Covesting, one of the first exchanges across the globe to obtain a DLT license from the GFSC thanks to the platform’s high level of compliance, security and infrastructure, has officially announced its much-anticipated soft launch after a long but successful journey. From today, anyone can register and start trading on covesting.io.
Covesting’s CEO and co-founder, Dmitrij Pruglo, spoke in-depth about his project’s soft launch and successful year, saying:
“After this difficult year for us, we are pleased to present the platform to the community. But the most difficult was not the development process itself, although it certainly takes a lot of effort. The most difficult aspect was the ability to restrain oneself and not to react to skepticism from the side of conditional competitors and some token-holders regarding the lack of active marketing. It was a volitional decision, and we believe that we were not mistaken. Before any startup there is a choice in where to focus our efforts. Across the crypto industry, it has become common practice to offer anything to customers, so long as it is attractively packaged. And the problems of customers will face due to infrastructure flaws are the least of the creators concerns.
Ultimately, this damages users, investors, and the industry as a whole, as it leads to significant problems down the road that cannot be easily fixed. It was necessary this tradition changed. Someone needed to step up and raise the bar for the industry to create a better future. At Covesting, we have focused our energy on creating a company and platform that raises the bar for the industry as a whole by focusing on regulatory compliance and facilitating an incredibly successful soft launch.
Today, each of you can try out the platform and see if it was worth the wait. We believe that a strong product will speak volumes for itself. We have remained confident all year, and we are ready to begin to demonstrate to the world the possibilities of a platform on an entirely new level for the crypto-community.
What do I mean by new level? Everything. This is a combination of broad functionality, uncompromising reliability, unprecedented transparency, and the best quality support service in crypto-world that we built from the ground up, focusing on becoming one of the world’s leading financial corporations. You can also try out the speed and quality of the support service in person by contacting our support team through the platform’s contact form, Telegram, Facebook, Twitter, and more.”
Soft launch of the Covesting platform gives the team a final chance to stress test operations during active trading sessions and offer users a chance to test drive many of the platform’s cutting-edge features. Features available during soft launch include trader rankings based on ROI, exceptionally high liquidity, around the clock support service, quick-order execution, a reporting dashboard to monitor performance and trade history, and much, much more. Copy-trading will be made available following the soft launch.
A limited set of cryptocurrencies will be available for trading, depositing and withdrawing during the soft launch, with additional assets being added in the future. This will allow for thorough testing of a limited feature set to ensure all internal operational standards are met. In the coming days following the soft launch additional fiat funding methods – including bank wires, transfers, credit cards, and more – will be added.
The soft launch also offers users the ability to complete KYC verification and get an early chance to begin creating trader profiles.
To begin trading on Covesting’s platform, follow these five simple steps:
- Login to the Covesting platform or register for a new account
- Complete the KYC process and wait for verification if the step wasn’t previously completed
- Go to the funds section and deposit any cryptocurrency currently available for trading
- Transfer your deposited funds from wallet to trading portfolio
- Start trading on Covesting platform.
Furthemore, Covesting recently launched its highly-praised mobile app, giving users the same next level experience the platform offers, at the comfort of their fingertips. The app, available for iPhone and iPad – and in coming months, Android devices – offers advanced charting, quick-order execution, the ability to safely and securely store cryptocurrencies, and much more – right form a user’s mobile device. Download the app today!
“Thank you to the community for all the support. We are proud to invite you to test out and enjoy all of the platform’s exciting features during the soft launch, with more to developments to come,” – Pruglo added.
To know more, Click Here!
What is USDQ and Q DAO?
In this article, Slava Zheltov shares about USDQ, a unique decentralized stable coin that makes it easy to collateralize Bitcoin. As a Blockchain Architect at PLATINUM ENGINEERING, Slava acts as a full-stack front-end developer.
Within his team, Slava is known for impeccable track record regarding security and reliability in projects, which he’s contributed to. Read this article and start learning about a decentralization wave, currently disrupting stable coin.
The thought of your bitcoin and other cryptocurrencies fluctuating in value almost on a daily basis is a hard thing to accept. But fluctuation also affects regular money as we know it.
If we want cryptocurrencies to become the future of money it should solve the issue of volatility first. The USDQ Token is a proposal to stabilize crypto and transition it from being a speculative asset to a functional store-of-value.
