Your Own Brand of Stablecoin? DaoCoin Announces Infrastructure to Issue Transparent Auditable Stablecoin
Recently, DaoCoin announced its plan to open its stablecoin issuance infrastructure to qualified partners.
DaoCoin is an issuance infrastructure for fiat-backed cryptocurrency. The issuance infrastructure includes; a global network of fund management nodes consisting of multiple third-party trust companies; a blockchain-driven AML/KYC framework supported by global regulators; live APIs for real time token-fund-matching disclosure and auditing mechanism to ensure full reserve; a set of streamlined, customizable ecommerce-style widgets to issue and redeem fiat-backed cryptocurrency.
With this open infrastructure, any qualified third-party can issue its own brand of stablecoin, a special type of crypto-asset that maintains a stable value against the target price of fiats (e.g. USD) or assets (e.g. Gold).
DaoCoin is not a stablecoin, however, it offers the infrastructure to produce stablecoin. More importantly, it produces stablecoin that addresses the transparency and efficiency issues of existing stabecoins (such as USDT and Dai)
USDT is issued by Tether pegging US dollars with a centralized solution. USDT has been criticized for opaque costs and processes, causing doubt as to whether USDT is fully backed by fiat. MakerDao deploys a decentralized method to create a stablecoin Dai. Note that it is not collateralizing with USD, but instead with Ethereum. Since ETH is volatile it requires $150 to create $100 worth of Dai.
Here is how DaoCoin addresses transparency and efficiency at the same time.
Funds are held by third-party trust companies worldwide and audited by top accounting firms on a regular basis. Community operation and reserve management are completely independent, where a mature trust mechanism is applied. Prestigious international third-party trust companies are employed to manage and ensure 100% security of the reserve. Real time information disclosure on Fund-Token matching is available through the API and website. Records of issuance and redemption may be tracked in the blockchain and are open to all community members. DaoCoin provides real-time updates of reserve assets data such as transaction history, account balance, etc. Trustworthy third-party auditing bodies are employed to conduct strict audits. They publish monthly audit reports to ensure transparency and openness in asset management.
To improve the efficiency of legal clearance and flow of funds, DaoCoin has established a worldwide network of AML checkpoints and fund-processing pipelines. Per customer region, DaoCoin can auto-switch between nodes for the most efficient choice, allowing it to be constantly up-to-date and not reliant on a centralized server system. Also, DaoCoin has adopted a Delegated Proof-of-Stake strategy, allowing KYC/AML cleared key partners to cash in or redeem in real time.
As well as leading in transparency and efficiency, DaoCoin is the first community-governed cryptocurrency. DaoCoin issued its own ERC-20 governance token, DaoCoin Power (DCP). Holders of DCP exercise voting right and obtain gainsharing, DaoCoin will also reimburse fees paid for minting and redeeming tokens in the form of DCP.
DaoCoin is currently in collaboration with multinational retail chains and international commodity traders to help them issue their own brands of stablecoin.
Company name: DaoCoin
Company site: http://daocoin.money
Company contacts: firstname.lastname@example.org