Platinum Q DAO (USDQ): a truly decentralized stablecoin for all

Bitcoin and other cryptocurrencies have grown and generated a lot of interest in recent years. It has seen a lot of influx of new entrants into the space, many with very little understanding of one of the most basic feature -decentralization, which eliminates the need to trust in third parties to establish trust and also improves security. Every thing is visible to all who are connected to the network(blockchain).This is crucial since trust is the foundation for meaningful transactions.It therefore suggest that projects which lack decentralization would be lacking in transparency (prone to fraud) and security.

Stablecoins need to be decentralized

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Stablecoins are coins designed to retain fixed value (or with very slight changes) and are mostly used as a means to hedge funds against volatility of cryptoassets. They are often backed by fixed assets such as gold,fiat bank deposits or assets that are outside of the blockchain and will need some form of third party validation to establish trust. Two problems are easily identifiable here:

1. They need third-party to verify and validate the existence of the underlying assets, such lack of transparency give room for possible fraud.
2. The redemption process can be cumbersome and costly or outright impossible in some regions with restrictions.

If Stablecoins are to avoid these points of failure, there is need to fully integrate every aspect unto the block chain.

The Q DAO Decentralized Stablecoin Ecosystem

The Q DAO Stablecoins are a class of fully decentralized, ERC-20 based stablecoins which are cryptoassets-collateralized and are pegged in price to the USD (or other fiats such as JPY,KRW,CNY,HKD etc) in a 1:1 ratio.They are created and managed fully on the blockchain through the use of smart contracts. The stablecoins are labelled according to the fiat currency to which they are pegged.e.g USDQ for USD, KRWQ for KRW, JPYQ for JPY, HKDQ for HKD,PHPQ for PHP etc.

How it Works

The Q DAO works by using a cryptocurrency Collateral Asset (Bitcoins at the moment) to interact with a special smart contract called the Collateralized Debt Position or CPD to create an ERC-20 based USDQ tokens (or other fiat-pegged alternatives). The Stablecoins -USDQ which are the debt (or IOUs) drawn on the underlying collateral assets (bitcoin) is available for use by the user. Since the collateral are cryptocurrencies and as such may be prone to some undesirable of volatility, the general consensus within the Q DAO ecosystem is usually to deploy excess collateral for the USDQ created.The actual value is based on the recommendations or forecasts of the Neural Networks of Artificial Intelligence(The Q Box- later discussed) and then voted upon by holders of the Q DAO tokens( the governance token of the platform). The process is fully transparent, decentralized and democratic.

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A user is required to register on the Q DAO platform https://usdq.platinum.fund/ with a valid email (to get notifications relating the smart contract) and is then furnished with a set of private keys with which he can interact with the platform. The user makes a deposit (in bitcoin) to the specified bitcoin address, based on the collateral:debt ratio is, contract reviewed and if accepted by the community votes, the loan USDQ is released to the user. He can then execute trade,purchase, transfer according to his preference

The user can redeem the his collateral any time by paying off the loaned USDQ to the system, process is initiated also on Q DAO platform, on meeting of the conditions, the asset collateral (bitcoin) is released to his bitcoin wallet and is able to make withdrawal using his private keys.

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Smart Contracts/code : https://etherscan.io/address/0x4954db6391f4feb5468b6b943d4935353596aec9#code Active Collateral and Collateral logs : https://usdq.platinum.fund/scanner

On a Final Note..

The Q DAO USDQ ecosystem defines a new phase in crypto asset based stablecoin with a dynamic model, fully decentralized, transparent, useful, community-managed, not restricted by borders or third-party interference, stable and is able to earn users income.

Learn more about Q DAO platform here
website : https://usdq.platinum.fund/
white paper: https://usdq.platinum.fund/whitepaper

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Communities

Telegram : https://t.me/PlatinumQeng
Facebook : https://web.facebook.com/FundPlatinum?_rdc=1&_rdr
Twitter : https://twitter.com/platinumqdao
YouTube :https://www.youtube.com/channel/UCeT4b3_cdVHfSuV_5o7Qw7g

Buy tokens at https://tokensale.qdao.io/login

Exchanges

QDAO and USDQ are currently both available on the following exchanges:
BTCNext (QDAO, USDQ) https://www.btcnext.io
BTC-Alpha (QDAO, USDQ)https://btc-alpha.com/en/exchange/
Hotbit (QDAO, USDQ) https://www.hotbit.io/exchange?symbol=QDAO_USDT
DEEX (USDQ, KRWQ) ️Bancor (USDQ, Q DAO)https://www.bancor.network/token/USDQ
https://www.bancor.network/token/QDAO