Crypcore Dynamic stable coin

amit967 (26)in #crypcore • 4 years ago (edited)

*What is the purpose of Crypcore?

Stable coins were created to solve the problem of volatility as crypto currency adoption has been bottlenecked around price stability. Stable coins have performed well since joining the crypto currency space but there are still a lot of improvements to be made. Particularly in the area of crypto collateralized coins. This paper explores the possibility of creating a crypto collateralized stable coin that combines pure crypto exchanges, a solvency system and the Cryptonote protocol. Crypcore is all about creating a crypto asset that enforces a solvency system which eliminates wild price swings, while giving Crypcore the chance to grow. Crypcore is essentially the combination of a crypto collateralized digital asset with a solvency system to ensure price stability.

*How does Crypcore work?

Crypcore is forked from Monero which is built on the cryptographically secure and truly anonymous Cryptonote protocol, the Crypcore ecosystem brings together a solvency equation, a pure crypto exchange and the Cryptonote protocol to create a coin which has a stable price with price stability achieved by averaging the collateral increase with price fluctuations. To this effect Crypcore is a stable coin which operates in a fundamentally different way to traditional stable coins, we will call it a Dynamic Stable Coin (DSC). Crypcore will earn collateral from the fees charged on the Crypcore exchange, these fees will be added to the collateral of the Crypcore coin thus always increasing the collateral and maintaining the stability of the Crypcore Price. Crypcore is not to be viewed as traditional crypto currency stable coin but rather a new and innovative approach to achieving price stability in the crypto currency space.

*Problems and Solutions

Too much power on the part of the issuer:

Stable coins can effectively be taken out of circulation at any time by the issuing organization. As an example the Omni Protocol of tether can grant and revoke tokens represented on the blockchain . With Crypcore this is not possible because of the technology that Crypcore is based on.

*Complex Smart Contracts:

For crypto collateralized digital assets like Maker Dai there is a problem of understanding. For regular everyday users the terms can seem unnecessarily complex. Crypcore will implement a very simple solvency equation system with easy to understand equation and parameters. Poor Anonymity with stable coins: Stable coins do not offer any level of anonymity.

*Cryptonote Protocol

The Cryptonote protocol is an application layer protocol that was created to solve problems related to the bitcoin protocol. Cryptonote first appeared in 2012 and a white paper breakthrough was issued on October 17, 2013, the most popular coins based on the Cryptonote protocol are Monero (Crypcore taken from Monero) and bytecoin. Cryptonote is based on the cryptographic work "Traceable signature rings" made by E. Fujisaki and K. Suzuki

*Crypcore USD

Crypcore USD runs on the Crypcore USD blockchain, Crypcore USD is a stable coin that is private, because of this, collateral is held for Crypcore USD .
Collateral is held at a 1:1 ratio to maintain a price of one United States Dollars.
You can obtain Crypcore USD by exchanging your stable coins for it. Currently accept or plan to accept the following Stable coins for Crypcore USD

*Crypcore wallet

Crypcore aims to be accessible even to non-technical users, wallets will be provided for various platforms. There will be desktop wallets, command line wallets, hardware wallets and web wallets. After the completion of the development of Web Wallet for android and iPhone wallets will begin. The web wallet is currently under development, you can find the screenshot below.

*Crypcore Exchange

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Crypcore exchange will play a very important role in managing the price of Crypcore. To do this Crypcore Exchange will have to do things in an unconventional manner. A very simple solvency equation will determine the pricing of Cryps. In normal stable coins the tokens are issued by the primary organization but Crypcore exchange will not be able to create tokens , rather each coin is mined. This is because the privacy and security of users are of utmost importance . In order for Cryps to hold their value the initial money supply is mined and held by the Crypcore exchange. The Cryps held by the exchange will not be regarded as being in circulation.
The Crypcore exchange at this moment is an anonymous instant exchange.
Crypcore exchange will charge a 0.1% fee for transactions.

Crypcore Private Sale

Over the past year we have worked on creating a crypto currency platform where people can feel safe when they trade, a lot of planning and work has gone into Crypcore. Officially unveiled to the public in October 2019. Crypcore aims to be a project that focuses on privacy centric crypto projects and tokens.

*Road map