Here are the problems that Crypcore is going to provide solutions to through their cryptocurrency collateralized stable coin:
Currently, the issuing organizations have so much power when it comes to stable coins because they can easily and effectively take the coins out of the circulation at any time. This excessive power is however not going to be present on Crypcore because of the technology which the system is going to be based on. This will bring back user convenience because they will be assured of trading with the Crypt stable coin without the fear of it being removed from the circulation without their knowledge.
Stable coins have one major problem which is the fact that they are issued in the same way that fiat currency is issued by central banks. This is an issue because with such over-issuance, these stable coins are vulnerable to being over issued as well as being subject to inflation. Crypcore is, however, going to be a very transparent ecosystem. The quantity of Crypt stable coins in circulation is going to be determined by the emission logic of the cryptonote protocol and every user of the platform will be able to view this.
The current stable coins in the crypto market are fiat pegged and they are usually highly regulated and controlled by banking institutions. There are some major constraints on such stable coins which are a hindrance to traders who should have full control over their trading activities according to the core principle of cryptos and blockchain technology. Crypcore is, however, going to provide the masses with a crypto collateralized stable coin which means that the users will have control over their funds and activities on the platform, thanks to decentralization.
In case a trader wants to liquidate stable coins currently, the process is not only slow but also very expensive. The reason for this is because with stable coins being fiat pegged, most stable coin providers require a trader to wire their money to their account which in turn incurs bank fees which in most cases are high. Purchasing is also a slow process because at the time a trader is required to undergo Know Your Customer (KYC) procedures and transfer money which as we all know can take even days. Crypcore is, however, planning to offer crypto traders a stable coin which is crypto collateralized thus eliminating banks and all the above delaying processes.
There is crypto collateralized digital asset called Maker Dai which in spite of it solving price volatility issues, traders have a hard time comprehending how it functions. A regular trader might find it hard to understand the terms used which are usually very complex. Crypcore is, however, going to be easy to use the platform because it is going to implement a very simple solvency equation system which is going to have easy to comprehend parameters and equations.
Stable coins also currently offer very poor anonymity but Crypcore is going to offer high anonymity because it is forked from Monero, the best asset in the crypto market when it comes to privacy.
Crypcore is going to offer the best features and services which are going to help solve problems that are currently plaguing stable coins and you should make sure to be a part of this revolution.
For more information, please visit:
🔗 Website: https://crypcore.com/
🔗 Whitepaper: https://crypcore.com/crypcore_whitepaper_version_1.pdf
🔗 Telegram: https://t.me/crypcore_group
🔗 Facebook: https://www.facebook.com/Crypcore-106479097438958
🔗 Twitter: https://twitter.com/crypcore1
🔗 Reddit: https://www.reddit.com/user/crypcore
🔗 Bounty: https://t.me/https://t.me/Crypcore_bounty
★ Author: jamesndungu1
★ BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1856049
★ Images credited to Crypcore