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OneCash: Empowering the Asian Digital Community

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3 years ago

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While Bitcoin continues to lead the pack in terms of market capitalization, it in fact isn’t the most traded cryptocurrency. Currently, the crown of crypto trading volume belongs to a stablecoin named USDT. If Bitcoin and Ether epitomize the blockchain space, then stablecoins are the cornerstone and future of the crypto world.  

As of August  2021, according to CoinMarketCap data, stablecoins took up 3 and 2 seats within the top 10 daily trading volume and market capitalization, respectively. More specifically, USDT’s daily trading volume was $90 billion, 2.6 times the daily trading volume of Bitcoin and 3.5 times that of Ether. Despite the enormous trading volume, USDT dwarfed in market capitalization when compared to BTC and Ether, representing only 1/13 the size of Bitcoin and 1/6 of Ether.  Therefore stablecoins like USDT have witnessed very high demand from trading activities, which pushed the price of USDT above $1 (inherent price of USDT) for an extended period. To prevent structural premium relative to USD, Tether, the issuer of USDT, is often compelled to increase the supply of USDT to negate the effects of increased demand.

The market demand for stablecoins is self-evident, and an increasing number of players are aiming to fulfill the supply side. Many efforts have been made in creating the ideal stablecoin. But, for the time being, no stablecoin is perfect. The Existing selection of stablecoins invariably possesses certain caveats, which have given crypto investors the short end of the stick. For instance, some stablecoins lack transparency for their stablecoin reserves, others are unable to fulfill their redemption commitments. Even the extreme case of rug-pulling isn’t an uncommon practice. Crypto investors are hence in dire need of a stablecoin that is truly stable, secure, and reliable.

OneCash is a stablecoin centered global financial technology platform that emphasizes compliance, security, and efficiency. OneCash envisions the world of fiat and cryptos would integrate seamlessly, and endeavor to create a world where cross-border trades can be effectively settled at low or no cost.

OneCash recently launched Round Dollar, a stablecoin that might just be the solution to the aforementioned concerns.  

Pegged to a basket of major Asian currencies (CNH, JPY, HKD), Round Dollar is a revolutionary synthetic asset allowing users to hedge against the volatility of cryptocurrencies, fiat currencies and dollar stablecoins (USDT, USDC). Its governing principle can be simplified into a formula where 1 Round Dollar = 47 CNH + 550 JPY + 25 HKD. Users may obtain Round Dollar via various channels, such as the OneCash Wallet application, centralized exchanges (Poloniex) and decentralized swaps (JustSwap).

How does Round Dollar fare against other stablecoins?

More Stable and Efficient

The key function of a stablecoin is as literal as the word “stable” in its name. However, achieving stability is not an easy feat due to factors such as  global capital flow and government policies regarding reserve handling and safekeeping. Round Dollar is designed to optimize stability and provide holistic protection for its users.

In an environment where the majority stablecoins took the most straightforward path by pegging themselves to the US dollar, OneCash chose to peg Round Dollar to a basket of Asian currencies to target underserved Asian population and unlock the untapped growth potential. In other words, while most stablecoin issuers sought convenience and quick return, OneCash, on the contrary, chose to pursue our vision of empowerment and growing together with our community. More importantly, the composition of the Round Dollar basket can effectively hedge against the depreciation of the US dollar and linked currencies. In other words, other than nominal value stability, Round Dollar is endowed with exceptional real value stability.

It’s also worth noting that Round Dollar is launched using the TRC20 protocol, where the greater part ($33 billion) of USDT is circulating. TRC20 is selected for its high processing speed and reliability, which can in turn offers users a seamless experience and peace of mind.  

More Compliant and Secure

There are two predominant types of stablecoins, namely decentralized stablecoins and centralized stablecoins.

The strength of decentralized stablecoins lies in its open and transparent nature, which offers no room for under-the-table maneuvers (e.g. over-issuance). This open and transparent nature has caused decentralized stablecoins to become well-received with use-case scenarios such as Web 3.0, metaverse, Defi, and more. However, decentralized stablecoin is not without its disadvantages. Because no one specific party can conduct identity verification and monitoring, there have been cases where decentralized stablecoins were abused for inappropriate purposes. Conversion to fiat currencies has since then become more challenging.

Centralized stablecoin, on the other hand, possesses strength in that suspicious activities can be readily detected and treated with the appropriate response. Regulators and institutions hence see it in a more favorable light. Centralized stablecoin is however, less transparent and relies heavily on the element of trust.

