Crypcore
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 [2]. With Crypcore this is not possible because of the technology that Crypcore is based on.
Over issuance:
A big problem with most stable coins is that they are issued the same way central banks issue money, this makes them vulnerable to over issuance and susceptible to inflation [3]. Crypcore will not have this problem because the quantity in circulation is determined by the emission logic of the Cryptonote protocol, and is visible to all.
Unstable Virtual Collateral:
Virtual Collateral is itself unstable so using it to back a stable coin is difficult and confusing [3]. By the end of this paper you will see how Crypcore hopes to solve this problem.
Highly Regulated:
Fiat pegged stable coins are highly regulated and constrained by legacy banking systems [3].
Expensive, slow liquidation & purchasing:
Liquidating stable coins can be slow because with most stable coin providers you need to wire money to your account which will incur bank fees. Purchasing can also be slow as you sometimes need to undergo KYC procedures and transfer money which can sometimes take days [3].
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.
Token Detaiels
Name : Crypcore (CRYP)
Purchase methods accepted : BTC, ETH, LTC
Hard cap : 7 MILLION
Soft cap : 3 MILLION
Cost of 1 CRYP : 0.00001 ETH
New Token emissions : Unavailable
Bonus system : Yes
Presale of Private Sale : Not held
Know Your Customer (KYC) : Yes
Min/Max Personal Cap : 0.01 ETH / No limit
Whitelist : No
Private Sale : 15 Nov 2019 to 5 Dec 2019
IEO : 20 Dec to Jan 20 2019
Token Distribution
65% – Token for Sale
10% – Marketing
15% – Team & Advisors
9% – Reserve
1% – Bounty
Team
Michael Soeterbroek, Founder & CEO
Peter Akporume, Co-Founder
Shehzad Khan, CTO & Developer
Kashif Khan, CMO
Project Roadmap
INFORMATION
AUTHOR
