Crypcore is forked from Monero which is built on the cryptographically secure and truly anonymous Cryptonote protocol, the Crypcore ecosystem 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, 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 increas ing 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 Crypcore System
Popular stable coins are pegged against the US dollar and have a 1:1 ratio, Crypcore on the other hand will not be pegged at 1:1 but will calculate the price from collateral held. In that aspect Crypcore cannot be regarded as a stable coin in the traditional sense of the word . Crypcore will be made up of a number of distinct parts working in tandem to maintain the price of the Crypcore coin these will be: Cryp core Blockchain, Crypcore Mining , Crypcore Wallets and the Crypcore Instant exchange.
CRYPCORE BLOCKCHAIN:
- Cryptonote protocol
- Block Explorer
CRYPCORE MINING:
- Crypcore Exchange
CRYPCORE WALLET:
- Official Desktop Wallets
- Official Web Wallet
- Third Party Wallets
- Hardware Wallets
CRYPCORE EXCHANGE:
- Cryp core Exchange
- Solvency System
The Crypcore Blockchain
The Crypcore blockchain consists of the Cryptonote protocol and the block explorer. The characteristics of the Crypcore blockchain are:
- Low transaction Fees
- High Speed
- Decentralized
- Secure
The technical details of the Crypcore blockchain are as follows:
Hash Algorithm: Cryptonight
Difficulty: retarget after every block based on the last 720 blocks.
Block time: 120 seconds
Mining Reward: Confirmation Fees
Block Size: Dynamic
Supply: 1000005592. 186044415
Divisibility: Divisible by 9
Hash Algorithm: Cryptonight
Difficulty: retarget after every block based on the last 720 blocks.
Block time: 120 seconds
Mining Reward: Confirmation Fees
Block Size: Dynamic
Supply: 1000005592. 186044415
Divisibility: Divisible by 9
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 .
Cryptonote offers the highest level of privacy compared to any other cryptocurrency protocol. The version of Cryptonote used by Crypcore is the version forked from Monero and more closely resembles Monero in every aspect. This version uses elliptic curve cryptography using the curve Ed25519, inputs are signed with anonymous group signatures and the outputs are concealed and transmitted to the users anonymously.
To obtain additional information about Elliptic Curves you can study the paper Zero to Monero [5] and the Cryptonote whitepaper [4]. Below you will find a general summary of how Cryptonote works. In Cryptonote the sender takes the public address from the receiver and splits it into two parts, one part of that key is combined with the senders private key to create a shared secret key, this shared secret key is combined with the other half of the senders address to create a one – time destination key. The receiver uses his private key to scan the blockchain and perform computations to determine outputs that belong to him. This way payments are received to one time keys and are unlikable to external observers.
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 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.
The Crypcore exchange at this moment is an anonymous instant exchange.
Crypcore exchange will charge a 0.1% fee for transactions.
The Crypcore exchange at this moment is an anonymous instant exchange.
Crypcore exchange will charge a 0.1% fee for transactions.
The Economics
Flow of funds
1. Cryps are mined and stored on the exchange
2. User deposits Crypto into Crypcore Exchange
3. Crypcore exchange sends the Cryps to the user ’s Crypcore address.
Amount of Cryps sent is determined by the exchange rate.
4. Users can conduct anonymous p2p transactions.
5. Users can return the Cryps back to Crypcore exchange
6. Any of the Crypto available or chosen by the user is returned to the user.
2. User deposits Crypto into Crypcore Exchange
3. Crypcore exchange sends the Cryps to the user ’s Crypcore address.
Amount of Cryps sent is determined by the exchange rate.
4. Users can conduct anonymous p2p transactions.
5. Users can return the Cryps back to Crypcore exchange
6. Any of the Crypto available or chosen by the user is returned to the user.
Exchange Reserves
Crypcore exchange will have two types of reserves.
1. Cryps reserve: These are pre- mined Cryps (and returned Cryps) held in the Crypcore exchange.
2. Crypto reserve: These are crypto held in reserve as collateral. This reserve is fluid as cryp to to crypto can be traded on Crypcore Exchange.
1. Cryps reserve: These are pre- mined Cryps (and returned Cryps) held in the Crypcore exchange.
2. Crypto reserve: These are crypto held in reserve as collateral. This reserve is fluid as cryp to to crypto can be traded on Crypcore Exchange.
