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PLATINUM Q DAO ENGINEERING proudly presenting USDQ, KRWQ, JPYQ, CNYQ. Inside of the StableCoin-Focused Blockchain laboratory (Seoul – Tokyo – HongKong)

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Mr. Howard H. Kim is a Blockchain Evangelist and strategy advisor of PLATINUM Q DAO ENGINEERING. Working out of Singapore, he’s assisted dozens of startups in their aspirations to connect with Asia’s investment communities and strike effective relations.

Throughout the 20-year tenure as Chairman and CEO at JYC Holdings Pte Ltd, he’s excelled at nurturing IT and telecom investees, delivering lucrative RoI and effective exit strategies.

Howard holds BS in Electrical Engineering from Texas A&M University. He’s proficient in emerging technologies with a focus on blockchain, cloud, IoT, AI/ML, and Big Data. He sees hidden ways for agile startups to get empowered by blockchain-driven solutions and disrupt all industries all around us.

Within the PLATINUM Q DAO ENGINEERING team, Howard communicates across internal and external constituencies, raising awareness at to enticing contribution opportunities for VC and crypto communities in Asia.

The USDQ stablecoin is expected to be one of the most prominent, once it is launched. For the uninitiated, a stablecoin is a cryptocurrency which is pegged at a value similar to that of a fiat currency, generally 1 USD. USDQ will also have its value set at $1.

The one aspect of USDQ which makes it unique is that this stablecoin is decentralized. It has Bitcoin as a collateralized cryptocurrency debt backing up its value, instead of a centralized authority holding dollar bills, as in the case of Tether (USDT). Due to no involvement of a central authority, USDQ can never cease to exist in the market, unlike other currencies. There is no physical currency backing up USDQ making it immune to government taxation, manual error or fraud. Soon USDQ will be backed by more top 10 cryptocurrencies

About USDQ

USDQ is equivalent to a loan against Bitcoin and can be created by anyone having a hold over a decentralized application and possesses some BTC.

However, the process of creation of USDQ is quite complex, making people wary of the stability and viability of the coin, but just like the US Dollar, USDQ is promised to be trustworthy and consistent with the pegging value which remains equivalent to $1.

The Making of USDQ

Creating USDQ is a complicated task which exponentially increases the complexity of the process of maintaining the value of the stablecoin at $1. The first step towards the generation of USDQ includes the creation of Collateralized Debt Contract (CDC) and the creation of USDQ.

To simplify the process of USDQ making, PLATINUM ENGINEERING plans to come up with an app to produce USDQ with the help of BTC holdings of the user. The stablecoin can be very easily created, spent and traded, and the CDC can be produced efficiently faster than before once a wallet is connected to the app.

The reasons why USDQ generation is required:

  1. USDQ is a stablecoin exceeding the value of 1 USD. The benefit of the stablecoin being pegged at a value of 1 USD is that a user can buy a single USDQ at the price of $1 and than can sell the same at a higher cost. This process also keeps the coin pegged at a consistent value.
  2. You are speculating BTC is going to rise in value. When you lock up your BTC in a CDC you receive USDQ in return, and if you think BTC is going to rise in value you can use that USDQ to buy more BTC on an exchange, which can then further increase the size of the CDC, etc. This is basically buying BTC on margin without needing a centralized exchange to do so.
  3. Most users who are interested in getting a loan can utilize BTC as collateral.

Value Consistency

PLATINUM ENGINEERING plans to use basic incentives to fluctuate the price of USDQ in order to keep it as close to the value of $1 as possible. The fluctuation would be directly proportional to the disintegration and creation of USDQ. The more the ups and downs in value, the more stablecoins would be burned and created, thus balancing the value and keeping it consistent.

The BTC holders will benefit when the prices of USDQ are raised since they can generate the stablecoin at a rate of $1 but can sell it for more. More the USDQ created, more the assurance that the prices won’t stray further thus restoring stability. Similarly, during a price drop, the CDC holders can pay off their loans at a discounted rate and disintegrate USDQ for maintaining the value at $1.

What if BTC Crashes?

USDQ functions to maintain its security and defense even though it is a digital cryptocurrency. This is made possible by its two defense mechanisms.

The first mechanism is based on smart contract defense mechanisms. It stabilizes a price fluctuation of USDQ to US Dollar

However, in case of dramatic events that lead to hyper-fluctuations in bitcoin prices, the second defense mechanism comes into action. All holders of the Q DAO tokens that own nodes create more governance tokens and sell them on the secondary market that works towards the restabilization of USDQ.

This mechanism enables the value of the USDQ stablecoin to be pegged with, and closer to, the US Dollar. The Q DAO token owners are rewarded for their participation in the stabilization of the price of the USDQ.  

The value of Q DAO is interconnected with the use of USDQ stablecoin. The higher the use of USDQ, the greater would be the value of the Q DAO token.

