Let's Discuss The Most Common Questions Asked About Quintric
You may have heard about Quintric on Crypto Connie, Blue Rock Talk, or various Telegram chats. We thought it may be helpful to anyone interested in Quint to collect all the frequently asked questions in one article and clear up some common misconceptions.
What is Quintric?
Quintric is a real-time institutional grade cryptocurrency and legal tender backed by gold and silver. It’s one of the first systems to tie legal tender, precious metals, and cryptocurrency into one patent-pending medium of exchange.
What problems does Quintric seek to address?
Quintric is a response to the current flaws and shortcomings of the existing monetary system worldwide. These include:
- Unchecked inflation of fiat, debt-based money supplies spurred governments and government-backed entities
- Precarious fractional reserving practices of traditional financial institutions
- The absence of ease and finality in completing monetary transactions
- Diminishing financial privacy
- Disappointing lack of transparency.
In terms of the cryptocurrency industry, Quintric addresses:
- Wildly speculative volatility/instability
- Unwieldy, prolonged crypto settlement times,
- Adverse tax treatment
How will Quintric address these issues?
By providing a token that is:
- Stable and resistant to inflation and volatility
- Legally backed by government
- Highly transparent to consumers
- Settles much faster compared to competitors
- Maintains an inherent value outside of the cryptosphere
What are the different coins by Quintric?
There are four main Quint tokens, each backed by precious metal, subject to 100% reserve ratio, and meets the highest standards of vaulting accountability.
Quint
Each quint token equates to five U.S. gold cents held by The Quintric Corporation. Tokens are payable to the bearer on demand in one-ounce U.S. American Eagle or Buffalo gold coins (at 1,000 Quint per coin). Tokens are not capped except by the quantity produced by the U.S. Treasury.
QuintS
These Quint tokens are backed by five U.S. silver cents held by The Quintric Corporation. Each token is payable in one-ounce, U.S. American Eagle silver coins, at 20 QuintS per coin.
Does Quint support International Gold?
Quintric also offers international tokens, known as iQuint and iQuintS (referred to as “iQ tokens”). The conversion rates are the same as Quint and iQuint, and follow the same vaulting and auditing methods.
iQuint
International Gold Quint is an uncapped cryptocurrency backed by Briefne’s coin of the realm, as well as five other legal tender gold coins: Canadian Maple Leaf, Austrian Philharmonic, Chinese Panda, British Britannia, and Australian Kangaroo. iQuint is equivalent to any one of these coins by tendering 1,000 tokens per government issued coin. For the Breifne QuintCard (available in one, five, and twenty-five iQuint denominations), only one token is necessary.
iQuintS
International Silver Quint is also uncapped and backed by the same five legal tender gold coins, and Briefne’s coin of the realm. iQuintS is redeemable by tendering twenty tokens per government issued, one-ounce coin, or as one token for Briefne QuintCoin available in one and five iQuintS denominations.
What is QuintX?
QuintX is a special type of pre-sale coin made available to a select group, including Quintric’s development team, and beta testers.
When will Quintric launch?
Quintric will first conduct an internal test to ensure a robust system and consistent volume. Pre-launch promotions are available for certain screened individuals. The global launch is currently set for July 4.
What makes Quintric different from all other gold-backed cryptocurrencies?
In short: its legal tender status. Quintric tokens are payable on demand in precious metal legal tender coin, which is available at official retail exchange rates from the United States Mint.
In addition, no other metal-backed cryptocurrency has BitShares blockchain foundation, which allows for rapid and secure transactions.
Which blockchain will Quintric run on?
Quintric will run on the BitShares blockchain. With its state-of-the-art Graphene technology, the BitShares blockchain is capable of processing 1,000 transactions per second- almost 50 times greater than Ethereum or Bitcoin. This makes Quintric lightweight as a medium of exchange, while retaining the utmost security measures.
How long do Quint transactions take to settle?
Three seconds. Seriously. We realize that for Quint to be successful, it needs to have a solid blockchain foundation for transactions and trades. BitShares allows each transaction to complete in seconds, so you can have peace of mind that the value you request when you trade is the value you receive.
Is there a limit to the amount of gold that can be used to back the cryptos?
According to the Quintric team, the main depository can hold a value of up to $4 billion worth of gold. Once that overflows, they will consult with other depositories in Dubai, China, and other locations.
When will Quintric come to Coinbase/Binance/(insert crypto exchange of choice here)?
There are no current plans to release Quint on those exchanges, although we do hope to see that happen someday. We want to ensure that our closed release goes smoothly before opening it up to the larger public.
What do I need to invest in Quint?
For Quint to maintain its legal status, we have to comply with Know-your-customer (KYC) and Anti-money Laundering (AML) regulations. You can learn more about them here, but all you have to understand is that in order to comply with government regulations, Quintric requires the collection of basic identity information, including proof of ID, social security, and banking information. Regulations may vary from country to country.
Can I buy Quint with a debit card?
Yes! In fact, there are several ways you can purchase Quint. You can wire transfer money through your bank, use a debit or credit card, or convert bitcoin and other cryptocurrencies into BTS. We want to make sure the process is as easy as possible.
Do I need to be accredited to buy Quint?
You do not need to be accredited to invest in Quint.
If I own gold/silver can I deposit it to the Quint vault and receive quint tokens in return?
As mentioned by Stan in a Crypto Connie livestream from Greece, you cannot reverse the process. In other words, you cannot deposit gold and get Quint. Vaulting is an intensive process with specific requirements- it involves a lot of manual labor and scrutiny. Most customers don’t like coinage that has fingerprints or wear and tear on it, so Quintric maintains quality by ensuring only trusted professionals are handling the supply.
The government has not been friendly to gold or silver in the past. Will cryptocurrency change that?
It’s difficult to say- the government has a tendency to establish and enforce laws without the consent or will of the people. But we’re optimistic. Legislators are pushing for new laws in Wyoming, Utah, Kansas, Alabama, and other states, seeking to make gold a currency alternative once more.
Quintric is safe- the system itself is not a new form of currency, but an “ownership management layer” on top of the existing gold in circulation.
The author is not an attorney or financial advisor. The author would like readers to note that he is a co-founder and board member at the Quintric. None of the content presented should be construed as investment advice or as legal advice.