USDQ early miners!

If you’re interested in mining USDQ, you need to install Q Box - a self-learning neutral network utility. This utility represents the self-trained neural network capable of doing predictions of the behavior of exchange rates on the basis of the analysis of news, schedules, the market of currencies.

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Q Box will be available on any device. The user can install Q Box on the phone, on the tablet, on the laptop. Acording to the roadmap, the release of Q Box is planned on Q1 of 2020.

Once installed, you will officially play a part in securing the USDQ network. For more detailed, visit the official whitepaper. You can also ask the question on their social media community on Telegram and KakaoTalk.


AUTHOR: btcforchild
ETH: 0x5D3D7FC48bAacC703d9dd27cB3Fdd86008577531

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