First and foremost, USDQ is a cryptocurrency stable token. Like Tether [USDT]. This essentially means that its price is stabilized or “pegged” to the US Dollar. The Q DAO platform, on the other hand, is a smart contract platform built on Ethereum. The smart contract mechanism used is referred to as Collateralized Debt Contract.
This cryptocurrency is supported by any Ethereum account and is also compatible by any smart contract developed to use the USDQ exchange function. It is more steady than most non-fiat currencies available on account of this mechanism of valuation.
Where does the USDQ value originate from?
The value of the USDQ stable coin is linked to the Q DAO smart contract platform using the Collateralized Debt Contract [CDC]. This means that anyone can choose to use their own assets, in this case, bitcoin [other top 10 crypto assets will be added in future], as collateral which works as a guarantee.
This is made possible by the smart contract platform. The collateral assets are locked after being deposited into the Q DAO smart contract platform and allows the owner to generate USDQ stable tokens in return while at the same time creating debt for the same owner.
This debt is necessary because it helps to maintain the collateral inside the smart contract until it is fully repaid by the amount of USDQ tokens it originally generated. When the repayment occurs then owners of the collateral can withdraw and receive their collateral back.
The ecosystem and economy of the Q DAO platform and USDQ Token directly links both of these to the amounts being used as guarantee or collaterals.
When more users request USDQ stable coins the total amount of Collateralized Debt Contacts [CDC] will increase along with it because it is the main way to obtain USDQ stable coins. This, in turn, increases the value of Q DAO tokens. These tokens are the last component of the USDQ ecosystem and they are Ethereum based tokens whose main use is to carefully manage the operations of the fund via means of a Decentralized Autonomous Organization [DAO] system.
This includes voting rights and the capability of enforcing decisions based on majority rules. This last part is essential to the supply and demand of the Q DAO tokens.
Inside the workings of a Q DAO transaction.
Step 1: Origin of the CDC smart contract and depositing collateral guarantees
To use Q DAO tokens a user must first send a request to the USDQ platform which initiates the CDС and its respective smart contract.
Whenever a user wishes to mint USDQ, they will be asked to collateralize an amount in Bitcoin that is higher than the loan’s value. As of now, this rate is 166%.
Step 2: Generation of USDQ Stable coins from the CDС smart contract.
The user then executes another request or transaction to the platform to retrieve the USDQ that was generated on the first step. The platform also jots down the debt that is generated by this user which is the amount in need of repayment to unlock the collateral guarantee. The guarantee is always higher than the USDQ stable coins made available for the user as a safety measure.
Step 3: User makes repayment of the generated debt.
When the user finally makes the repayment of the generated debt they gain full access to the locked collateral. There is also an accrued interest fee that is meant to be paid which is accumulated daily. This means that the Q DAO tokens generated initially are taken back and removed from circulation.
Q DAO Regulations
Since the entire operation has plenty of safety measures it is very self-regulated. Because all operations begin with any user having to provide collateral which will be lower to the amount of USDQ stable coins received it creates a dissuasive control to prevent fraudulent transactions.
Q DAO Projections
The Q DAO tokens are actually indicative of another type of cryptocurrency that is completely governed by smart contracts and economic mechanisms to influence its valuation more effectively. You should keep an eye on what the future holds for this cryptocurrency as it aims to become a pioneer in the industry of stable coins and cryptocurrencies alike.
USDQ is a decentralized stable coin, which uses algorithms to offer higher stability and reliability. Fully on-chain and monitored by high-speed AI robots, ecosystem offers reliable defenses 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 the high-endurance stable coin. Fully anonymous, USDQ breaks limits out of this legacy world.
PLATINUM ENGINEERING is always happy to share its latest development and architecture solutions, helping stakeholders to spread improvements across crypto projects. Being an expert company on the market, PLATINUM ENGINEERING has already helped 150 crypto startups, enabling them to efficiently raise funds and introduce blockchains to their business models.
With offices in Tokyo, Thailand, Russia, Belarus, and Korea, the team is always ready to have in-person meetings, focusing on how companies can leverage blockchain technology in order to meet their unique needs. The team welcomes readers to connect on Telegram, Facebook, or LinkedIn.
This overview 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.
This article represents the author’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. Please follow the updates.
Sviatoslav Zheltov, IT Manager and Blockchain Architect in Platinum Engineering
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