Kovrita Decentralized Hedged Stablecoins
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Kovrita project’s philosophy lies primarily in full support of the decentralization concept and development of open-source software. The project team's ultimate goal is to make a major contribution within the cryptographic space, by not only developing the tools and platforms for exchanging digital assets exclusively for trading and investment purposes but also to facilitate the expansion of blockchain technology usage into wider areas of people’s everyday activities and interactions.
Starting from the creation of Kovrita US Dollar crypto coin (USDk), the primary focus of the project is to create a set of stablecoins, representing major fiat and cryptographic currencies. From the very beginning of project operations and in its innovative path to the complete decentralization of such coins, we are utilizing the model of distributed ownership and custodianship of the assets which are hedging the Kovrita coins.
One of the important project’s objectives is to develop a new type of decentralized exchange (DEX) platform. In comparison to the existing today DEXes, the novelty of such a platform is in its greatly increased liquidity index for all traded assets. Such an increase can be achieved because each of the assets will be individually paired with one or more stable, decentralized Kovrita coins, serving as the platform’s internal Trading References (c).
Kovrita stablecoins are initially created as a set of Ethereum contract-based (ERC-20 standard) coins. They are: (1) Algorithmically issued and destroyed by the array of software oracles, in real-time, in full accordance with the public's demand; (2) Hedged by the fiat money and cryptocurrencies “basket” in a decentralized manner.