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Última publicação: 01 de janeiro de 2021

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Introdução

Muitas moedas digitais foram geradas no mundo moderno e estão sendo usadas como quase-dinheiro. As criptomoedas geralmente têm as mesmas funções que o dinheiro emitido no nível da regulamentação estadual e agem como uma ferramenta intermediária na bolsa de mercadorias.

Assim como o dinheiro emitido pelo estado (fiat), as moedas digitais passam por um estágio de desenvolvimento contínuo e pleno, juntamente com o processo infinito de desenvolvimento da sociedade:

- Resposta rápida ao progresso científico e tecnológico. Todas as conquistas de engenharia e tecnologia são implementadas no processo de produção de dinheiro.

- Aumento da velocidade de circulação de dinheiro e, como resultado, a velocidade de pagamentos. Por sua vez, esta tendência limita-se ao crescimento do preço de aceleração do pagamento (o crescimento da comissão de realização e outros custos) e à sua segurança (ambição de minimizar o risco de perder dinheiro no pagamento).

- Aumento da disponibilidade de ferramentas de pagamento e controlabilidade do processo de transferência de fundos. As empresas e os compradores se esforçam para usar as ferramentas de pagamento mais simples e acessíveis.

No entanto, com todas as vantagens óbvias do uso de moedas digitais no sistema de liquidação, economia de criptomoedas e uso na vida cotidiana, eles não receberam aplicação em massa tanto nos negócios quanto no nível do consumidor. Acreditamos que esteja relacionado aos seguintes problemas:

Número da edição 1: A criptomoeda é difícil de entender

Questão 2: Instabilidade e volatilidade

Questão nº 3: Falta de regulamentação legal e técnica

Problema nº 4: Não há como enviar moeda digital para o mundo real

Private issuers who issue their digital currencies for various purposes carry out informing and training of users on the cryptocurrency market, helping them to understand its nature and ways of using it. The infrastructure required for effective operation is developing at the right pace to solve the problem of cryptocurrency output to the real world. However, in order to make a typical purchase or exchange operation and get the result in the form of real goods or cash, the user needs to use the services of several companies, each of them requires additional time to conduct the transaction and high costs in the form of commissions. At the intersection of two – cryptocurrency economy and classical economy, the problem of developing a single solution has become more urgent than ever.

The price volatility of bitcoin (BTC) and other cryptocurrencies is one of the biggest barriers to the widespread adoption. Unlike paper currencies (fiat), modern digital currencies do not have a Central Bank that implements monetary policy to maintain stable purchasing power, which means that changes in demand can cause massive price fluctuations. If users cannot be sure that the purchasing power of their accounts will remain stable, they will never use cryptocurrency as a medium of exchange instead of alternative assets that have a stable value. Despite the fact that many studies have focused on technical topics such as transaction throughput and smart contracts, compared to them, almost no attention is paid to improving price stability, and we believe that this problem is a much more serious obstacle to the mass adoption of cryptocurrency as mean of exchange.

CENTUS foi concebido para manter um valor estável, bem como para gerar uma receita básica regular (senhoriagem) para os seus proprietários, sendo um meio de troca à disposição de qualquer pessoa ligada à Internet.

CENTUS é uma moeda digital cuja confiabilidade de token é garantida por sua indexação ao dólar dos Estados Unidos, embora permaneça totalmente descentralizada. O protocolo CENTUS ajusta algoritmicamente a emissão de tokens CENTUS em resposta às alterações da taxa de câmbio CENTUS em relação ao USD. Isso possibilita a implementação de uma política monetária semelhante à política dos Bancos Centrais em todo o mundo, exceto que utiliza um algoritmo descentralizado baseado em protocolos, sem a necessidade de intervenção humana direta.

O CENTUS pode se tornar uma solução possível para o problema da volatilidade da moeda ao usá-lo para empréstimos e serviços de salários ou outros contratos financeiros importantes.

Além disso, a diferença mais importante entre a CENTUS e outras moedas estáveis ​​é que seus proprietários recebem uma renda básica regular (senhoriagem), paga semanalmente (terça e sexta-feira), diretamente nas carteiras dos participantes.

O CENTUS foi projetado para manter os preços estáveis, ajustando a oferta por meio de algoritmos.

A missão da CENTUS é criar riqueza e redistribuí-la entre pessoas simples - membros da rede Centus Seigniorage.

