Hello, meet again with me Samuraijin, I will write an article about the crypto project called Crypcore. For more details, I will discuss it below
What is Crypcore ?
Crypcore is taken from Monero which is built on cryptographic secure cryptographic protocols and is completely anonymous, the Crypcore ecosystem combines solvency equations, pure crypto exchange and Cryptonote protocols to make coins that have stable prices with price stability achieved with average increase in collateral with price fluctuations. For this effect Crypcore is a stable coin that operates in a fundamentally different way than traditional stable coins, will call it a Dynamic Stable Coin (DSC).
Crypcore will get a guarantee of the fees charged on the Crypcore exchange, this fee will be added to the Crypcore coin guarantee so that it always increases the guarantee and maintains the stability of the Crypcore Price. Crypcore is not seen as a stable coin for traditional crypto currencies, but rather a new and innovative approach to achieving price stability in the crypto currency space.
Crypcore system
Popular stable coins are pegged to the US dollar and have a ratio of 1: 1, Crypcore on the other hand will not be pegged at 1: 1 but will calculate the price of the collateral held. In that aspect Crypcore cannot be considered a stable coin in the traditional sense of the word. Crypcore will consist of a number of different parts that work together to maintain the price of Crypcore coins, namely: Cryp core Blockchain, Crypcore Mining, Crypcore Wallet, and Crypcore Instant exchange.
CRYPCORE BLOCKCHAIN:
Kryptonot protocol
Blokir Explorer
CRYPCORE MINING:
Crypcore exchange
CRYPCORE WALLET:
Official Desktop Wallet
Official Web Wallet
Third Party Wallet
Hardware Wallet
CRYPCORE CHANGES:
Cryp core Exchange
Solvency System
The Crypcore Blockchain
The Crypcore Blockchain consists of the Cryptonote protocol and the explorer block. The characteristics of the Crypcore blockchain are:
- Low transaction costs
- High speed
- Decentralized
- Secure
Cryptonote protocol
The Cryptonote protocol is an application layer protocol that was created to solve problems related to the bitcoin protocol. Cryptonote first appeared in 2012 and a white paper breakthrough was issued on October 17, 2013, the most popular coins based on the Cryptonote protocol are Monero (Crypcore taken from Monero) and bytecoin. Cryptonote is based on the cryptographic work "Traceable signature rings" made by E. Fujisaki and K. Suzuki.
Cryptonote offers the highest level of privacy compared to other cryptocurrency protocols. The Cryptonote version used by Crypcore is a branched version of Monero and looks more like Monero in every aspect. This version uses elliptic curve cryptography using the Ed25519 curve, the input is signed with an anonymous group signature and the output is hidden and sent to the user anonymously.
To get additional information about Elliptic Curves you can study Zero to Monero paper [5] and Cryptonote whitepaper [4]. Below you will find a general summary of how Cryptonote works. In Cryptonote the sender takes the public address from the recipient and divides it into two parts, one part of the key is combined with the sender's private key to create a shared secret key, this shared secret key is combined with the other part of the sender's address to create a one-time destination key. The recipient uses his private key to scan the blockchain and perform calculations to determine the output that belongs to him. In this way payments are received for one time key and are not liked by external observers.
Crypcore wallet
Crypcore aims to be accessible even to non-technical users, wallets
will be provided for various platforms. There will be desktop wall ets, command line wallets, hardware wallets and web wallets. After the completion of the development of Web Wallet for android and iPhone wallets will begin. The web wallet is currently under development. You can find the screen shot below.
Crypcore exchange
Crypcore exchange will play a very important role in managing the price of Crypcore. To do this Crypcore Exchange must do things in an unconventional way. A very simple solvency equation will determine the price of Crypt. In normal stable coins tokens are issued by the main organization but the Crypcore exchange will not be able to make tokens, but rather every coin is mined. This is because user privacy and security are the most important. In order for Cryps to maintain its value, the initial money supply is mined and held by the Crypcore exchange. Crypts held by exchanges will not be considered outstanding.
- The current Crypcore exchange is an anonymous instant exchange.
- Crypcore exchange will charge 0.1% for the transaction.
Economy Flow of funds
- Cryps are mined and stored on the exchange
- Deposit Crypto users into Crypcore Exchange
- Crypcore exchange sends Cryps to the user's Crypcore address. The amount of Crypt sent is determined by the exchange rate.
