USDQ/KRWQ and Q DAO Challenge Status Quo in Stablecoins Trade USDQ and on BTCNEXT with Look for New Coins KRWQ, CNYQ and JPYQ in Coming Months. How Does the System Ensure the Peg

Eunchae Jang has extensive experience in IT support roles. She currently works as an IT Support Manager at Platinum Q DAO Engineering. Eunchae has been effective in streamlining communications between customers and development teams, helping identify and prioritize bottlenecks and challenges. She regularly participates in major conferences and meetups, always ready to showcase the latest achievements by Platinum Q DAO Engineering and partnering projects.

Right now, PLATINUM Q DAO ENGINEERING, a major blockchain development outlet, is helping to develop a new stablecoins, called USDQ/KRWQ. It’s an ERC20 token with a soft peg to 1 USD. It’s easy to use this token as any other ERC20 asset out there. Right now it trades on BTCNEXT with plans to make it available on other crypto exchanges as well. The difference is that USDQ/KRWQ feature a stable price, which means that it’s worth $1 for USDQ today, will be worth the same tomorrow and in a month. In contrast to centralized offerings on the market, like Tether, it’s completely decentralized with all of its components living on the blockchain.

No authority will ever able to require that it stops its operations. Transactions can be made in any amounts, all over the world, with a pretty fast speed and without huge fees as it used Ethereum ecosystem.

I think that the architecture within this ecosystem is amazing. It’s clever and it works smoothly.  And the fact that all the components work together successfully – without any centralized controller – makes you think that we are on the brink of a new era in economy, governance and society as we know it. The economy that’s fully decentralized. In this article, I will explain to anybody who’s willing to spend around 10 minutes the ways in which USDQ/KRWQ bring trust and reliability.

The development team is PLATINUM Q DAO ENGINEERING which boasts over 200 blockchain developers, architects and designers. Together, they are working to deliver sustainability and ease of use. USDQ/KRWQ collateralize Bitcoin and the team bases all of the system’s operations on top of the Bitcoin blockchain, which assures additional reliability and scalability.

How Does the System Ensure the Peg?

What I like most is that there are no decision-makers, banks or anybody. It’s all driven by pure economic incentives, and smart contracts.

So, as we saw above, whenever USDQ/KRWQ goes above USD, people can buy USDQ/KRWQ from the system at 1 USD and sell it at 1.05 USD, making 5 cents in profit. Free money.

And, whenever the price goes below, another mechanism kicks in. It stipulates that CDP owners – the ones who got the loans – can repay the debts they own at the cheaper rate! Now, it’s not going to be extremely cheaper, but just 1-5%. But, it’s the financial players we are talking about here. They might have a couple of millions sitting in the system. 5% from 1 million is a strong enough incentive to press a couple of buttons, right?

Let’s look at an example. You collateralized 1K in Bitcoin. You took out a loan for 600 USDQ/KRWQ. And now, in order to get your collateral back, you’ll need to pay back the debt amount, i.e. 600 USDQ/KRWQ. And whenever you repay it, USDQ/KRWQ is going to get burned. On the example just of USDQ we can see the floating changes 

So, let’s say that USDQ currently floats at 0.95 USD, i.e. 5 cents below the peg. You can actually buy USDQ at this current price, and then immediately repay it to the system. You’ll get a pretty good cut, if your loa is big enough. So, 0.95 x 500 = 475. Since you owed 500, that means a 5% discount. And for 1 million, it’ll be 950,000. So, you just got 50K in cash. Who cares, what percentage that is. 50K is a pretty good amount, right? And it’s free money.

I am sure that you understand that whenever the demand grows, the price grows too. And whenever the supply grows, the price goes down. I really like how smoothly the very laws of economics are embedded within the system.

Why USD as Peg, for USDQ? 

USD is the most widely used currency in the “legacy finance world”. So, it’s clear why the team has chosen it and not another currency. Meanwhile, we are already using both USDQ and KRWQ, experimenting with other fiats in addition to USD and KRW. In the future, we plan  to roll out other pegs as well – CNYQ, JPYQ and others. Just imagine how many users the system can win through this strategy.

Bottom Line

This is the fourth part of our guide. Please find the other parts via the web or in the blog.  USDQ/KRWQ will continuously hold its soft peg to USD/KRW. It’s this peg that’ll prove that system’s working fine. The longer it does, the more trust it’ll win from users.

99% of users will never interact with the system directly, but they’ll just buy USDQ/KRWQ tokens at exchanges. They’ll guide their decisions by trust in the system. However, I am sure that anybody who has time and desire can understand the inner workings of the system since it’s completely open source with tons of explanations and code available in Google.

So, as the name of this article says, I believe that USDQ/KRWQ is a game changer. Now, anybody – really anybody – can move value, without any limitations – across borders, as fast as transactions are confirmations in the Bitcoin network, in any amount and without any restrictions by governments. This will bring a paradigm shift in ecommerce and then in the overall economy as we know it. All of the system’s components live on the blockchain, so nobody can shut it down.

USDQ/KRWQ is a solution that wouldn’t be able to exist without the blockchain behind it. It shows the true value of the blockchain-empowered solutions that will disrupt this world in the coming years.

I am sure that we’ll be hearing a lot about the USDQ/KRWQ stablecoin when it starts going mainstream. Importantly, the more adoption we see, the higher Q DAO, the internal governance token, will be in price.

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://usdq.platinum.fund  for latest updates about USDQ (and KRWQ – soon)

Visit now Official Telegram chat in Korean or in English to learn about the latest development hacks.

Dive in Official Kakao Talk  to ask questions in Korean directly to Platinum Q Dao management team.

# Q DAO diary { dev.day: 380, round: 1, 14 days until ieo#2, Q DAO price: $2.539 }

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USDQ/KRWQ and Q DAO Challenge Status Quo in Stablecoins Trade USDQ and on BTCNEXT with Look for New Coins KRWQ, CNYQ and JPYQ in Coming Months. How Does the System Ensure the Peg
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USDQ/KRWQ and Q DAO Challenge Status Quo in Stablecoins Trade USDQ and on BTCNEXT with Look for New Coins KRWQ, CNYQ and JPYQ in Coming Months. How Does the System Ensure the Peg
Description
Right now, PLATINUM Q DAO ENGINEERING, a major blockchain development outlet, is helping to develop a new stablecoins, called USDQ/KRWQ. It's an ERC20 token with a soft peg to 1 USD. It's easy to use this token as any other ERC20 asset out there. Right now it trades on BTCNEXT with plans to make it available on other crypto exchanges as well. The difference is that USDQ/KRWQ feature a stable price, which means that it's worth $1 for USDQ today, will be worth the same tomorrow and in a month. In contrast to centralized offerings on the market, like Tether, it's completely decentralized with all of its components living on the blockchain.
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Platinum Q DAO
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