Stable Cent (CENTUS) é uma moeda digital algorítmica estável no blockchain Stellar. O número de centavos estáveis ​​em circulação aumenta ou diminui de acordo com o algoritmo especificado, dependendo da demanda do mercado.

100 centavos ≈ 1 USD

Ao permitir que os participantes comprem e vendam CENTUS, o contrato inteligente atua como um formador de mercado. Para comprar o CENTUS, os participantes precisam transferir fundos para o endereço de contrato inteligente, onde são armazenados como uma reserva variável. O principal objetivo da reserva CENTUS é fornecer aos participantes a oportunidade de vender seus tokens CENTUS a qualquer momento; o contrato compra CENTUS usando fundos da reserva.

Duas vezes por semana, o “contrato inteligente” emite novos CENTUS e os distribui proporcionalmente entre os titulares de CENTUS existentes, levando em consideração a demanda do mercado.

Como resultado, os proprietários do CENTUS recebem uma receita chamada “Seigniorage”.

Seigniorage é a receita do estado com a emissão de dinheiro. Os bancos centrais podem influenciar o nível de senhoriagem que os governos recebem, regulando a taxa de crescimento do sistema monetário.

Acreditamos que a distribuição do CENTUS entre os proprietários CENTUS existentes é a principal base para a estabilidade do sistema. Além disso, temos a certeza de que este componente especulativo garante a estabilidade CENTUS.

Quando a senhoriagem é distribuída entre os proprietários da CENTUS, a moeda tem duas fontes de valor: o próprio centavo estável da CENTUS e a senhoriagem que as pessoas recebem duas vezes por semana. CENTUS Stable Cent está indexado a 1 US CENT (¢). Uma vez que os proprietários CENTUS recebem regularmente senhoriagem, o custo do CENTUS é igual a 1 ¢ + senhoriagem.

Acreditamos que, se os participantes do mercado esperarem novos pagamentos aos proprietários do CENTUS em um futuro próximo, eles comprarão o CENTUS por motivos especulativos. O algoritmo CENTUS responderá a essa demanda crescente criando um novo CENTUS para restaurar o preço da moeda para 1 centavo americano.

Embora provavelmente encoraje os especuladores a comprar ainda mais CENTUS para obter lucro com essas novas moedas e causar longos períodos de aumento artificial e retenção de preço acima de 1 cent, o algoritmo para redução da senhoriagem enquanto aumenta os preços no CENTUS terá um efeito benéfico na estabilização de a taxa de câmbio ao nível de 1 cêntimo aproximadamente.

É natural pensar que distribuir novas moedas aos proprietários CENTUS existentes apenas aumentará o valor do CENTUS, pois cria um componente especulativo atraente que recompensa as pessoas por aceitarem o CENTUS.

Acreditamos que a adição desse componente especulativo estimulará a demanda constante, e uma senhoriagem de juros flutuantes apenas aumentará a utilidade do CENTUS sem comprometer seu valor estável.

De acordo com nossas previsões, isso aumentará significativamente o valor real e de longo prazo do CENTUS para os participantes do mercado.

O CENTUS não será “impresso” para o futuro - cada unidade será criada no momento da compra do usuário e, no caso de troca reversa, será destruída. Assim, os ativos transferidos para a reserva garantem as ações da CENTUS.

O token CENTUS não é, antes de mais nada, um token para especulação de operadores de bolsa, mas principalmente um meio de acumulação e geração de renda por pessoas simples - seus proprietários, bem como um meio de liquidação entre eles.

Não buscamos financiamento externo de investidores terceirizados, pois no futuro eles exigirão altos retornos em troca de investimentos antecipados, acreditamos sinceramente que esses altos retornos podem ser enviados diretamente para pessoas que compram CENTUS sem esses primeiros intermediários .

O protocolo CENTUS é mais fácil de entender se você compará-lo com o Federal Reserve (FED). Assim como o FED, o contrato inteligente CENTUS controla os níveis de preços e ajusta a oferta de moeda realizando operações no mercado aberto, que em nosso caso consistem na criação de tokens CENTUS ou tokens BILLEX (falaremos mais sobre isso a seguir). Tal como acontece com o FED, essas operações são previstas pela teoria da quantidade de dinheiro para produzir níveis de preços de longo prazo na atrelagem desejada.

