This article was provided by Ivan Borisov, Blockchain Engineer at Platinum Q DAO Engineering. Working together with highly experienced designers, front-end/back-end developers, auditors, and strategists, Ivan is responsible for architecting reliable and scalable blockchain solutions. He always strives to gain a deep understanding of underlying business logic, so that the delivered DLT-driven systems help strengthen the overall customer’s strategy, effectively integrating with other facets.
For the past 3 years, Platinum Company became the biggest Listing Broker in the world: we have listed more than 300 projects on Top Exchanges and supported Market Making for more than 70 projects.
Platinum STO/ICO fundraising dashboard and tokenization platform are now installed to 30+ projects, and it has helped them to raise more $350,000,000
In Platinum Q DAO Engineering we are creating a lot of cool stuff:
BTCNEXT — most secure, compliance and regulated exchange, built by traders for traders;
Decentralized stablecoins KRWQ, USDQ, JPYQ, CNYW (we are second Stablecoins DAO after Maker DAO)
Read this article and start learning about a decentralization wave, currently disrupting stablecoins.
Why do you wonder?
Well, simply because Tether is one of the most used stablecoins in the world. With 2 billion in circulation, you might think that’s it, that’s the best solution. But you’d be wrong. There’s so much controversy about Tether (USDT), legal risks for the company where reserves live (Tether Limited), grayness about the team behind the project… People are genuinely concerned with parking their worth in Tether (USDT).
Anyway, a foreground in Tether is essential to understand USDQ.
To get down to the basics of it, let us first understand what Tether is.
What is Tether?
Tether (USDT) is a digital currency that has fiat collateralization. Tether’s value is assigned to the value of the US dollar. The concept behind Tether was the creation of a stable and secure digital cryptocurrency that would emulate the US dollar and could be used as one in the digital realm. Digital coins that fulfill the properties of a dollar substitute are termed as “stablecoins.”
According to their site, Tether converts cash into digital currency, to anchor or “tether” the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen.
Stablecoins collateralized with fiat are the accessible way for the creation of a stable currency. A set amount of fiat currency is assigned as collateral, and digital coins are then issued in a 1:1 ratio against this currency. This procedure requires regular auditing and a custodian to make sure that the stablecoins are redeemable and collateralized.
Some of Tether’s Vices
Every good thing comes with its own share of problems, and Tether is no exception. There are many problems with Tether, and the most notable ones are listed below:
#1 Centralization by Bitfinex
The parent company of Bitfinex runs Tether. Since Tether is collateralized with USD, a centralized asset, this leads to Bitfinex gaining a considerable dominance in the market, thereby centralizing the asset.
#2 Transparency
The most concerning issue with Tether is its lack of transparency displayed towards its users. Tether currently has a recorded circulating supply of 2,207,140,814 USDT which is about $2,207,140,814. It is quite hard to believe the figures since Tether doesn’t have $2.2 billion to its name. The heads at Bitfinex and Tether have refused to publicize their bank credentials which increase the doubts.
#3 Bitcoin Price Manipulation?
Tether has been accused of manipulating Bitcoin’s value in the past. A report analyzed Bitcoin prices for a set period and found some shocking results:
· The first thing they found out was that close to almost half of Bitcoin price surges happened within 2 hours of Tether delivery.
· The report also stated the undeniable fact that Tether is manipulating the price of Bitcoin in the market.
· It also stated that about 80% of Bitcoin’s current market value is sourced out from Tether’s price manipulation.
Needless to say, Tether comes with its own share of problems that are quite hard to overlook. Moreover, users are in need of a stablecoin with the added perks of Tether’s accessibility but without all the inherent disadvantages.
In comes USDQ.
Now, the question arises:
What is USDQ?
Platinum Q DAO Engineering is the creator of the USDQ stablecoin. USDQ allows its users to collateralize their cryptocurrency thereby, guaranteeing its minimum value; a feature unavailable with Bitcoin and Ethereum. USDQ users can rest safely against the volatile tendencies of the market, as it is pegged with the US dollar; therefore, it is valued at 1 USD, just Like Tether.
KRWQ is another Q DAO family stablecoin by Platinum Q DAO Engineering, KRWQ is pegged to Korean Won. Soon there will be even more fully backed stable coins: JPYQ, SGDQ, HKDQ, and CNYQ, all under Q DAO brand.
Let’s meet the creative heads behind Platinum Q DAO Engineering.
Platinum Q DAO Engineering comprises of a team of highly skilled and experienced professionals from around the globe. The company has been hugely successful in global domination with several representatives spread worldwide.
Platinum Q DAO Engineering is a global leader in tech, advisory, and marketing services for blockchain projects. Employing over 100 specialists, it has helped to raise in excess of $200 million for many projects. It is also the largest listing service provider for STO, IEO, and ICO projects.
The Tokens
A full understanding of the USDQ stablecoin is effective only when we study the other tokens on the ecosystem. The Q DAO Ecosystem comprises two coins: Q DAO and stablecoins family USDQ, KRWQ and others.
Q DAO: the creation of Q DAO was factored to govern the ecosystem and to pay fees inside the ecosystem.
USDQ: USDQ is a decentralized stablecoin backed by bitcoin. It functions by using algorithms and is pegged to USD, that is USDQ 1 = USD 1.
Conclusion
The first part of our guide talks about the necessity of stablecoins. Please find the next parts via the web or in the blog. Platinum Q DAO Engineering comprises of an excellent team fluent with the market runabouts and adept at upholding the spirit of decentralization. Decentralized tokens like USDQ and KRWQ from Q DAO family of stablecoins could bring about the globalization of cryptocurrency in the near future.
BTCNEXT Exchange is a next generation spot and margin trading platform by the PLATINUM Q DAO ENGINEERING team. It is the first Strategic business partner of USDQ stablecoin.
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.