USDAO A Truly Decentralized Global Digital Currency .

USDAO A Truly Decentralized Global Digital Currency .

Cryptocurrency and volatility comes hand in hand. Last year on this day 12 Nov 2021 Bitcoin was trading at 69000 US dollars and today exactly after a year it is trading at 17000 US dollars. Cryptocurrencies use decentralized networks via blockchain technology, making duplication or counterfeiting almost impossible. However, cryptocurrency is not a regulated asset and even illegal in some countries. As a result, it is a highly volatile asset class.

To control the inflationary tendency of cryptocurrencies, users must be convinced to spend the tokens instead of saving them. Stable coins enable us to bridge this gap between the stability of fiat currency versus cryptocurrency.

So what are stable coins ? "Stable coins are just cryptocurrencies with their value pegged against some stable assets such as precious metals or fiat currencies such as the US Dollar. "

Currently there are approximately 200 stable coins . Yet most of them are "NOT" enterprise-friendly and truly reliable stable coin that can replace fiat currency into digital currency . for Ex : UST token of Terra luna which was stable coin lost their ecosystem Valuation in just 3 days.

Stable coins like USDT and USDC does not publish complete transparent audit report on their asset holding , which backs their claim that they have , with respective to 1 US dollar to 1USDT and 1 USDC ,out of which USD has only 5.81% of their treasury in cash and bank deposits as per their March 2022 report, where USDC does not have any transparency on their treasury holding report. This is a major issue as the decentralized ecosystem should not use centralized stable coin by private issuers which deceives the purpose of true decentralization as they can control and manipulate the supply of their stable coin without consulting with the user community or through community governance.

Problems with existing stable coins . a) Lack of Transparency b ) No proper audit of asset backing 3 ) Lack of Community Governance 4) Prone to Centralization 5) Requirement of Over-collateralization 6) Non - Liquid Collaterals

"USDAO" A Truly Decentralized Global Digital Currency can Solve the above problem and can also fulfill the requirement of business and enterprise .

The RUIT foundation has build a USDAO stable coin simplify transactions in business processes and extend limits for cross-border global transactions by offering faster and safer transactions . USDAO promises to deliver simpler implementation and easy integration of our technology into your existing business. USDAO stable coin is powered by multiple blockchains including Ethereum which itself is a reputed and established market leader in decentralized application’s technology .

USDAO'S Stable coin price is pegged relatively to 1 US dollar. It can be minted using Ether. The amount of tokens minted depends upon the median ETH/USD price returned by the oracles which is used by the system at the time of the transaction.

How USDAO stable coin works ?

The USDAO stable coin is designed to be pegged to 1 US dollar. The two operations, mint and burn, help it maintain its peg. When either of these two activities increases more than the other, the USDAO mint or burn price rises or falls slightly to discourage any more such operations.

USDAO Features . a) Service as Stable Coin . b) Truly Decentralized . c) Community Governed . d) Crypto - Backed . e ) Soft - pegged to 1 US dollar . f ) Simplified SDK generation g ) 1 : 1 pay Out Ratio ( Ethereum Collateralized . h ) Zero Fees on USDAO stable coin minting .

Why USDAO ? USDAO is maintained through decentralized governance and thus provides more advantages than other stable coin protocols in terms of security, transparency, accountability as well as having the flexibility to evolve with the needs of an ever-changing market through Community Governance.

Simple to use . All you need is a blockchain wallet like meta mask with an account to send and receive payments in USDAO to get started . The process is simpler compared to traditional stable coins which requires (KYC ), high integration fees.

Less charge fee . While Minting and Burning, a marginal charges are collected by the ecosystem through smart contracts. There are no charges on Transfer of USDAO between accounts. These are the following charges that the system generates:

USDAO Mint: 0.0% of the transaction total deducted when exchanging ETH for USDAO. USDAO Burn: 0.3% of the transaction total will be deducted when exchanging USDAO for ETH. USDAO Transfer: 0.0% charges on the Transaction Fee OnVault Staking: 0.1% of the claimed ASSET deducted whilst claiming staking rewards.

Apart from mint and burn Users can expect following advantage : a) Stake USDAO stable coin to get ASSET token as rewards for long-term holders. b) Borrow USDAO by providing Ether as the collateral on OnVault App at 0% Free Interest Rate on collateral, Close your Debt any time without incurring any Interest charges. c). User’s will get ETH* and ASSET token in reward for Staking USDAO in USDAO Value.

How USDAO works ? The USDAO stable coin is designed to be to pegged 1 US dollar. The two main operation Mint and Burn helps it maintain it's peg . When any of the two activities( mint or burn ) increases more than another the USDAO mint or Burn rise and falls slightly to avoid such operation .

USDAO vision .

USDAO stable coin vision is to solve the current stable coin problems from lack of transparency to proper community governance . It is designed by keeping the business experience in mind. Whether you are a businessman, or an investor, a merchant, an entrepreneur, or an institution, USDAO has been designed to meet everyone’s needs. We offer the best possible solution to keep the pegged price stable at 1 USD with the lowest transaction fees.
The system is run by a global and decentralized community . Anyone can acquire governance tokens and participate in the decision-making body of the USDAO stable coin project.