Round Dollar is a stablecoin that aims to achieve the best of both worlds. Issued by OneCash and monitored by independent trusts, audit, and law firms, Round Dollar is designed to achieve the most stringent compliance standards. This provides assurance that Round Dollar could always exchange to fiat with no hassle. Moreover, seven layers of checks and controls have been implemented to increase the Round Dollar’s transparency and accountability.

  • 1st layer: issuance and distribution structure needs to be approved by OneCash partner law firm to ensure compliance;
  • 2nd layer: all smart contracts are required to pass the security audit of Slowmist before implementation;
  • 3rd layer: client assets are all placed in the custody of independent third-party OKLink Trust and reserve balances are available to public scrutiny real-time;
  • 4th layer: transaction assessments are conducted by independent third-party accounting firms on a monthly basis;
  • 5th layer: name screening is conducted against the Dow Jones database to ensure compliance with local and international anti-money laundering and counter-terrorism financing (AML/CFT) regulations;
  • 6th layer: all users are required to pass a bank account authentication test to establish a compliant and reliable crypto-fiat channel;
  • 7th layer: on-chain anti-money laundering is conducted against peckshield database on a per transaction basis, preventing the flow of funds into high-risk addresses (e.g. dark web market, sanctioned addresses) and ensuring the functionality of client account;

What are the use-cases for Round Dollar?

In the era of Web 3.0, Round Dollar can become an effective means of exchange of value within as well as between the virtual and real-world economy.

On-chain transactions – With the popularization of the metaverse concept, hundreds of millions of virtual characters would bring about the next evolution of human society. Production and consumption (e.g. purchase skin, equipment, concert tickets) within this society will require a governing economic system and medium of exchange to function. Round Dollar is a good candidate for adoption in this scenario. Users could consume and produce within the metaverse through Round Dollar. Whenever required, users could then exchange Round Dollar into their desired fiat currency in the real world via OneCash Wallet application.

Decentralized Finance – Round Dollar can also be adopted as an effective denomination in the Defi space due to its unique ability to maintain real value stability.

Trade Settlement – Round dollar can mitigate foreign exchange rate risk for both importers and exporters by avoiding redundant intermediaries to increase the efficiency of cross-border trade and payments.

Round Dollar was listed on Poloniex on August 19, 2021 at 12:00  (Hong Kong time), available as RD/USDT trading pair. Getting listed on Poloniex is just the beginning. OneCash shall continue in its endeavor to create a world where fiat and cryptos could unite as one.

About Author

Alex Jacob

Alex Jacob is a literature author. He was born in Chicago. Alex passion is writing news articles. He writes number of articles and published it.

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Press Release

UVKXE Releases Anti-Scam Guide, Enhancing User Security Protections

Published

24 hours ago

on

November 23, 2024

By

DENVER — Recently, the globally renowned cryptocurrency trading platform UVKXE has published its latest anti-scam guide to address the escalating threats of online scams, establishing a comprehensive protective barrier for users worldwide. The guide focuses on various scamming tactics prevalent in the cryptocurrency sector, highlighting what users should be aware of during transactions and asset management, while also providing effective preventive measures.

Kevin Anderson, CEO of UVKXE, noted: “As the cryptocurrency market continues to expand, more cybercriminals are turning their attention to cryptocurrency users, developing sophisticated scam techniques. As a well-known platform in the cryptocurrency trading field, UVKXE has a responsibility to help users identify and mitigate these potential risks. Through the release of this anti-scam guide, we aim to further enhance user awareness and safeguard their digital asset security.”

The guide outlines the common characteristics of these scams, such as phishing emails that typically use UVKXE or similar official-sounding names, along with forged logos and links, to deceive users into providing their login credentials and sensitive information. It also advises users to always choose official channels when downloading applications to avoid malicious software. Furthermore, UVKXE emphasizes that the platform will never proactively request users to provide sensitive information such as passwords or verification codes in any form.

In addition to the anti-scam guide, UVKXE will launch a series of interactive activities, utilizing community forums and video tutorials to educate users about safety knowledge and help them recognize and respond to potential threats. The UVKXE security team stated that these activities will not only provide real-time updates on scams but also offer users opportunities for direct communication and inquiries.

The investment in technology and education is reflected not only in the publication of the anti-scam guide but also in daily operations and maintenance. Kevin Anderson concluded: “Every protective measure and security technology implemented by UVKXE is designed to ensure the safety of user assets. In the future, we will continue to advance this mission, providing users with safer and more convenient cryptocurrency trading services.”

