Today I’m sharing the interview with Slava Mikhalkin — IT Manager and blockchain architect in PLATINUM ENGINEERING, who helped deploy dozens of DLT-based success stories. Smart contracts Slava’s team develops quickly turn into industry best practices. He shares his opinion about USDQ, a unique fully decentralized stablecoin for easy Bitcoin collateralization. Slava is certain that blockchain will disrupt finance as we know it. He goes raw on USDQ’s inner working, telling it all.
So, let’s look into real-life use cases for Q DAO.Slava Mikhalkin — IT Manager and blockchain architect in PLATINUM ENGINEERING. Leveraging +15Y developer track record, he empowers USDQ with high-usability UI and robust back-end.
— Slava, what triggered you and your team to think of creating USDQ? What’s the story?
Cryptocurrency markets have been famous for huge volatility. This quality of crypto helps speculators earn enormous profits. This high volatility drew attention to Bitcoin in December 2017 when the price rocketed up to $20,000. Subsequently, the price plummeted. And up to this day, no other cryptocurrency has managed to repeat this feat. Some adopters don’t need speculation and only want to use crypto to execute transactions, but scalability issues mean that execution might lag and prices might slip. As a result, either of the parties will inevitably incur a loss. USDQ has been created to address this very issue.
— And why crypto volatility is that dangerous? What are the problems it creates?
Basically, cryptomarkets are moving toward creating the second financial system, featuring all those capabilities that the legacy finance institutions enable. Among these, lending is of particular importance. And, of course, lending doesn’t win from volatility but only loses, because it’s either lenders or borrowers that will lose from a change in prices for a crypto asset, which is used to execute the lending contract.
Consequently, creating a stable crypto asset has become a top priority for the community with many experts believing that without it no adoption will occur.
— Okay, and what about traders? What are their major concerns?
Well, for traders volatility is how they make money. But even traders sometimes look for assets to cover against undesired prices moves. The only option they have is to transfer value into a more stable asset. Fiat is the first choice that comes to mind, but the big disadvantage of fiat is lengthy processing process, KYC/AML and fees. The crypto asset that simultaneously behaves just as fiat does and offers all the perks that cryptocurrencies do will always in favor among crypto traders.
— Tell us more about your Q DAO token. What is it all about?
Seeing all these needs in the market, Q DAO was created in order to act as an internal governance token within the ecosystem, which helps to govern USDQ, a USD-pegged stablecoin. All future projects within the ecosystem will be carried out with the use of this internal token, bringing wide utilization of Q DAO and a driver behind the strong growth potential. As of now, it’s only Bitcoin that users can use as a collateral, but there are plans to expand to other top 10 crypto assets as well. Importantly, the ecosystem doesn’t use national fiat currencies, thus eliminating any need to engage the legacy financial system.
Naturally, the more successful the ecosystem projects are, the more rationale there’ll be for Q DAO to grow in price. And USDQ has already proven that the crypto industry has evaluated the system’s use at a high level. The coin’s value is pegged to USD, so 1 USDQ = 1 USD
— What’s the purpose of Q DAO token?
Q DAO is used in several ways throughout the USDQ ecosystem. The first of them is paying fees, payable by users who wish to exchange back from the stablecoin into Bitcoin or other cryptocurrencies which were locked as a collateral. Whenever the fees are paid, Q DAO is burned, which results in supply reduction and growing prices.
The second way for Q DAO to bring value is enabling participation in the ecosystem governance. All holders of Q DAO token are entitled to participating in votes on proposals regarding to potential changes within the system. Since holders will win from continued success and expansion of the system, they are incentivized to thoroughly review the proposals and vote only for the most promising ones.
— What’s the fair value for Q DAO? Is it underpriced or overpriced?
The fair market value for Q DAO is indirectly correlated to the prices for USDQ. As long as the use of USDQ continues to grow, so will the prices for Q DAO. Accounting for the fact that USDQ is one of the pioneering stablecoins that will enable easier and more effective crypto lending, there are currently enormous opportunities for growth. In the years to come, combined with benefits from fast processing and lowered fees, Q DAO might garner global popularity as an instrumental component for lending, transacting and funding transactions, all automated and transparent through the use of smart contracts.
— Sounds promising! Good luck to you and your stablecoin.
About USDQ and PLATINUM ENGINEERING
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 ENGINEERING Team, looking to edge together innovative solutions in collateralization, using stabilizing mechanisms and oracles for high-endurance stablecoins. Fully anonymous, USDQ breaks limits out of this legacy world.
PLATINUM ENGINEERING openly shares about its development and vectors for growth, enabling stakeholders to learn about cutting-edge solutions in the blockchains/crypto domain. PLATINUM ENGINEERING has already helped over 150 crypto projects to grow through emerging blockchain economy of the future. Businesses would be amazed at new capabilities they can obtain through tokenizing their business models, automating routine business processes and drawing investors on crypto markets. The team welcomes the community to contact directly via the official groups in Telegram, Facebook or LinkedIn. Readers will learn how to obtain new competitive advantages by tapping into blockchain in their blog.
This interview 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. The article represents the interviewee’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.
What is Q DAO and USDQ StableCoin? Fully Explained was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.