Bong Swi Hoo: Crypcore

Crypcore

What is the purpose of Crypcore?

Stable coins were created to solve the problem of volatility as crypto currency adoption has been bottlenecked around price stability. Stable coins have performed well since joining the crypto currency space but there are still a lot of improvements to be made. Particularly in the area of crypto collateralized coins. This paper explores the possibility of creating a crypto collateralized stable coin that combines pure crypto exchanges, a solvency system and the Cryptonote protocol. Crypcore is all about creating a crypto asset that enforces a solvency system which eliminates wild price swings, while giving Crypcore the chance to grow. Crypcore is essentially the combination of a crypto collateralized digital asset with a solvency system to ensure price stability.

Problems and Solutions

Too much power on the part of the issuer:Stable coins can effectively be taken out of circulation at any time by the issuing organization. As an example the Omni Protocol of tether can grant and revoke tokens represented on the blockchain . With Crypcore this is not possible because of the technology that Crypcore is based on.

Over issuance:A big problem with most stable coins is that they are issued the same way central banks issue money, this makes them vulnerable to over issuance and susceptible to inflation Crypcore will not have this problem because the quantity in circulation is determined by the emission logic of the Cryptonote protocol, and is visible to all.

Unstable Virtual Collateral:Virtual Collateral is itself unstable so using it to back a stable coin is difficult and confusing . By the end of this paper you will see how Crypcore hopes to solve this problem.

Highly Regulated:Fiat pegged stable coins are highly regulated and constrained by legacy banking systems .

Expensive, slow liquidation & purchasing:Liquidating stable coins can be slow because with most stable coin providers you need to wire money to your account which will incur bank fees. Purchasing can also be slow as you sometimes need to undergo KYC procedures and transfer money which can sometimes take days .

Complex Smart Contracts:For crypto collateralized digital assets like Maker Dai there is a problem of understanding. For regular everyday users the terms can seem unnecessarily complex. Crypcore will implement a very simple solvency equation system with easy to understand equation and parameters.

How does Crypcore work?

Crypcore is forked from Monero which is built on the cryptographically secure and truly anonymous Cryptonote protocol, the Crypcoreecosystem brings together a solvency equation, a pure crypto exchange and the Cryptonote protocol to create a coin which has a stable price with price stability achieved by averaging the collateral increase with price fluctuations.

To this effect Crypcore is a stable coin which operates in a fundamentally different way to traditional stable coins, we will call it a Dynamic Stable Coin (DSC). Crypcore will earn collateral from the fees charged on the Crypcore exchange, these fees will be added to the collateral of the Crypcore coin thus always increasing the collateral and maintaining the stability of the Crypcore Price. Crypcore is not to be viewed as traditional crypto currency stable coin but rather a new and innovative approach to achieving price stability in the crypto currency space.

The Cryptonote protocol

The Cryptonote protocol is an application layer protocol that was created to solve the problems associated with the bitcoin protocol. Cryptonote first appeared in 2012 and a ground breaking the white paper was published on October 17 2013, the most popular coins based on the Cryptonote protocol are Monero(Crypcore is forked from Monero) and bytecoin. Cryptonote is based on the cryptographic work “Traceable ring signature” created by E. Fujisaki and K. Suzuki.

Crypcore Wallets

Crypcore aims to be accessible to even non-technical users, wallets will be provided for a wide range of platforms. There will be desktop wallets, command line wallets, hardware wallets and web wallets. After the completion of the Web Wallet development for android and iPhone wallets will begin. The web wallet is currently in development you can find screen shots below.

Crypcore Exchange

Crypcore exchange will play a very important role in managing the price of Crypcore. To do this Crypcore Exchange will have to do things in an unconventional manner. A very simple solvency equation will determine the pricing of Cryps. In normal stable coins the tokens are issued by the primary organization but Crypcore exchange will not be able to create tokens, rather each coin is mined. This is because the privacy and security of our users are of utmost importance. In order for Cryps to hold their value the initial money supply is mined and held by the Crypcore exchange. The Cryps held by the exchange will not be regarded as being in circulation.

Roadmap

Q2 2019Idea Realisation & Research $50,000 private funding

Q3 2019Architecture Design & Whitepaper publication

Q4 2019Launch Crypcore Instant Exchange Launch block Explorer Start trading crypcore on exchanges

Q1 2020Launch Web Wallet

Q2 2020Launch Mobile Wallet

Q3 2020Launch New features for Crypcore Exchange

Team

Terryp:

Lead Developer Terryp has over ten years of development experience and web security expertise.

Zonner:

Web and mobile designer. Fifteen years of design and development experience.