Why we don’t need failed fiat stablecoins like USDT? Developers from Platinum Q DAO shares a secret of creating definitely reliable stablecoins like USDQ, KRWQ, CNYQ and JPYQ

Haleel Risthisen is an active member of crypto community who has contributed extensively to emerging blockchain-based solutions. She currently works as a Blockchain Engineer at Platinum Q DAO Engineering, leveraging her skills in cryptography and DLT to help develop USDQ, a fully decentralized stablecoin for easy Bitcoin collateralization.

Accustomed to agile and SCRUM environments, she combines a platform-level architecture mind and ability to discern lower-level challenges and bottlenecks, always ready to consult customers on the journey ahead and choices available. Dedicated to delivering superb UI/UX, Haleel works closely with front end development sub-team, smoothing out kinks in implementations, shipping pixel-perfect and usability-first deployments.

Introducing the first stablecoin of Q DAO ecosystem – USDQ:

  • 1 USDQ = $1
  • Q DAO helps maintain USDQ at $1 by means of a collateral guarantee and pricing system. This collateral guarantee is itself managed by holders of Q DAO.  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.
  • Q DAO holders will always have the chance to buy any debt or collateral guarantees.
  • The system is protected by Global Resolution. 
  • Decentralized stablecoins are needed for the prosper of the crypto market.

  Sure, we understand that when you think about some of the information about how USDQ works it may seem a bit too complicated and complex. This is even more evident if you don’t have any technical background. 

What’s exactly the product of Platinum Q DAO Engineering?

Instead of focusing on who Platinum Q DAO Engineering  is we should first start to outline what kind of product the company has created. The product in question is called USDQ.

USDQ is, indeed, a stablecoin. Today, the concept and uses of a stablecoin are well understood. In simple words, it’s a blockchain cryptocurrency (like BTC or ETH) but that has a pegged value in relation to the U.S. Dollar. In short, one USDQ is the same as one dollar. 

But there seems to be lots and lots of stablecoins recently. What’s so different about this one? If you are thinking about stable assets like Tether (USDT) you are most familiarized with coins that maintain their peg to USD by keeping fiat money in their actual bank accounts. These types of companies issue their own cryptocurrency tokens backed by these real-life dollars. We can refer to this kind of stable coin as a legally-backed cryptocurrency because, if you think about it, those bank accounts could be frozen at any point and if that happens the stablecoin becomes a note of debt on whatever is remaining if and when the bank accounts are unfrozen again. Nevertheless failed Tether example showed that the scammy nature of creators of USDT can spoil the whole idea. Frankly,  You are basically depending on an intermediary that will arbitrate on what you should receive in these fatal scenarios.

There has to be a better way. There is, with USDQ.

USDQ is a stable asset cryptocurrency whose USD-pegged stability that does not rely on any specific blurry legal system or intermediary counterparties.

Final Thoughts

The USDQ stablecoin a particular stable coin built on collateralized value. This means that it will be set apart from other stablecoins and could even help improve the chances of general mass adoption. 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 – their technologies should be a reference for creating any decentralized stable coins.

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.

# Q DAO diary { dev.day: 397, round: 2, 27 days until ieo#3, Q DAO price: $26.77 }

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Summary
Why we don’t need failed fiat stablecoins like USDT? Developers from Platinum Q DAO shares a secret of creating definitely reliable stablecoins like  USDQ, KRWQ, CNYQ and JPYQ
Article Name
Why we don’t need failed fiat stablecoins like USDT? Developers from Platinum Q DAO shares a secret of creating definitely reliable stablecoins like USDQ, KRWQ, CNYQ and JPYQ
Description
Haleel Risthisen is an active member of crypto community who has contributed extensively to emerging blockchain-based solutions. She currently works as a Blockchain Engineer at Platinum Q DAO Engineering, leveraging her skills in cryptography and DLT to help develop USDQ, a fully decentralized stablecoin for easy Bitcoin collateralization.
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Platinum Q DAO
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