Cryptocurrencies triggered a revolution that led to the reinvention of the global payment system. The likes of Bitcoin and other alternative coins (altcoins) ensured that users could make online payments at certain places using digital assets.
As thrilling as this prospect sounded, it had been a long walk to freedom a decade after the launch of these currencies. Now, it is an arduous task for the users to facilitate transactions beyond the digital sphere. That is because cryptocurrencies have limited significance in the real world, primarily because of their volatile nature.
In light of that, the Q DAO platform was launched as a dedicated approach to improving the fortunes of these assets. So, sit back as we take a review of the platform and its potentials in reinventing the current issues.
The Concept of Stablecoins
Stablecoins are the direct contrast to traditional crypto coins. They are so-called because they tend to survive or scale through the volatile market. Besides, having a stablecoin empowers you to transact on the crypto-sphere without giving much thought to the fluctuating market.
A Platform for Generating Stablecoins
It is on the premise of this stability of crypto coins that a group of blockchain enthusiasts under the aegis of PLATINUM ENGINEERING developed the Q DAO platform. The latter is designed to be the one-stop platform for users that intend developing stablecoins.
To that end, it wouldn’t be out of place to posit that the era of volatile crypto markets is about to get challenged. The platform we have here, alongside its key features, promises to restore the hope of the average crypto enthusiast in the decentralized financial community.
Let’s quickly go through some of the properties of the platform to help us understand its potentialities in the current formation of cryptocurrencies.
Bitcoin (BTC) Collateralization
There's no gainsaying that Bitcoin (BTC) is an enigma when it comes to crypto coins. For a decade after its launch, the currency had been able to weather the storm and remained tops on the trading table. That does not in any way, signify that the coin is stable. Bitcoin still has its lapses but is the favourite of many.
Now, Q DAO users are empowered to use Bitcoin (BTC) as the sole medium for generating stablecoins. In that regard, users should have a specific amount of the coin or its corresponding value to the stablecoin(s) they want to create. Hence, Bitcoin (BTC) becomes the collateral or the medium of exchange that would be used to develop stablecoins, such as the USDQ and KRWQ.
It's worth mentioning that stablecoins generated via the Q DAO platform would be compliant to the ERC-20 Ethereum token standard. That empowers the users to deploy the coins for different purposes, including trading them on supported exchanges and using them as payment tools in designated online marketplaces. Also, the coins can serve other traditional purposes attributed to cryptocurrencies.
From a clear indication, the stablecoins generated via the Q DAO platform would be pegged to their fiat counterparts. For instance, the USDQ, which is one of the first variants developed on the platform, is pegged to the United States Dollars (USD). The same applies to the likes of JPYQ and CNYQ that would be developed in the future.
Stablecoins are a great way to maintain the value of cryptocurrencies, especially when the market gets bearish. Therefore, the application of the Q DAO platform in the crypto-sphere is a significant step in the right direction. Through the medium, the crypto community would once more, have faith in using their crypto coins for transactions.
Finally, the stablecoin development structure of the Q DAO platform could be a significant move that would usher stability in the prices of crypto coins. That would, in turn, trigger the massive adoption and mainstream of digital assets (cryptocurrencies) for fiat/real-world transactions.
Written by cryptoboss255
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