Liquidez CENTUS

The CENTUS currency includes a liquidity mechanism designed to mitigate the impact of market forces when they cause volatility in the value of CENTUS. The CENTUS smart contract offers a permanent sale of new CENTUS tokens at a price close to 0.01 US dollars. And vice versa, the contract offers to buy back and destroy CENTUS tokens at a price close to 0.01 dollars. A smart contract allows a spread within which speculative participants can earn profits by maintaining the coin's peg.

Assim, o fornecimento de tokens CENTUS é determinado pela demanda: os tokens são emitidos ou retirados de circulação dependendo do mercado. Além disso, o valor CENTUS está entre o preço de compra e o preço de oferta. Dentro da faixa definida pelo contrato inteligente CENTUS, as transações podem ser feitas em mercados secundários sem envolver um contrato inteligente.

A receita da emissão de novos tokens CENTUS é totalmente reservada. A reserva é criada exclusivamente por meio da venda de tokens CENTUS e seu único objetivo é dar ao contrato inteligente CENTUS a capacidade de resgatar tokens, se necessário. O custo de manutenção da reserva é coberto pela própria reserva.

Sobre tokens

Esses são os principais tokens do sistema. Eles são atrelados ao dólar norte-americano e devem ser usados ​​como meio de troca e geração de receita por meio da distribuição de senhoriagem entre os proprietários de tokens. Sua oferta aumenta e diminui para manter um preço atrelado a 0,01 dólares americanos.

O processo de design e desenvolvimento CENTUS requer financiamento. Acreditamos que este processo deve refletir os valores e princípios que queremos promover. Como nosso projeto declara integridade e baixa volatilidade, não queríamos iniciar o desenvolvimento do CENTUS com especulação pública por meio da ICO. Assim, decidimos usar apenas os fundos próprios dos fundadores como primeiros participantes do projeto CENTUS.

Usamos um token especial chamado Debit Coin (DBC) para fornecer compensação aos primeiros membros fundadores e outras partes interessadas. DBC é um token de voucher que pode ser convertido para CENTUS à vontade. A quantidade de CENTUS recebida durante a conversão é pré-modelada e depende do tamanho da economia CENTUS: a quantidade começa do zero e aumenta somente se a economia CENTUS alcançar um sucesso real. Isso garante que os interesses dos proprietários de DBC não entrem em conflito com os dos proprietários da CENTUS.

O número de tokens DBC é igual a 100 milhões. Os proprietários desses tokens têm o direito de votar sobre a taxa de juros da senhoriagem paga quando a oferta é aumentada.

DBC tem uma restrição embutida no impacto da economia CENTUS. A taxa de conversão de DBC em CENTUS é limitada a 1: 500, portanto, o impacto cumulativo dos proprietários de DBC é limitado. Para reduzir a influência de qualquer entidade individual, o tamanho das ações também é limitado a um máximo de 30 por cento para cada proprietário.

Os proprietários de DBC só poderão receber uma seigniorage sobre este ativo caso a capitalização da CENTUS chegue a pelo menos 10 milhões. Depois disso, conforme o sistema cresce e o número de CENTUS em circulação aumenta, a quantidade de senhoriagem para proprietários de DBC aumentará gradualmente de 10% a 50% do valor total de senhoriagem acumulada.

Assim, os proprietários de DBC assumem os maiores riscos. Isso pode ser comparado a deter ações ordinárias de uma empresa, enquanto a CENTUS é mais parecida com uma ação preferencial, com senhoriagem “garantida”, mas sem direito a voto e superdividendos.

DBC sempre pode ser trocado por CENTUS na taxa de câmbio atual. Quanto maior a taxa DBC, mais CENTUS você pode obter (o limite máximo é 500 CENTUS). DBC só pode ser trocado uma vez, e são retirados de circulação e queimados durante a troca.

Desconto letras de câmbio no blockchain. These tokens are sold through a blockchain auction when you need to reduce the CENTUS offer. BILLEX is not pegged to anything, and each bill promises that a owner gets exactly one CENTUS at a certain point in the future under certain conditions. Since newly created BILLEX are sold at an open auction for less than one CENTUS, you can expect a competitive bonus or "yield" for buying bills when they are redeemed at par.

Condições sob as quais o BILLEX é resgatado:

  • Um contrato inteligente cria e distribui o CENTUS, o que significa que determina a necessidade de aumentar a oferta do CENTUS.
  • BILLEX não está expirado, i. foi criado há menos de 1 ano.
  • Todos os tokens BILLEX anteriores criados antes que esses tokens BILLEX fossem resgatados ou expirados.

