NEW YORK, Sept. 20, 2018 /PRNewswire/ -- 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 cryptocurrencies.
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 stablecoins. More importantly, it produces a stablecoin that addresses the transparency and efficiency issues of existing stabecoins (such as USDT and Dai).
Here is how DaoCoin addresses transparency and efficiency at the same time.
Funds are held by trusted third-party companies worldwide and audited by accounting firms on a monthly basis. Community operation and reserve management are completely independent, where a mature trust mechanism is applied. Prestigious international third-party companies are employed to manage and ensure the security of the reserves. Real time information disclosure on Fund-Token matching is available through the API and website. Records of issuance and redemption can be tracked in the blockchain and are open to all community members. Trustworthy third-party auditing bodies are employed to conduct strict audits. They publish monthly audit reports to ensure transparency and openness in asset management. Token generation contracts are audited by third-party professional firms. The smart contract audits combine compliance, security, and a comprehensive checklist of known pitfalls and attack vectors.
To improve the efficiency of the 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 system. 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 issuance infrastructure. DaoCoin issued its own ERC-20 governance token, DaoCoin Power (DCP). Holders of DCP exercise voting rights, obtain gainsharing and are entitled discounts on fees. 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.