Media Contact:
Company Name: UVKXE CRYPTO TECH CO.,LTD.
Company website: https://www.uvkxe.co
Contact person’s full name: Mayang
Email id: mayang@uvkxe.co

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

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Cloud PR Wire

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Press Release

UVKXE Clarification Statement: A Legally Compliant Trading Platform with International Accreditation

Published

24 hours ago

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November 23, 2024

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DENVER — Recently, the Securities Commission Malaysia (SC) published a list on its official website of cryptocurrency trading platforms that have not met its local registration requirements, mentioning UVKXE. UVKXE takes this matter seriously and wishes to clarify its credentials and compliance status to its users.

Global Compliance Credentials of UVKXE

UVKXE is committed to operating under legal and compliant principles, upholding a user-first core value. The platform has obtained several certifications from international authoritative regulatory bodies, including but not limited to:

U.S. MSB License
UVKXE has obtained the MSB license issued by the U.S. FinCEN. This certification represents the highest recognition by the U.S. government for financial service institutions, ensuring that UVKXE can legally conduct cryptocurrency-related business.

U.S. SEC License
As one of the few cryptocurrency trading platforms registered with the U.S. Securities and Exchange Commission (SEC), UVKXE complies with securities and investment-related legal regulations, providing users with a safer and more transparent investment environment.

Background on the Malaysian Public List

The list published by the Securities Commission Malaysia mainly targets trading platforms that have not met local registration requirements, such as Binance and Bursa Malaysia, rather than denying the platform legality. UVKXE has obtained multiple authoritative licenses internationally, and its compliance is beyond doubt. UVKXE is in communication with relevant departments to understand local specific regulations and to advance the registration process, ensuring compliance with local market requirements.

Commitment to Legal Compliance and User-Centric Values

UVKXE will use this event as an opportunity to further enhance its global compliance framework, actively adapting to regulatory environments in various countries, and providing users with more professional and diversified financial services. We sincerely thank all users for their trust and support! UVKXE promises that no matter where it operates, the platform will always adhere to the core philosophy of “user-first”, moving together with global users towards a safer, more open, and transparent new era of the digital economy.

Media Contact:
Company Name: UVKXE CRYPTO TECH CO.,LTD.
Company website: https://www.uvkxe.co
Contact person’s full name: Mayang
Email id: mayang@uvkxe.co

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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Press Release

UVKXE Strengthens Security Strategy, Leading Innovations in Anti-Scam Technology for Crypto Platforms

Published

24 hours ago

on

November 23, 2024

By

DENVER — Recently, the globally recognized cryptocurrency trading platform UVKXE officially announced the completion of its latest security system upgrade. This upgrade significantly enhances the cybersecurity defenses of the platform and introduces cutting-edge anti-scam technologies. Through this technological update, UVKXE demonstrates its commitment to user asset security and proactive measures against potential future cyber threats.

Kevin Anderson, CEO of UVKXE, stated: “User trust is the foundation of UVKXE, and ensuring the security of user assets is always our top priority. This security system upgrade incorporates AI deep learning, real-time risk control, and efficient anomaly detection algorithms, aiming to create a safe and trustworthy trading environment for users. We will continue to optimize the security measures for user assets, ensuring that every user can trade confidently on UVKXE.”

The focus of this security system upgrade is primarily on anti-scam technologies. In response to the ever-evolving online threats and scam tactics in recent years, UVKXE has strengthened its multi-layered protective mechanisms, effectively enhancing the security and responsiveness of the system. The upgrade introduces AI-driven anti-scam technology, which intelligently analyzes user behavior through deep learning algorithms, allowing for rapid identification and isolation of suspected scamming activities. The AI anti-scam system can monitor and analyze large volumes of trading data in real time, immediately freezing any suspicious transactions or account activities to safeguard user assets.

Kevin Anderson further explained: “Traditional anti-scam methods often rely on post-event analysis, whereas the new system of UVKXE can identify risks promptly before incidents occur, taking immediate action to prevent losses.”

In terms of anomaly detection, the system of UVKXE combines the transaction histories, asset conditions, login locations, and other multidimensional data of users to accurately pinpoint potential security vulnerabilities. Through anomaly detection technology, each user login and transaction can be monitored in real time, with timely alerts prompting users to confirm actions, further enhancing the security of the platform.

Kevin Anderson concluded: “We hope every user can enjoy a secure trading experience on UVKXE. By continually optimizing our security strategies, we aim to provide a safer and more convenient cryptocurrency trading experience for our users.”

Media Contact:
Company Name: UVKXE CRYPTO TECH CO.,LTD.
Company website: https://www.uvkxe.co
Contact person’s full name: Mayang
Email id: mayang@uvkxe.co

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

About Author

Cloud PR Wire

See author's posts

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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