O CENTUS fornece estabilidade de preços usando os mesmos princípios econômicos nos quais os bancos centrais de todo o mundo confiam. O mais importante deles é o teoria quantitativa da moeda. Nesta seção, abordaremos os seguintes tópicos:

  1. Como a teoria quantitativa da moeda relaciona os níveis de preços de longo prazo com a demanda e a oferta de moeda?
  2. Como o Protocolo CENTUS avalia as mudanças na demanda rastreando a taxa de câmbio entre o CENTUS e seus ativos atrelados?
  3. Como o Protocolo CENTUS aumenta e diminui a emissão de tokens CENTUS com base na taxa de câmbio?
  4. Criar mercados para aumentar e reduzir a oferta do CENTUS.

History shows that in times of rising and falling markets, people often make economically significant decisions under the influence of panic and without regard for common sense. During an economic boom, people have more money, so they want to buy more goods, which leads to higher prices for goods, which encourages demand for higher wages, which means that people have even more money. This phenomenon is known as the inflationary spiral, and this is what happened in Germany in the 20s, Brazil in the 80s and Argentina in the 90s. Similarly, in an economic downturn, people are afraid to buy goods, resulting in lower prices for goods, which causes people to postpone purchases until prices fall further, and so on. This phenomenon is known as the deflationary spiral - and it almost happened during the global recession of 2008. In such situations, a responsible Central Bank can step in to cut off these destructive feedback loops. So how exactly are Central banks coping with this task?

Imagine that prices in the state economy are at some level, for example, the average cost of a predetermined “basket of goods” is $100. The quantity theory of money states that if you double the amount of money that everyone had in their bank accounts, the same basket of goods will end up being worth $200. Why is that? Although the nominal amount of money has doubled for everyone, the true value of goods has remained the same. This means that people must be willing to part with twice as much nominal money to get the same amount of value. The same principle applies in the opposite direction: if we take half of people's savings out of the economy, the same basket of goods will end up costing just $50.

Expandindo esse conceito, consideraremos o caso em que um banco central tenta aliviar a inflação. Os preços altos, que aumentam constantemente, significam que as pessoas estão muito dispostas a gastar dinheiro. O que podemos fazer é limitar a quantidade de dinheiro que as pessoas têm para restaurar os preços. (Não nos debruçamos sobre como isso pode ser feito por enquanto) Da mesma forma, o oposto se aplica à deflação, que faz com que as pessoas não estejam dispostas a gastar dinheiro. Para restaurar os preços, podemos dar mais dinheiro às pessoas. Essa ideia simples, mas importante, é exatamente o que os bancos centrais fazem para estabilizar os preços. Além do fato de que as ferramentas usadas pelos bancos centrais para implementar a política monetária podem ser complexas e difíceis de entender, por exemplo, as operações de mercado aberto e compulsórios, um banco central faz duas coisas:

  • Aumentando a oferta de dinheiro. Se um banco central detectar que os preços estão caindo, ele pode aumentar a oferta de dinheiro para trazer os preços de volta ao nível anterior.
  • Reduzindo a oferta de dinheiro. Se um banco central detectar os preços subindo, ele pode reduzir a oferta de dinheiro para trazer os preços de volta aos seus níveis anteriores.

Aumentar e diminuir a oferta de moeda funciona porque a teoria quantitativa da moeda afirma que os preços de longo prazo na economia são proporcionais à oferta total de dinheiro em circulação. A seguir está um exemplo da teoria usada para manter um nível de preço estável em uma moeda como CENTUS:

Digamos que você queira vincular uma moeda como o CENTUS ao dólar para que um token seja sempre negociado por 0,01 dólares americanos. Mostraremos que você pode fazer isso aumentando ou reduzindo seu fornecimento de tokens, dependendo da distância entre a taxa de câmbio atual e a indexação desejada.

Primeiro, apresentamos o conceito de demanda agregada. Conceitualmente, a demanda agregada descreve quantas pessoas querem uma moeda coletivamente:

demanda = (preço da moeda) * (número de moedas em circulação)

Isso também é conhecido como a capitalização de mercado de uma moeda, uma vez que a capitalização de mercado descreve de forma equivalente quantas pessoas aceitaram uma moeda coletivamente.

