PLATINUM ENGINEERING team announced the reveal of the smart contract to govern the independent one-of-a-kind decentralized stable assets USDQ and KRWQ. The stable coins USDQ and KRWQ are fully backed and correctable by bitcoin and in the near future other top 10 cryptocurrencies serving as a fully functional asset pegged to the U.S. dollar and the Korean Won in a 1:1 ratio. The full smart contract of USDQ can be found on the official Ethereum network (KRWQ passing due diligence in testnet). The USDQ and KRWQ are an Ethereum tokens written according to the ERC-20 protocol, and since there is no central authority in charge of issuing the coin, it is considered as decentralized since opposed to other stable coin competitors around. It can be stored on any ERC20-compatible wallet, like MyEtherWallet or Mist. Users can now trade USDQ , KRWQ and the governance Q DAO token on BTCNext.io, a popular crypto exchange. It’s convenient that all trading pairs at BTCNext.io will be listed with USDQ as the basic currency.
KRWQ, USDQ & Smart Contract Features
KRWQ and USDQ tokens are a stable asset that can be used to hedge against the high volatility that most cryptocurrencies experience. KRWQ and USDQ smart contracts are an important piece of the stable coin’s ecosystem. The function of issuing each token is governed by this computer code. First, the smart contract will use parameters such as the collateralization proportion that determines the number of bitcoins needed for issuing one USDQ or KRWQ token. With this mechanism, no USDQ / KRWQ tokens are ever issued without proper collateralization. The smart contract also ensures that each collateralized position, known as Collateralized Debt Contracts (CDCs), has in accordance with the rules of each transaction. For instance, it follows the amount needed for the CDCs to be considered fully repaid, as well as taking the obligation of receiving back the USDQ (or KRWQ) when the collateral is released and destroying them out of circulation.
One of the most important functions of the USDQ and KRWQ smart contracts are hosting auctions to quickly stabilize the price and value of the collateral locked for USDQ and KRWQ. This is a measure that takes place when the value of bitcoin and other cryptocurrencies goes down past a global target price defined by the Q DAO governance system.
KRWQ / USDQ Technology
The Platinum Q DAO engineering team is the main developer of this stable asset, however, past the initial development USDQ will only be issued by the smart contract. This smart contract contains all the rules and governance requisites of the independently-led community called Q DAO. This group is comprised of Q DAO token holders themselves. The technology of USDQ / KRWQ allows it to become a digital option to transfer value instantaneously anywhere in the world. And because it is fully collateralized by bitcoin, USDQ and KRWQ offers a highly liquid, digital alternative to cash with the purpose of making 24/7 instantaneous transaction settlement online.
The PLATINUM ENGINEERING team argued the need for the KRWQ and USDQ stablecoins by stating:
“We wanted to take a step towards challenging and reinventing the market for stable coins. So far, most stable asset choices for users are legally-backed crypto that people must ultimately trust with centralized parties having enough fiat on their bank accounts to back up each stable token. We find this system to be highly inefficient and open to possible manipulation (and Tether USDT is a best example of it).
That why USDQ and KRWQ are a natural answer to this issue. We are certain – people will adopt it quickly.”
KRWQ / USDQ stablecoins
The KRWQ / USDQ stable asset are a possibility even for decentralized exchanges as now they can easily adapt and choose over popular stable coins that are working on self-audits and less than transparent methods of issuing their centralized stable currency. The need for non-volatile assets in the crypto market can now be satisfied with a reliable option which is fully backed by other cryptocurrencies.
BTCNEXT – is a next-generation spot and margin trading platform. The exchange is designed for the beginner and delivered by experts. In order to protect investors’ funds, BTCNEXT developers have implemented more than 300 security measures. In the near future, users will be able to trade over a hundred types of tokens. And, on top of that, traders can connect to an API service, automating lots of their routine operations.
About PLATINUM ENGINEERING
KRWQ and USDQ are brought by the PLATINUM ENGINEERING team, as a measure to develop a high-endurance stable coin that uses innovative solutions in collateralization, price stabilization mechanisms, and oracles. The team plans to support a wide array of stable coins with pegs to other fiat-based currencies such as the JPY, KRW, SGD, HKD, CNY, RUB all under the Q DAO brand.
Visit https://platinum.fund/usdq/ for latest updates about KRWQ and USDQ.
Visit 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.