USDQ - Decentralized Stablecoin Solution For All

rohiit (43)in #cryptocurrency • 5 years ago

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The creation of blockchain has disrupted all the existing technology. Since 2008, the Bitcoin has amazed the world with it's capability to replace the existing financial system. Cryptocurrency provides instant money transfer with low commission. Thus, cryptocurrency eliminates every country restrictions and provides seamless payment services. The price volatility of crypto is more than any other financial entity. This attracts more people to earn profit within a short period of time.

But on the other side this volatile nature is hindering the growth and mainstream adoption of cryptocurrencies in micro payment solutions. The extreme price fluctuations is not at all suitable for merchants and business owners to accept crypto as a payment.

Thanks to the creation of stablecoin, which provides the benefits of cryptocurrency without the drawbacks of volatile nature of crypto. Stablecoins helps to bridge the gap between Fiat and crypto. Today there are many stablecoins present in the market such as USD Tether, TrueUSD, Gemini USD, USD PAX etc. All these stablecoins are pegged with Fiat currencies but the exact pegged ratio is fully non transparent which raises a question over their issuance. The recent controversy of Tether proves that the stablecoin in which we believe strongly are not trust worthy. Tether is claims that it is completely backed with USD but in reality it is not completely backed with 1:1 ratio with USD. Surely we can say that, these stablecoins are not completely transparent in their operation.

What is USDQ?

USDQ is a fully decentralized stablecoin from PLATINUM ENGINEERING team. USDQ utilizes special algorithms to offer complete stability and reliability to users. USDQ is 100 percent backed with USD with 1:1 ratio. The project team uses Q DAO token for every internal operations.Q DAO is a governance token which helps for development process through holders voting. Q DAO token price is fluctuating and it's price growth motivates the holders.

Benefits of Q DAO

The USDQ team uses Collateralized Debt Contract (CDC) mechanism for the creation of new USDQ coins. For example, if a user wants to create USDQ tokens, then he need to transfer Bitcoins to the smart contract. The smart contract creates equal amount of USDQ tokens for the amount of Bitcoin value. And if the user wants back his Bitcoin's then he need to again return back the USDQ tokens to the smart contract. Upon receiving the coins, the smart contract destroys the USDQ coins and returns the Bitcoin to the users account. This mechanism is works completely transparent and eliminates any possibility to create any fake USDQ coins.

The transparency and openness of USDQ brings trust in its operation and utilization. Thus a true USD pegged stablecoin will help the grow and adoption of cryptocurrency in the mainstream sector. People can now utilize crypto payment solution in their everyday activities.

PLATINUM ENGINEERING is successfully providing technological solutions worldwide. It has helped more than 150 cryptocurrency projects to grow. Thus the capability of Platinum engineering assures the success of USDQ in the crypto market.

Soon USDQ will be pegged with other country Fiat currency