Seja X o número de moedas em circulação, ou seja, o estoque de moedas. Vamos supor que a demanda tenha aumentado nos últimos meses, então as moedas agora estão sendo negociadas por $ 1,10:

demanda = $ 1,10 * X

Para determinar como a oferta de moedas pode ser ajustada para restaurar a âncora de $ 1, vamos supor que a demanda permaneça constante e que Y represente o número desejado de moedas em circulação:

demanda antes = $ 1,10 * X

demanda depois de = $ 1,00 * Y

demanda antes = demanda depois

A solução para Y implica que, para negociar um CENTUS por 0,01 dólares americanos, você precisa aumentar a oferta de sua moeda em 1,1 vezes:

Y = X * 1,1

Como uma estimativa grosseira, a teoria da quantidade de dinheiro descobre que se o CENTUS negociar a algum preço P que é muito alto ou muito baixo, o protocolo pode restaurar os preços de longo prazo para $ 1 multiplicando a oferta existente por P. Existem alguns detalhes técnicos , depois falaremos sobre a rapidez com que o protocolo deve reagir, com que rapidez os preços vão reagir, etc., mas a ideia principal é que para manter a peg no longo prazo, basta medir o preço do CENTUS e ajustar o token fornecer em conformidade.

Descobrimos que a CENTUS manterá sua indexação no longo prazo se o fornecimento do token for ajustado quando o preço do token mudar. Como o protocolo CENTUS mede o preço de um token? Como isso regula a oferta?

Aqui, lidamos com esses problemas, fornecendo a especificação completa do protocolo CENTUS. Para um melhor entendimento, podemos assumir que o protocolo possui todas as propriedades técnicas de uma criptomoeda tradicional, como bitcoin (BTC), e os seguintes recursos adicionais:

  • O protocolo define o ativo alvo para estabilização. Este é um centavo dos EUA para CENTUS. Em seguida, o protocolo determina a taxa alvo CENTUS para o ativo alvo - 0,01 dólar americano para um CENTUS.
  • O contrato inteligente monitora as taxas de câmbio para medir o preço. O contrato inteligente recebe a fonte de câmbio CENTUS-USD via sistema Oracle. Isso pode ser feito de forma descentralizada, conforme descreveremos a seguir.
  • O contrato inteligente aumenta ou reduz o fornecimento de tokens CENTUS em resposta a desvios de uma taxa de câmbio da indexação.
  • O contrato inteligente distribui a senhoriagem a todos os proprietários CENTUS existentes durante os períodos de aumento do fornecimento.
  • Se o CENTUS for negociado por mais de $ 0,01, o contrato inteligente cria e distribui novo CENTUS por meio de senhoriagem. Esses CENTUS são determinados pela prioridade definida de protocolo para proprietários de tokens BILLEX e tokens DBC.
  • Se a CENTUS for negociada por menos de $ 0,01, o contrato inteligente cria e vende tokens BILLEX em um leilão aberto para retirar as moedas de circulação. Os tokens BILLEX valem menos do que um CENTUS e podem ser trocados por exatamente um CENTUS quando os centavos estáveis ​​são criados para aumentar a oferta. Isso incentiva os proprietários da CENTUS a participarem da venda do BILLEX e, assim, reduzir o fornecimento da CENTUS em troca do potencial pagamento de tokens BILLEX no futuro.

Primeiro, vamos explicar como o protocolo CENTUS obtém a taxa de câmbio CENTUS-USD. Uma vez que essas informações são externas ao contrato inteligente, o protocolo CENTUS deve implementar os chamados Sistema Oracle, ou seja, um sistema que carrega informações externas para o blockchain. Isso pode ser implementado de várias maneiras:

