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.
Reasons to Call USDQ/KRWQ a Paradigm Shift
If you are a newcomer to the crypto world, you might be surprised that all of these statements below are completely true with regard to USDQ/KRWQ:
- USDQ has a soft peg to $1 or and KRWQ to Korean Won, which means that its prices is almost always equal, deviating by just a couple of cents from time to time
- People can transfer USDQ or KRWQ tokens (which are ERC20 tokens) across the globe, without any huge fees as it used Ethereum ecosystem or restrictions whatsoever
- Anybody can use these tokens, provided that they have a smartphone or PC, Internet connection and a free Ethereum wallet installed
- Transfers get processed without any intermediary in place (like PayPal)
- USDQ/KRWQ is not controlled by a CEO or a company, it’s fully decentralized
- No government can shut down the system or disrupt its operations
- In this way, USDQ/KRWQ acts as an enabler for several capabilities that just weren’t possible before the advent of the blockchain.
And transactions are for trade, right? So, let’s make it clear here — I’ve heard from so many merchants and entrepreneurs of all types that they would love to use crypto in their operations, but it’s Goddamn volatile. Well, USDQ/KRWQ isn’t. It’s as stable as USD. So, the next time anybody says to you that crypto is too volatile, you can “not-so-fast” them then and there. It’s easy for a merchant to receive a payment in USDQ/KRWQ for, say, furniture, ship the same to the customer and record transactions in their accounting software.
And customers, on the other side, don’t have to stress over the possibility that the crypto they’ve spent today may moon to 100K tomorrow. It won’t. It’s a USD or KRW and other stable fiat currency, but on the blockchain. While both merchants and customers enjoy the perks that the cryptocurrencies offer, they don’t have to deal with the volatility coins are notorious for.
It’s true that cryptocurrencies are gradually getting embedded in the economy all around us. For instance, today, merchants can install the software and hook up to BitPay, a payments processor. This enables merchants to receive payments in crypto and, thus, offer more payment options to their customers. Though it’s a convenient option, it’s the same business as usual. BitPay is a centralized agent who can shut you out at any moment and at their own discretion.
As compared, when merchants use USDQ/KRWQ, they transact directly with the records being stored on the blockchain. There’s just no need for any third-party intermediaries to “help” businesses do business. Of course, some assistance might be needed with installing new software, training employees or maintaining the system, but there are no intermediaries on the permanent basis. Nobody will ever be able to say that a particular merchant can’t connect to the system.
I bet that some of you might be thinking that USDQ/KRWQ is too late on the market. There’s already coins like Tether, Gemini and others. But the problem with all of those tokens is that they are heavily centralized. The latest events with regard to Tether give you a pretty good idea that centralized systems will always try to do something “funny” and tell you how to spend your money and live your life. I am not a communist, and they are not innately evil. It’s just how it goes whenever you see centralization expanding over a system.
USDQ/KRWQ is a new breed of stablecoins. It’s completely decentralized. All of its components reside on the blockchain. There’s a minimum level of centralization.
This is the first part of our guide. Please find the next 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.
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)
Dive in Official Kakao Talk to ask questions in Korean directly to Platinum Q Dao management team.