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.

USDQ/KRWQ: Generation Procedure

So, USDQ/KRWQ is just loan for your BTC. You “pawn” (aka “collateralize”) some of your Bitcoin within the smart contract here and, in exchange, you get USDQ/KRWQ.

During the generation procedure, the system records the receipt of your Bitcoins and generates the respective amount of USDQ/KRWQ units. It transfers them to you. So, the system can’t generate USDQ/KRWQ tokens just because somebody wants it to. This is how it’s different from conventional national economies where federal banks print money whenever they want to.

So, if anybody — for instance, a system’s developer — wants to get some USDQ/KRWQ, they need to interact with the smart contract. And the smart contract will need some of that tasty Bitcoins before it can create the so-called “Collateralized Debt Position”. Nobody can just ask the smart contract to print some money.

And since USDQ/KRWQ is a standard ERC20 token, you are free to use it the way you see fit. Spend it. Send it to your friend. Give it to me. Anything is possible.

Why would anyone want to spend time generating USDQ/KRWQ? You can buy it on an exchange, right?

Well, that’s exactly the point. 99% of users will never invest time and effort into actually generating USDQ/KRWQ at the Q DAO Platform. It’ll always be easier for them to just buy and sell it on the exchanges.

But, for certain groups of users, generating USDQ/KRWQ makes pretty good sense:

getting a loan in a stable currency is made very easy — you just buy Bitcoin and get a loan here
margin trading works well too. Let’s imagine that you believe that BTC will grow. You lock BTC into the smart contract and generate USDQ/KRWQ. Then you use that USDQ/KRWQ to buy even more BTC. Now, you have 1.6x of your original position. This is margin trading. Importantly, you are doing it all on your own. There are no banks, auditors and generally people who might decide whether you can or can’t do this.
arbitraging. Let’s imagine that you see that USDQ/KRWQ is getting higher than USD KRW. Say, by 2–3 cents. At that very moment, you can go to the platform, generate USDQ/KRWQ and immediately sell the same USDQ/KRWQ for a higher price. In this way, you are basically getting a free profit. That’s how the system incentivizes market participants to increase the token’s supply whenever it goes above the $1 or 1 KRW peg.
I am convinced that the cumulative effect of these three use cases will bring the long-term sustainability for the platform in the years to come, making sure that USDQ/KRWQ is consistently generated in the quantities needed to satisfy the currently existing demand.

Bottom Line

This is the third part of our guide. Please find the other 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.

99% of users will never interact with the system directly, but they’ll just buy USDQ/KRWQ tokens at exchanges. They’ll guide their decisions by trust in the system. However, I am sure that anybody who has time and desire can understand the inner workings of the system since it’s completely open source with tons of explanations and code available in Google.

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)

Visit now Official Telegram chat in Korean or in English to learn about the latest development hacks.

Dive in Official Kakao Talk to ask questions in Korean directly to Platinum Q Dao management team.

Q DAO diary { dev.day: 380, round: 1, 14 days until ieo#2, Q DAO price: $2.539 }