  • Canal seguro. A abordagem mais simples envolve o uso de um único canal que carrega a taxa de câmbio real no blockchain, digamos de Coinbase, Kraken ou outra grande bolsa. É óbvio que este é o ponto de centralização, mas é a opção mais simples e conveniente.
  • Canal descentralizado delegado. A abordagem semi-descentralizada é selecionar um pequeno grupo de carregadores de canal pela votação dos proprietários do CENTUS. Usando este conjunto de carregadores de canal, o sistema pode selecionar a taxa de câmbio média deles em intervalos fixos. Se for descoberto que um jogador sem escrúpulos está constantemente tentando desacreditar o canal, ele será excluído do sistema pelos proprietários de moedas que têm um incentivo para preservar o valor do sistema a longo prazo. Isso reflete a maioria das vantagens da descentralização. Um esquema semelhante denominado Prova de aposta delegada (DPoS) é ainda usado em outros protocolos para gerar blocos inteiros.
  • Esquema descentralizado de pontos de bombardeio. Uma abordagem totalmente descentralizada é usar o Esquema de pontos de bombardeio para determinar a taxa de câmbio. O esquema de pontos de bombardeio funciona assim:
  • Qualquer pessoa na rede pode votar no que, segundo ele, foi a taxa de câmbio média dos últimos 5 minutos.
  • Os votos são agregados a cada 5 minutos e ponderados de acordo com o número de moedas que cada eleitor possui. Em outras palavras, quanto mais moedas você tiver, mais peso terá seu voto.
  • O ponderado valor mediano é considerada a verdadeira taxa de câmbio. Além disso, ponderado 25 e 75 percentis das estimativas de preços são calculados.
  • Pessoas que acertam de 25 a 75 percentis são recompensadas com um número definido de CENTUS recém-criado. Este prêmio incentiva as pessoas a votar, e mais ainda - a votar em consenso.
  • A pedido da comunidade, quem estiver fora do 25º ou 75º percentil pode ser multado com a redução do número de votos.

Due to the fact that the calculation is based on the median, taking into account the number of coins in the voting pool, and a consensus-based reward mechanism is used, the scheme in a substantial way protects itself from unscrupulous participants if none of them owns more than 50% of the voting base of coins. Rules for rewards and punishments need to be developed to encourage enough people to vote. If these incentives are designed correctly, the result provides the same level of security as Bitcoin (which is also vulnerable if a single miner requires more than 50% CPU mining), Ethereum (if it implements proof of participation), and so on.

As abordagens de canal seguro e canal descentralizado delegado são maneiras simples de carregar o protocolo com segurança, o que representa um compromisso entre a descentralização completa e a facilidade de uso. O esquema de pontos Schelling é mais recente, mas acreditamos que seremos capazes de torná-lo confiável desenvolvendo os incentivos corretos. Em qualquer caso, todas essas implementações são alternativas válidas para o upload de preços CENTUS USD para o protocolo CENTUS.

Atualmente, o CENTUS carrega taxas de câmbio reais no blockchain usando as trocas Coinbase, Kraken e Binance. Será possível considerar um esquema descentralizado de pontos de proteção no futuro, ao expandir a rede.

Aumentando a oferta funciona como descrito abaixo.

A opção básica de aumentar o fornecimento é implementada por meio de vendas contínuas da CENTUS e do acúmulo de senhoriagem aos proprietários de tokens 2 vezes por semana às terças e sextas-feiras. A taxa de juros é determinada com base nos resultados da votação dos proprietários de DBC.

Consideremos a opção de aumentar a oferta via BILLEX.

Primeiro, o contrato inteligente conta todos os tokens BILLEX pendentes e os ordena por tempo de criação, começando pelos mais antigos. Essa seqüência ordenada de ligações é chamada de BILLEX Queue.

Em seguida, o contrato inteligente conta todos os tokens CENTUS emitidos, cria N novos tokens CENTUS e os distribui da seguinte forma:

  • Os proprietários de BILLEX são pagos primeiro em ordem de prioridade (FIFO-first in, first out). Se houver tokens BILLEX não pagos, o contrato inteligente começa a converter os tokens BILLEX em CENTUS, um a um, de acordo com seu lugar na Fila BILLEX. Por exemplo, se precisarmos criar 100 CENTUS, convertemos os 100 BILLEX pendentes mais antigos em 100 novos tokens CENTUS. A fila FIFO incentiva as pessoas a comprarem BILLEX mais cedo ou mais tarde, uma vez que BILLEX comprado antes é pago antes que BILLEX comprado mais tarde.

Depois de pagar todo o BILLEX, o sistema começa a distribuir a senhoriagem novamente para todos os proprietários do CENTUS automaticamente.

  • A Seigniorage é atribuída aos proprietários DBC após o reembolso do BILLEX e após a distribuição dos pagamentos a todos os proprietários CENTUS. In this case, the system distributes seigniorage (the remaining new coins) proportionally to the DBC owners. For example, if we need to create 1 million CENTUS and there are 0 issued (outstanding) BILLEX and 1 million DBC in circulation, then DBC owners will receive between 10% and 50% of coins depending on CENTUS capitalization. The remaining coins are distributed among CENTUS owners.

