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Crypto Incentivizes the Capture Data for the Global Seafood Industry

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Crypto Incentivizes the Capture Data for the Global Seafood Industry
Source: FishCoin

When your food has traveled from half a world away, how can a full supply chain traceability from the source to the table be provided?  The volume of imports and exports surrounding what is in the 21st century a thoroughly international seafood industry is widely reported to be continually expanding at an exponential rate.

Fish out of water

When it comes to produce, the origin and journey of a fresh product bring great value to both the paying consumer and as a result, the retailer as well. Conversely, mistakes can be scandalous and even dangerous to consumers. Not every producer, retailer or consumer has access to the same means or markets and this is particularly true for landlocked countries.

That doesn’t mean that consumers and businesses in such regions don’t possess the same appreciation (if not more, on occasions) than those facing the sea. Such regions are serviced, in large part, by the import and export industry, which has enjoyed unmitigated growth in many countries throughout the last decade.

An incentivizing solution

In a world of oversaturation with regards to the ICO space, it can be difficult to identify the diamonds in the rough. Fishcoin aims to prove itself to be one of these gems.

The team is interweaving a multitude of solutions which fundamentally incorporate the benefits of blockchain technology to the many problems and challenges facing the massive seafood industry today. Fishcoin’s decentralized ecosystem approach will increase the volume and improve the veracity of seafood data by incentivizing data capture across the supply chain of the seafood industry.

The Fishcoin team have partnered with the GSMA [representative body of most of the world’s mobile network operators] so that in most locations around the world an actor at any respective supply-chain stage, whether they have access to banking or not, can receive token-based incentives in return for correct and accurate documentation of important harvest key data elements. They can be converted to mobile airtime top ups anytime.

Judging a crypto by its friends

Fishcoin’s portfolio of associates and partners is both vast and accomplished and along with the United Nations SDG2 Advocacy Hub, and the GSMA, also includes Thai Union, one of the largest seafood companies in the world.

The United States Department of State has also been in direct communication with Fishcoin’s parent company Eachmile Technologies with former U.S. Secretary of State John Kerry officially launching their mFish project at the Our Ocean Conference.

There is more information on this project including the public white paper at the Fishcoin website, further illustrating its highly talented and multi-experienced executive team. Fishcoin has a great wealth of ability, partnerships and momentum which helps to support and illustrate the potential that such a great project presents.

For more information, click here.



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Press Release

What is USDQ and Q DAO?

Guest Author

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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.

Author Name

 

 

Sviatoslav Zheltov, IT Manager and Blockchain Architect in Platinum Engineering

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