When i first came across USDQ, the first thing which came to mind was 'is it another Tether? Well I'm sure you are wondering too, I'm going to explain further what this platform and token is all about.
Firstly, let's talk about Stable coin. A stable coin is any cryptocurrency that's pegged to a any stable asset like fiat currency or uses elastic supply to provide and maintain stability. Stable coins have arisen to stabilize the value of cryptocurrencies which is fixed, providing short-term type of stability for daily use and long stability for holding to encourage widespread usage. For a stable coin to be pegged to a fiat currency, there must be an absolute equal reserve of fiat currency for every issued 'crypto coin'
Overview of QDAO
USDQ is a known cryptocurrency stable coin just as we know Tether 'USDT'. This primarily implies that its worth is stable or “pegged” to the US dollar. The Q DAO platform is known as a smart contract platform designed on the Ethereum blockchain. The good contract mechanism used is noted as Collateralized Debt Contract.
The value of the USDQ stable coin is joined to the Q DAO smart contract platform making use of the Collateralized Debt Contract [CDC]. This implies that anyone will prefer to use their own assets, during this case, bitcoin with other crypto assets to be added in future, as collateral that works as a guarantee.
This is created attainable by the smart contract platform. The collateral assets will be locked when being deposited into the Q DAO smart contract platform and permits the owner to come up with USDQ stable tokens reciprocally whereas at a similar time making debt for the owner.
This debt is critical as it will help to keep up the collateral within the smart contract till it's totally repaid by the number of USDQ tokens it originally generated. Once the compensation happens then the owners of the collateral will withdraw and receive their collateral back.
Stablecoins offer absolute freedom to each user because they're not controlled by governments or central establishments. It being scalable, very much effective and transparent makes it so unique hence the Platinum Q DAO's team do believe that USDQ , KRWQ and the other stable coins which would be linked to the Q DAO ecosystem will definitely revolutionize the crypto space being the golden one.
Q DAO Ecosystem's coins
Q DAO: This was factored to control the system and to pay fees within the system. Q DAO is within the smart contract system which works with USDQ, KRWQ, JPYQ, CNYQ and several others. They aim to become a hedge system which would help traders keep stability in regard to several other coins presently on the crypto market.
USDQ,JPYQ, KRWQ and others are decentralized stablecoins which is backed by bitcoin. This function by usage of algorithms and they are pegged to USD or appropriate fiat currency, that is USDQ 1 = USD 1, KRWQ 1 = KRW 1 , etc.
Conclusion
The challenges which crypto sphere face is mostly the volatility which would be solved by QDAO ecosystem due to the fact that they are stable coins. The stablecoins is pegged with BTC and safely stored with the wallets which are linked to the smart contract. Users can hold their USDQ and maintain it's stability without having to worry about losing their fund. Also the crypto sphere need a stable and secure blockchain ecosystem which would connect different stable coin together, that way users will know their assets are safe and stable
For more information about the project, kindly go through the links below especially their website and whitepaper
https://t.me/Platinumq
https://usdq.platinum.fund
https://twitter.com/platinumqdao
https://medium.com/platinum-fund
https://usdq.platinum.fund/onepager
https://www.facebook.com/FundPlatinum
https://github.com/Platinumengineering/USDQ
https://www.reddit.com/user/Platinum_QDAO
https://www.linkedin.com/company/platinum-co
https://open.kakao.com/o/gfFhY2mb
https://www.hotbit.io/exchange?symbol=USDQ_USDT
Author: tinakoya