- Users can make anonymous p2p transactions.
- Users can return Cryps to Crypcore exchanges
- Any Crypto that is available or selected by the user is returned to the user.
Change Suggestions
The crypcore exchange will have two types of reserves.
- Cryps Backup: This is a pre-mined Crypt (and Crypt back) held on the Crypcore exchange.
- Cryptocurrencies: These are cryptocurrencies that are stored in backups as collateral. This is a good idea because cryp to to crypto can be traded on Crypcore Exchange.
Proof of the backup process is very easy compared to fiat-based Stable coins because users can visit https://crypcore.com/reserves to see every coin stored in reserve as collateral and verify it on the blockchain. This crypto reserve will be divided into two parts, namely:
- Direct backup: This is a backup stored on the exchange.
- Cold storage: This is a backup that is stored offline in cold storage. The reserves will be divided between the live and cold reserves.
Increased Guarantee
Crypcore is dedicated to making money for Cryps holders, part of the crypto received at exchange fees will be added to the collateral. In this way Crypcore will be able to maintain a stable price and have an additional level of immunity to price changes.
Solvency System
The solvency equation is on the exchange and is only the protocol that controls the price of Crypcore. Unlike other stable coins, Crypcore prices will not be drawn. Then why are these coins stable? Crypcore works on the principle that the Crypcore exchange will use crypto collateral on the exchange to facilitate transactions and this will be used to manage collateral. The price of Fiat Crypcore will be determined by dividing the Fiat value of the Collateral by the total amount of Crypt in circulation. By increasing collateral, coin stability can be improved and Crypt holders protected from price changes.
Taking the historical price of bitcoin from 1 January 2018 to 1 July 2019 (on the 1st of every month) as a case study, let's assume Bob uses one bitcoin to buy Crypcore on January 1, 2018, this is how the value of the purchased Cryp s bob will change. Assuming that Crypcore Exchange increases collateral by an average of 30% starting from February.
Dynamic Price Stability System (DPSS)
This is the system used by Crypcore to maintain stable prices. 30% of the income is added to the collateral and 20% is stored in the Collateral Stabilization Collection (CSP). Collateral Stabilization Collections play a role when Crypcore prices fall by more than 10% within a certain period. It functions by adding the crypto currency collateral in this pool to the main pool to maintain a fixed price.
Limitations of the Current Stable Coin Model
When stable coins are considered the wrong way, the general idea among stable coin designers is that the target price must be maintained, the idea is that if a minimum price change is achieved by a mechanism the asset is stable. But this is not true, stability must not be seen as maintaining the target price, but stability must be a function of demand, supply, and value.
Gold is a good example of a stable asset that gains stability from the perceived value. Installing crypto assets against the US dollar creates a false sense of stability and no real value because the US dollar itself is constantly changing values in relation to other fiat. currency. The US dollar is stable because of the strength of the largest economy in the world and the value itself.
Crypcore aims to achieve the same stability by turning on mechanisms that increase collateral, so that the real value of Crypcore will be based on the system under its control, Crypcore will create stability by creating value.
Stability is a relative concept, the US dollar is considered the most stable currency in the world not because the price does not change, but because relative to other currencies the price does not change much. This is the type of stability that Crypcore wants to achieve.
It is hoped that Cryps holders see it as a crypto currency that is supported not only by other digital assets but by the economics of Crypcore Instant Exchange. Over time, prices will be flat, the price chart below shows how Crypcore aims to achieve stable prices.
Roadmap
Awesome Team
- Michael Soeterbroek: CEO & FOUNDER
- Peter Akporume: Co-Founder
- Shehzad Khan: CTO & Developer
- Kashif Khan: CMO
Advisors
- Hamza Khan: Advisor
- Owais Ahmed: Advisor
If you want to know more about the Crypcore project you can visit the link below, Enough for my writing this time which only discusses some important points of this project, for more information please visit the link below
Website: https://crypcore.com/
Whitepaper: https://crypcore.com/whitepaper.pdf
Twitter: https://twitter.com/crypcore1
Bounty telegram: https://t.me/Crypcore_bounty
Telegram: https://t.me/crypcore_group
Bitcointalk username: samuraijin
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=905398
Telegram: @Samuraijin80
ETH Address: 0x3f9bb3679f1B71F22d823992078244C87EF4D455
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