To prevent situations in which new BILLEX at the end of the BILLEX Queue will not have value for speculators due to excessive queue length, we have provided a limit on the validity of the BILLEX. The more the BILLEX Queue grows, the longer it will take to pay for new BILLEX at the end of the queue. This leads to a lower price for the new BILLEX, as speculators begin to demand higher returns for the extra time and risk they take. But if the price of new BILLEX drops to zero, the system can no longer reduce the offer - zero price means that no one wants to exchange their CENTUS tokens for BILLEX tokens. To prevent this from happening, we forcibly terminate all BILLEX that have been in the BILLEX queue for more than 1 year, even if they have not yet been redeemed. We chose the validity period of BILLEX 1 year after the simulation showed that this has led to the creation of a reliable system with high prices for BILLEX even in conditions of very large price fluctuations. However, we reserve the details for further discussion of expiration dates up to 5 years in individual cases.

The mechanism for increasing the supply will be easier to understand in the following example:

Let us say there are 500 BILLEX bills in the BILLEX Queue, 200 of which were created more than 1 year ago.

Let us suggest the system needs to create 1000 new CENTUS coins.

The system removes the 200 oldest BILLEX from circulation, leaving 300 BILLEX in the queue. If the system needed to create less than 300 coins, it would only buy back the oldest BILLEX. However, the system must create 1000 coins, so it buys back all 300 BILLEX.

O sistema precisa criar mais 700 moedas CENTUS. O sistema distribui essas 700 moedas uniformemente para os proprietários existentes de 1000 CENTUS e 1000 DBC. Cada CENTUS e DBC recebe 700/1000 = 0,7 / 2 = 3,5 moedas. Por exemplo, se você tiver 100 CENTUS ou 100 DBC, receberá 35 moedas no processo de aumentar a oferta e depois as venderá por USD. (Sujeito à capitalização do CENTUS em US$ 10 milhões)

Redução da oferta works as follows. To destroy CENTUS, we must have an effective mechanism that will encourage CENTUS owners not to use their CENTUS in exchange for future payments. We do this by creating a smart contract for BILLEX tokens and then selling them to CENTUS owners. As discussed earlier, BILLEX tokens are sold at an open auction at prices usually less than 1 CENTUS. In return, they promise a future payment of one CENTUS during periods of increased supply if the old BILLEX is not in circulation, if the BILLEX has not expired and the BILLEX has not been redeemed within 1 year.

First, we will discuss the open bidding system. To sell BILLEX, the smart contract launches a continuous auction where bidders specify the bid and number of new BILLEX tokens. In other words, auction participants indicate how much they want to pay for each BILLEX and how many BILLEX tokens they want to buy at that price. For example, you can specify that they would like to buy 100 BILLEX at 0.9 CENTUS for one BILLEX. When the system decides to reduce the coin supply, it selects orders with the highest bids and converts the owners’ coins to BILLEX until enough CENTUS are destroyed. As an example:

Let us suggest the system wants to sell 100 BILLEX.

Let us assume that there are three purchase orders in the bid stack: one bid for 80 BILLEX at 0.8 CENTUS each, one bid for 80 BILLEX at 0.6 CENTUS each, and one bid for 80 BILLEX at 0.4 CENTUS each.

The system calculates the clearing (settlement) price, which is the single price at which all offered BILLEX would be purchased. In this case, the clearing price will be 0.6 CENTUS.

The system executes winning bids at the clearing price: the first user will receive 80 BILLEX in exchange for 80 * 0.6 = 48 CENTUS, and the second user will receive 20 BILLEX in exchange for 20 * 0.6 = 12 CENTUS.

O protocolo coloca um limite artificial no preço do token BILLEX para garantir que ele não sacrifique muito o futuro para celebrar contratos para emitir moedas no presente. Atualmente, definimos esse nível em 0,10 CENTUS por BILLEX. Modelamos os preços do BILLEX para mostrar que, mesmo com uma gama muito ampla de modelos de demanda para o CENTUS, esse nível quase nunca é alcançado.

Como o custo de produção de papel-moeda é baixo, o valor nominal de uma moeda pode ser muito maior do que o custo de sua produção. Por exemplo, custa de 7 a 20 centavos para imprimir uma nota de reserva federal dos EUA, dependendo de seu valor de face. Consequentemente, a impressora de papel-moeda lucra criando mais dinheiro. O valor do dinheiro em comparação com o seu preço de custo é chamado senhoriagem.

A senhoriagem é a melhor ferramenta para dinheiro eletrônico.

