Eunchae Jang has extensive experience in IT support roles. She currently works as an IT Support Manager at Platinum Q DAO Engineering, enabling the development of USDQ, KWRQ, JPYQ, SGDQ, HKDQ, and CNYQ a fully decentralized stablecoins for Bitcoin collateralization, under Q DAO brand.
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.
Within the team, she’s charged with organizing global strategy into accurate milestones, so that customers can enjoy clear reporting throughout the development cycle and after that.
The rapid development of crypto 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 buzzes is USDQ/KRWQ. Let’s break down and explore what USDQ and KRWQ is about and how it will develop the crypto space.
To offer a viable alternative to Tether (USDT), Platinum Q DAO Engineering is creating the technology that will power a next-gen stablecoin – USDQ/KRWQ. 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.
Differently, from USDQ and KRWQ (which are stablecoins more appropriate for saving and payment purposes), Q DAO is a volatile price token whose price depends on its supply and role in the USDQ/KRWQ platform. Q DAO has different uses in the platform. It acts as a utility token, as governance token, and recapitalization resource of the ecosystem.
As a utility token, Q DAO main use would be to cover incurring fees when loans are processed in the USDQ/KRWQ platform. These fees can only be paid using Q DAO. When paid, Q DAO is burned thus reducing its market circulation. For the project, this has great benefits. Some of them are that when demand and adoption of USDQ and KRWQ loans increases, the demand for Q DAO would also increase because users would need them to pay the fees. Also, its value will increase as the decrease in supply once tokens are burned.
One of the benefits this token has is governance over the ecosystem. Q DAO holders would be able to decide over the risk management and business logic of the system. Risk management is one of the most important aspects when it comes to the success and survival of the system. By setting through votes specific risk parameters for each asset and loan type, the risks specifications should match the size of the loan and the collateral asset (in this case BTC, but top 10 cryptocurrencies in the future) backing such loan. By setting the right risks parameters for the loan, the ecosystem guarantees a safe procedure between the borrower (the users) and the lender (USDQ/KRWQ protocol).
Continuous approval voting recognizes the governance over the system. Users can also submit new proposals, and cast or withdraw votes at any time.
Depending on experiences gained within the USDQ/KRWQ framework, the project and the community will work hand in hand to evaluate further governance framework that the project will need in the long run. Q DAO holders will be able to easily cast their votes using special instruments inside the ecosystem. Some new features will be presented in the future such as safely voting from different devices and other special abilities for Q DAO holders.
If the system is governed well and the token holders are competent when voting, USDQ/KRWQ loans will always be overcollateralized, thus, there won’t be a threat to dissolve the system. Nevertheless, unplanned circumstances and mistakes can occur, causing some portfolios to become undercollateralized. If this happens, a rescue function of the Q DAO is launched: forced automatic recapitalization through Q DAO dilution. In simple words, new tokens will be generated, sold on the market obtaining funds to recapitalize the shortage of backed up funds. This will even up the portfolios and keep them always collateralized. The responsibility of the decisions made in the platform will always fall under the token holders. Token holders will be accountable for their actions because if they govern incorrectly, their tokens will become diluted.
Afterword from Eunchae Jang
Maybe you heard about the project MAKER DAO and their DAI?
I want to praise these guys – they are first to create a decentralized stable coin.
We occupy an honorable second place at this race, and basically, we were inspired by the technologies of MAKER`s DAI.
Some Q DAO functionality is similar to MAKER DAO, so we decided to use Maker`s terminology because we do believe that their technologies should be a reference for creating any decentralized stable coins.
Why we are using BTC as collateral? 1) Bitcoin is a most liquid digital asset 2) we have many friends who are big Bitcoin holders (BTC whales) or Bitcoin OTC traders.
We hope that even big guys like Brothers Winklevoss (Cameron Winklevoss and Tyler Winklevoss) will start to use Q DAO. They have a lot of Bitcoins, but they don’t want to sell it. So if they need money – they can pawn their bitcoins to Q DAO and immediately get USDQ/KRWQ.
Why we built Q DAO based on Ether smart contracts, but not Tron (by Justin Sun), and not EOS ( by Daniel Larimer)?
Our genius engineers are in love with ETHEREUM because of its mass adoption, also we respect the approach of Vitalik Buterin (That we have met so many 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 – next generation spot and margin trading platform by the PLATINUM Q DAO ENGINEERING team. It is the first Strategic business partner of USDQ/KRWQ stablecoin that is based on a DAO technology. All pairs will be listed with USDQ/KRWQ. BTCNEXT customer service will be happy to answer all of your questions.
Eunchae thanks readers for their time and welcomes to continue the conversation in her personal Telegram or LinkedIn. Upcoming startups can learn from first-line responders about quality and efficiency the team offers. Eunchae is fascinated with Q DAO ecosystem’s plans to roll out stablecoins for a line of major fiat currencies, such as JPYQ, KRWQ, SGDQ, HKDQ, CNYQ, RUBQ, seeing high potential for attracting hedging and margin trading communities. Reach out to Platinum Q DAO Engineering directly on Telegram or Facebook for a free consultation. Find support for your IT.
This overview may not be fully exhaustive and does not assess the viability of any project, nor its team legitimacy. Readers should conduct their own due diligence before using or investing in any of the listed Stablecoins. This article represents the author’s opinions only and should not be considered investment advice. All described functionality in the article is still under development, it can be changed/processed. Please follow us for the updates.