The proof of reserve process is very easy compared to fiat based Stable coins as users can visit https://crypcore.com/reserves to see every coin held in reserve as collateral and verify it on the blockchain. These crypto reserves will be split into two parts namely:
1. Live reserves: These are reserves held on the exchange.
2. Cold reserves: These are reserves held offline in cold storage .
The reserves will be split between both live and cold reserves.
1. Live reserves: These are reserves held on the exchange.
2. Cold reserves: These are reserves held offline in cold storage .
The reserves will be split between both live and cold reserves.
Collateral Increase
Crypcore is dedicate to making money for holders of Cryps , part of the crypto received on the exchange fees will be ad ded to the collateral. This way Crypcore will be able to maintain a stable price and have an added level of immunity to price swings.
Solvency System
The solvency equation resides on the exchange and is simply the protocol that cont rols the pricing of Crypcore. Unlike other stable coins the Crypcore price will not be pegg ed. Why then is this a stable coin? Crypcore works on the principle that the Crypcore exchange will use the crypto collateral on the exchange to facilitate transactions and this will be used to regulate collateral . Crypcore ’s fiat price will be determined by dividing the Fiat value of Collateral by the total number of Cryps in circulation. By increasing the collateral the stability of the coin can be increased and holders of Cryps are protected against wild price swings.
To describe this:
Let’s say if a user buys x amount of Cryps (C), he deposits x amount of Bitcoin (B).
1. Buyer deposits xB and receives xC
2. If Bitcoin increases by 50% and Crypcore exchange increases xB by 30% Crypcore is now worth (x + 50% of x + 30% of x)C
3. If Bitcoin decreases by 50% x C and Crypcore exchange increases xB by 30% Crypcore will now be worth (x – 50% of x + 30% of x)C
Let’s say if a user buys x amount of Cryps (C), he deposits x amount of Bitcoin (B).
1. Buyer deposits xB and receives xC
2. If Bitcoin increases by 50% and Crypcore exchange increases xB by 30% Crypcore is now worth (x + 50% of x + 30% of x)C
3. If Bitcoin decreases by 50% x C and Crypcore exchange increases xB by 30% Crypcore will now be worth (x – 50% of x + 30% of x)C
Assuming C is the price of Crypcore, T is the number of Cryps in circulation and X is the fiat value of collateral. The price of Crypcore C is:
C = X/T
Taking the historic price of bitcoin from January 1 2018 to July 1 2019 (on the 1st of each month) as a case study let us assume Bob used one bitcoin to buy Crypcore on January 1st 2018, this is how the value of the Cryp s bob bought will change . Assuming that the Crypcore Exchange increases the collateral by an average of 30% starting from February.
Dynamic Price Stability System (DPSS)
This is the system that Crypcore employs to maintain a stable price. 30% of revenue is add ed to the collateral and 20% is saved in the Collateral Stabilization pool (CSP) . The collateral Stabilization pool is brought into play when t he price of Crypcore drops by more than 10% within a specific time fr ame. It functions by adding the crypto currency collateral in this pool to the main pool to maintain a fixed price.
Limitations of current stable coin models
Currently stable coins are thought of in the wrong way, the common thinking among stable coin designers is that a target price must be maintained, the thinking is that if mini mal price change is achieved by a mechanism then the asset is stable. But this is not true, stability should not be viewed as maintaining a target price but rather stability should be a function of demand, supply and value.
Gold is a wonderful example of a Stable asset which derives its stability from its perceived value, Pegging a crypto asset against the US dollar creates a fake sense of stability and no real value because the US dollar itself is constantly changing value in regard to other fiat currencies. The US dollar is stable because it powers the biggest economy in the world and that is value in itself.
Crypcore aims to achieve similar stability by powering a mechanism that increases collateral, thus the real value of Crypcore will be based on the system it powers, Crypcore will create stability by creating value.
Stability is a relative concept , the US dollar is regarded as the most stable currency in the world not because its price does not change, but because relative to other currencies it price does not change much. T his is the type of stability Crypcore is aiming to achieve.
It is hoped that holders of Cryps view it as a crypto currency backed not just by other digital assets but by the economy of the Crypcore instant Exchange. As time goes on the price will flatten out, the price chart below demonstrates how Crypcore aims to achieve a stable price.
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