These are the main benefits of cryptopeg. Learn how we can help you. Do you want to become a user? Is being a minter something that appeals to you? What's in it for you?
Use blockchain to transact using a stable unit of account. Cryptocurrencies have been known as volatile assets. We believe there is also a need for an asset with a price that is stable. cryptopeg aims to achieve just that by mimicking the price of USD, purely using market forces.
Bitcoin holders often want to keep their holdings in Bitcoin. They also need to pay for their consumption - day to day coffee, rent and geeky toys. By becoming a cryptopeg minter, users can keep their Bitcoin exposure while using part of their wealth to finance their day to day activities.
If you don't need to finance your consumption, you can increase your Bitcoin exposure. By minting cryptopeg and selling them on the market for more Bitcoin, you can leverage your Bitcoin holdings. Yes, this is decentralized, market-based leverage tool for long positions.
cryptopeg is a decentralized asset backed by Bitcoin. There is no counterparty. Bitcoins are held in a smart contract that not even the authors can control (and we are open-source, so you don't have to take our word for it). There is no bank that can go bankrupt, no bailouts, no people that have to keep their promises.
We love Bitcoin, but it is not a good unit of account. The price is changing so fast that the idea of what one Bitcoin means would have to be updated several times per year. We all have an idea of what 100 USD mean. We try to bring this experience to blockchain. Blockchain can thus become a payment method, using a standardized measurement system that people already know.
cryptopeg is in heavy development! Subscribe to get access to latest news, updates to the whitepaper and access to the Decentralized bank when it becomes available!
These are the main features of cryptopeg in comparison to other types of money or other cryptocurrencies. Learn for yourself what makes us different!
cryptopeg creation is completely controlled by market actors. The creators of cryptopeg have no more say in how many cryptopeg there are than anyone else. Anyone can become a minter simply by depositing required backing in Bitcoin to the smart contract.
cryptopeg is like Bitcoin. There is no center. And that means there is no politics. All the rules are set forth in a smart contract that governs the mintage, claiming and transferring of cryptopeg. No one can change the rules.
cryptopeg is an open-source software that consists of a smart contract, oracle interface and a user interface. Everything is open and public. Don't like the color of the button? No problem, you can change it. Want to introduce KYC/AML regulations? Feel free to fork your version and implement them. Good luck convincing others to use it though...
While we were inspired by other "stablecoins", more often than not they had voting-based governance. We don't believe in voting - other than voting by your action. If you don't like how cryptopeg works, go ahead and create your own cryptopeg-derived work. Then find people to invest Bitcoins into them. If you improve on our work and make a better alternative, you might even convince us to switch. There is no voting, there is no lobbying and there is no politics.
cryptopeg is backed by Bitcoin - the largest and most trusted cryptocurrency in the world. Most state currencies are backed by a promise of a state entity at best. You can always redeem Bitcoin for cryptopeg. There is no one that needs to approve this. If you loose confidence in cryptopeg, go ahead and do a run on the bank (ehm, smart contract).
As with Bitcoin, there is no login and password. No private personal data. No FATCA forms. Only private and public keys. This does not make cryptopeg completely anonymous, because all account movements can be seen on the blockchain. It is still better than ever-present monetary dictatorship. If someone creates a zk-SNARK-enabled fork or an add-on for additional privacy, we would be really happy!
cryptopeg is running on Rootstock, which is an ethereum smart contract platform, but using Bitcoin as it's main token. You can use all the security mechanisms you would for any other Rootstock token - hardware wallets, paper wallets, etc.
We did not build another blockchain. We leverage existing infrastructure - Bitcoin, Rootstock and ERC-20 tokens. We are interoperable with standard Rootstock wallets that support ERC-20 standard. You can interact with our smart contract using standard and existing libraries like web3.js, frameworks like Truffle, etc. We are not reinventing the wheel; we are only reinventing money!
That being said, our paper discusses what happens in case of significant drops in price of Bitcoin and we believe the fundaments of Cryptopeg can survive even in these scenarios.
The second reason we believe Cryptopeg might be successful is the fact that it is an open-source project with no preferential treatment. It does not depend on whales, venture capital support or big player that will spread the word. Even we, the authors, don't have any sort of preferential treatment by the smart contract or the ecosystem and there are no fees charges by the smart contract. We would like to use this as a tool. We believe that this community aspect mirrors the original vision of Satoshi Nakamoto and Bitcoin and projects like Monero that are built and spread by the community of developers and users. We hope to gain trust by showing we can build and deliver a functioning product that we want to use ourselves and we welcome contributions, forks, pull requests to serve the blockchain community.
That being said, we are not "against" competition. We just believe that blockchain world needs a stablecoin and that it does not matter if it is us who brings it to the world or our "competition". We wish all stablecoin projects good luck and if someone creates something better, we will use it ourselves.
Jokes aside. The original authors prefer to stay anonymous. It is not about us. We want to make the parallel financial system more usable and for that we need a stable unit of account. That is our goal. The original idea was created by and consulted with programmers, economists, Bitcoin investors, mathematicians and other smart people. We welcome any contributions and are open to suggestions.
We have published the whitepaper which describes the technological and economical incentives that make stable pegging possible. We are currently working on an implementation. You can watch us on github, follow @CryptoPeg_Org on Twitter or subscribe to our mailing list.