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Crypto exchange CoinCola announces partnership with Dash, launches in Venezuela

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Crypto exchange CoinCola announces partnership with Dash, launches in Venezuela
Source: CoinCola

Hong Kong-based cryptocurrency exchange, CoinCola has chosen Venezuela as their first new market. Best known for its peer-to-peer over-the-counter [OTC] cryptocurrency platform, CoinCola allows traders to buy and sell bitcoin using their local fiat currency.

The exchange will also enter a strategic partnership with Dash in a bid to increase the flow and accessibility of digital currencies in the Latin American country. As part of the partnership, CoinCola will be adding the Dash coin to their OTC platform and offer a 0% trading fee for all dash transaction until October 31st, 2018. Venezuelan traders can also earn 50% commission for trades completed through the CoinCola Refer a Friend program.

On the partnership with Dash, CoinCola Founder and CEO Allan Zhang said:

“CoinCola is averaging 100,000 transactions every month on our platform. We are the second largest public OTC platform in the world by transaction volume and at this time 95% of total transactions are from Asia. With our partnership with Dash, we will be truly global. We decided to partner with Dash because it is the most efficient digital currency for payments, offers the lowest fees, and provides ‘InstantSend’ technology. Dash represents a strong presence in Venezuela, Latin America, and the rest of the world. We are very selective in with which coins we list to our platform and we are proud to now offer Dash to Venezuelan users.”

Dash, through its instant digital cash payment mechanism, has established a growing presence in Venezuela with over 1,450 merchants including grocers, restaurants and retail outlets accepting the cryptocurrency. The organization’s ‘Dash Treasury DAO’, a decentralized investment fund, has granted over $33 million-worth of dash since 2015. Together with Dash, CoinCola is aiming to increase the adoption of cryptocurrencies in Venezuela by facilitating safe and secure trading at a low cost.

Venezuela’s rapid rate of inflation has rendered the national currency almost worthless, with citizens facing severe shortages of amenities such as food and medicine. Cryptocurrency adoption in Venezuela, Dash, in particular, has surged as the country looks towards a more transparent and stable means of storing and exchanging capital. With both OTC and coin-to-coin pair trading, competitive fees and additional incentives for local users, CoinCola is aiming to bring much-needed accessibility and diversity to the Venezuelan cryptocurrency market.

About CoinCola:

CoinCola is a Hong Kong-based cryptocurrency exchange offering both over the counter [OTC] trading and coin-to-coin pair trading in one integrated platform. They offer fast, secure and easy-to-use trading services at competitive fees. The CoinCola OTC marketplace allows people around the world to use their local fiat currency to buy and sell Bitcoin [BTC], Ethereum [ETH], Dash [DASH], Litecoin [LTC], Tether [USDT], and Bitcoin Cash [BCH]. Trading is done on a person-to-person basis and transactions are completed via secure online escrow. The CoinCola Exchange allows users to expand their portfolio by trading one digital currency for another. CoinCola offers Bitcoin [BTC] and Tether [USDT] as base currencies and supports a growing list of crypto-to-crypto trading pairs. The CoinCola mobile app allows users to stay on top of the markets and securely access their account on the move.

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About Dash:

Dash is the leading e-commerce and payments-focused digital currency, and the rising alternative to Bitcoin. Experiencing significant growth since its beginnings in 2014, Dash is now accepted at more than 3,000+ merchants, including 1,450 in Venezuela, in addition to being accessible via 400+ ATMs and 90+ exchanges worldwide, making it one of the few offering safe, decentralized financial solutions to real-world problems. Dash offers a form of money that is portable, inexpensive, divisible, and fast. It can be spent easily and instantly online at merchants across the globe, at much lower fees than credit and debit cards. With over 60 members on the core team and a unique blockchain mining and treasury model, Dash is the only major self-funded, self-governed organization in the cryptocurrency industry. This allows for constant development and funding for the entire project.

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Press Release

What is USDQ and Q DAO?

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What is USDQ and Q DAO?
Source: Platinum Engineering

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.

Introducing USDQ

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.

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Sviatoslav Zheltov, IT Manager and Blockchain Architect in Platinum Engineering

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