In this article, Jitendra Rathod talks about USDQ – a fully decentralized stablecoin that offers reliability and easy collateralization for Bitcoin. Working as a Managing Director at PLATINUM ENGINEERING, Jitendra collaborates within the huge team to develop hi-end solutions. including the full-cycle business models for crypto projects. Soon there will be even more fully backed stable coins: JPYQ, KRWQ, SGDQ, HKDQ, CNYQ, RUBQ under Q DAO ecosystem. He is amazed by how easy it is to use USDQ in order to obtain a Bitcoin-collateralized loan. In this article, he talks in-depth about the ways USDQ makes finance easier for anybody anywhere anytime.

The rapid development of the cryptomarket has brought forth several new investments and ventures into the technology, and while some have proved to be a dud, others have surpassed user expectations.

One cryptocurrency that is set to create a lot of buzz is USDQ. Let’s break down and explore what USDQ is really all about and how it will transform the crypto space.

USDQ and It’s Functioning

USDQ is a decentralized stablecoin backed by Bitcoin (and other top 10 cryptocurrencies in the future), being developed by PLATINUM ENGINEERING. A stablecoin is a cryptocurrency that is immune to the price volatility often associated with current cryptocurrencies.

PLATINUM ENGINEERING is creating the technology behind USDQ that will present a viable option to current popular centralized stablecoins that are finding it difficult to maintain the pegging of their values to the US Dollar, because of privately held reserves.

A stablecoin is designed to resist any volatile change by pegging.

Pegging maintains the cryptocurrency’s value in a 1:1 ratio alongside a real-world asset, usually the US Dollar. The USDQ stablecoin is pegged with the US dollar; therefore one USDQ is equivalent to one US Dollar. This offers to traders and crypto exchanges a “fiat-like” cryptocurrency that is free from regulatory restrictions usually associated with fiat currency trading.

Most stablecoins in the cryptosphere are pegged with US Dollar reserves held in private bank accounts by the issuing entity. Even though the trade is done digitally, intermediaries are still needed to facilitate the process. Several things can go amiss with this with user transparency being compromised as the biggest issue. Along with that, there are innumerable risks centered around private bank accounts.

The USDQ stablecoin aims to bring the best of both worlds, the security of a stablecoin along with the advantages of a cryptocurrency. This removes the extra baggage of a middleman in the trade.

How Does USDQ Manage to be Stable Despite being a Digital Currency?

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.

USDQ is an ERC20 token and can be stored on any ERC20-compatible wallet, like MyEtherWallet or Mist. Users can now trade USDQ and Q DAO on BTCNext.io, a popular crypto exchange. It’s convenient that all trading pairs at BTCNext.io will be listed with USDQ as the basic currency.

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 line of fiat-pegs, USDQ is brought by PLATINUM 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.

PLATINUM ENGINEERING values your opinion and invites the community to continue the conversation on Telegram or Facebook. The team believes that providing startups with high-performance solutions for STOs will usher in a disruptive wave in VC investing. Projects like Q DAO`s USDQ are a clear testament to broad expertise and high capabilities the team brings to the table. Whatever the crypto startup’s needs are, PLATINUM ENGINEERING is convinced that the team will offer an enticing set of options, uniquely meeting the customer’s needs. DLT-enabled fundraising campaigns.

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.