DaoCoin is planning to open Infrastructure for issuing Transparent Auditable Stablecoin
A recent announcement of DaoCoin says about its plans to create a stablecoin issuance infrastructure to be used by every qualified partner. Being a an issuance infrastructure for crypto backed by fiat, DaoCoin issuance infrastructure includes: -A wide network of nodes to manage funds that consists of many third-party companies; -A AML/KYC framework driven by […]
A recent announcement of DaoCoin says about its plans to create a stablecoin issuance infrastructure to be used by every qualified partner.
Being a an issuance infrastructure for crypto backed by fiat, DaoCoin issuance infrastructure includes:
-A wide network of nodes to manage funds that consists of many third-party companies;
-A AML/KYC framework driven by blockchain and having support of global regulators;
-Live APIs to disclose token fund matching in real time and auditing mechanism to ensure that reserve is full;
-A number of widgets that are streamlined and subjected to customization for issuing and redeeming crypto backed by fiat.
Thanks to such an open infrastructure, it is possible for every third party to issue a new stablecoin brand. The latter one is known as a type of asset that can maintain a stable value against fiat and assets target prices.
DaoCoin isn’t considered to be a stablecoin itself, but it has crested infrastructure for its production. The most significant feature of the following infrastructure is addressing a transparent and efficient characteristics of the stablecoins existing today (for example, USDT and Dai).
USDT issue was performed by Tether and fixed in US dollars. However, there is much criticism and doubts if this stablecoin has a full fiat backup. Dai stablecoin is issued by MakerDao using a decentralized method for its creation. It does not collateralize with USD but does that with Ethereum. At the same time, ETH volatility makes it possible to create $100 of Dai spending $150 of Ethereum.
Are you interested how DaoCoin addresses transparency and efficiency simultaneously?
Only third-party companies hold funds all around the world and the best accounting firms audit these funds regularly. Either community operation or reserve management is absolutely independent. The highest reserve security is guaranteed by the employment of renowned foreign third-party trust companies. It is possible to disclose information on matching fund token only using the API and site. You can track issuance and redemption records in the blockchain and every community member can look through them. All reserve assets data is updated in real time by DaoCoin. Regular strict audits are performed by trustworthy third-party bodies. The results of their work is published every month in the form of reports to guarantee that asset management is open and transparent.
To make legal clearance and fund flow more efficient, a global network of AML checkpoints and fund-processing pipelines has been created by DaoCoin. There is an automatic switch between nodes to ensure in the choice efficiency and it allows DaoCoin not to rely on a centralized server system and remain up-to-date. It has also made it possible for KYC/AML cleared partners perform real time cash ins and redeems.
Another unique feature of DaoCoin is being the first crypto governed by community thanks to the issue of ERC-20 governance token called DaoCoin Power (DCP). Today this issuance infrastructure encourages international retailers and commodity traders to assist thenm with issuing their stablecoin brands.
Company name: DaoCoin
Company site: http://daocoin.money
Company contacts: firstname.lastname@example.org