Working of Q DAO  with USDQ

PLATINUM ENGINEERING has created Q DAO  which is incorporated with the stablecoin in the following manner:

Q DAO owners are able to vote in case there is a failure or attack on the token. This is a process which returns the BTC to the CDC holders after the shutting down of the system. In this case, the system will automatically  run buyback procedure and sell BTC for USDQ until the price will be 1USDQ=1$   

The Global Resolution Keys are in possession of a group of trusted individuals who are responsible for initiating the Global Resolution event should the voters go for it. However, one’s USDQ and system is inaccessible to anyone, since Global Resolution is only for the payment of collateral.

BTC Collateral and USD Peg

USDQ, expected to become a trusted stablecoin soon, would then be easily able to peg its value to USD. BTC is one of the most sought after asset today. Both the value and the system combined will give USDQ a legitimate reputation.

The asset utilized can, in fact, be anything available on the Bitcoin blockchain and that is why PLATINUM ENGINEERING is further planning to engage support for more assets. It can even be possible to link USDQ with a different Fiat currency as well as a different asset. More stablecoins like USDQ which are set on the value of other major currencies can also be introduced by PLATINUM ENGINEERING.

Stablecoin Competition

PLATINUM Q DAO ENGINEERING is planning to launch USDQ as the answer to the inconsistent stablecoins in the market, as it will serve its holders with a simpler system and better mechanism.

Many stablecoins have been released in the market to compete with the earliest contender, Tether. Gemini Dollar (GUSD) is one such stablecoin created by Gemini Exchange which is backed up by USD. USD Coin released by Coinbase and Circle, as well as TrueUSD made by TrustToken, both have complete collateralization of USDs in a bank account. Paxos (PAX) is another well-known stablecoin pegged at 1:1 to US Dollar.

USDQ is a stablecoin which can potentially hold its value even during a significant drop in the prices of Bitcoin. The decentralization of this stablecoin will allow it to maintain its value at $1 consistently. The linkage to the US currency also assures a high price and trust of the holders of the coin.

The interference of a middle man or a third party would be absent in global transactions, and payments of USDQ making its usage instantaneous and hassle-free. With the support of blockchain, USDQ is sure to transform the world of cryptocurrency as we see it today.

Afterword

Maybe you heard about the project MAKER DAO and their DAI?

I want to praise these guys – they are first to create a decentralized stable coin.

We occupy an honorable second place at this race, and basically, we were inspired by the technologies of MAKER`s DAI.

Some Q DAO functionality is similar to MAKER DAO, so we decided to use Maker`s terminology because we do believe – their technologies should be a reference for creating any decentralized stable coins.

Why we are using BTC as collateral?

  • Bitcoin is the most liquid digital asset.
  • We have many friends who are big Bitcoin holders (BTC whales) or Bitcoin OTC traders. We hope even so big guys like Brothers Winklevoss (Cameron Winklevoss and Tyler Winklevoss) will start to use Q DAO.

They have a lot of Bitcoins, but they don’t want to sell it. So if they need money – they can pawn their bitcoins to Q DAO and immediately get USDQ.

Why we built Q DAO based on Ethereum smart contracts, but not Tron (by Justin Sun) and not EOS ( by Daniel Larimer)?

– Our genius engineers are love Ethereum because of mass adoption of this blockchain, also we respect the business approach of Vitalik Buterin (we met him a few times). Maybe in the future, we will consider using TRON or EOS, in case their foundations can provide enough funds to proceed with development.

USDQ is decentralized stablecoin, which uses algorithms to offer higher stability and reliability. Fully on-chain and monitored by high-speed AI robots, ecosystem offers reliable defences against malicious acts and attacks. First, run in the line of fiat-pegs, USDQ is brought by PLATINUM Q DAO ENGINEERING Team, looking to edge together innovative solutions in collateralization, using stabilizing mechanisms and neural networks for high-endurance stablecoins. Soon there will be even more fully backed stable coins: JPYQ, KRWQ, SGDQ, HKDQ, CNYQ, RUBQ under USDQ brand. Fully anonymous, USDQ breaks limits out of this legacy world.

BTCNEXT Exchange – next generation spot and margin trading platform.  It is the first Strategic business partner of USDQ stablecoin that is based on a Q DAO technology. All pairs will be listed with USDQ. BTCNEXT customer service will be happy to answer all of your questions.

Howard values readers’ opinions and invites to continue the conversation in Telegram or LinkedIn. He sees Q DAO and USDQ as maverick solutions that will onboard millions of businesses and individuals, alluring with stability, minimal fees and ease of use. With Q DAO planning to launch new stablecoins in the coming months, such as JPYQ, KRWQ, SGDQ, HKDQ, CNYQ, RUBQ, crypto traders will win from convenient tools to margin trade and hedge. Collaborating to link external stakeholders and the core development team, he’s been highly effective in communicating customers needs and expectations. The PLATINUM ENGINEERING team welcomes aspiring teams to connect in corporate Telegram or LinkedIn, always ready to hear out new ideas and offer effective solutions for fundraising and marketing. Talking strategy with a pro team pays off big time.

This overview may not be fully exhaustive and does not assess the viability of any project, nor its team legitimacy. Readers should conduct their own due diligence before using or investing in any of the listed Stablecoins. This article represents the author’s opinions only and should not be considered investment advice. All described functionality in the article is still under development, it can be changed/processed. Please follow the updates.

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

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