O maior número de senhoriagens está associado à criação de dinheiro eletrônico, já que quase qualquer quantia de dinheiro pode ser criada usando eletrônicos quase de graça.

Da mesma forma, os proprietários do CENTUS têm direito a receber uma renda básica incondicional da senhoriagem, que é uma remuneração distribuída entre os proprietários do CENTUS.

We described earlier that the seigniorage is distributed twice a week - on Tuesdays and Fridays. The interest rate is determined by voting among participants - owners of CENTUS and DBC tokens.

According to the results of voting among participants on October 04, 2019, a decision was made and recorded in the Telegram channel (https://t.me/coinger_im) to calculate votes based on two parameters:

  1. Medians of the seigniorage percent rates
  2. Majority of DBC votes

The values are calculated based on the average value of the two indicators.

At the same time, a mandatory condition for DBC token owners voting is the presence of 100 DBC tokens or more on their wallet. This parameter can be changed up or down by DBC token owners’ decision.

Cálculo mais detalhado da taxa percentual de senhoriagem O valor mediano pode ser encontrado na descrição do procedimento de votação: Cálculo mais detalhado da taxa percentual de senhoriagem O valor mediano pode ser encontrado na descrição do procedimento de votação:

Cálculo mais detalhado da taxa percentual de senhoriagem O valor mediano pode ser encontrado na descrição do procedimento de votação:

  1. Cálculo mais detalhado da taxa percentual de senhoriagem O valor mediano pode ser encontrado na descrição do procedimento de votação:
  2. Após a contagem dos votos, atribua o BÔNUS no valor mínimo aos participantes que votarem apenas com um dos dois ativos votantes. Posteriormente, um algoritmo de recompensa transparente deve ser desenvolvido, possivelmente dependendo do número de moedas ou com base em uma previsão mediana.
  3. Calcular a taxa de senhoriagem final com base nas taxas que se enquadram na faixa entre os percentis 25 e 75 ponderados, com base nos resultados da votação.

- Recompensar as pessoas cujas taxas desejadas caíram na faixa de 25 a 75 percentis com uma determinada quantidade de BÔNUS (talvez quanto mais próximo da mediana, maior a recompensa). Os vencedores receberão um valor de BÔNUS aumentado. Essa recompensa incentiva as pessoas a votar e fazê-lo com base no consenso.

- In order to prevent the undervaluation or overvaluation of economically justified seigniorage rates, people whose desired rates fall outside the 25 to 75 percentile range should not be rewarded with BONUS.

By weighing votes according to coin ownership, choosing an algorithm based on median calculation, and including a consensus-based reward mechanism, the scheme largely protects itself from unscrupulous participants, unless one of them owns more than 50% of the voting coin. This algorithm is excluded in the very principle of ownership of a DBC coin – no more than 30% for a single owner.

O modelo monetário CENTUS é projetado para apoiar a moeda CENTUS e fornecer confiança, especialmente quando o mercado de moedas ainda é pequeno. Suas principais funções incluem uma reserva em stablecoins USD para manter a liquidez constante e reduzir a volatilidade excessiva.

O contrato inteligente CENTUS sempre oferece a venda de novos tokens CENTUS ou a recompra e queima dos existentes. Isso permite que o mercado determine a oferta do CENTUS enquanto reduz a volatilidade, limitando o preço a 0,01 USD.

A receita da venda de tokens CENTUS é mantida em uma reserva, cujo objetivo é garantir o valor do CENTUS durante o período em que a moeda adquire sua confiança independente. Os fundos em reserva são o que permite que o contrato inteligente CENTUS resgate os tokens CENTUS quando necessário. As reservas do CENTUS são armazenadas apenas em stablecoins USD.

Quando mais tokens são comprados do contrato inteligente CENTUS, o contrato emite mais moedas; quando os tokens são vendidos de volta, eles são resgatados da reserva até que o nível mínimo de 50% seja atingido, após o qual o leilão BILLEX começa.

Quando o volume do CENTUS aumenta com o acréscimo constante de senhoriagem, a capitalização total do CENTUS aumenta, embora ao preço nominal, o valor total dos tokens exceda a reserva do CENTUS. Como resultado, a reserva CENTUS não contém a capitalização de mercado total (cap) da CENTUS. Em outras palavras, o índice de reserva CENTUS é inferior a 100%.

O conceito de índice de reserva inferior a 100% no contexto do CENTUS requer maiores esclarecimentos para evitar mal-entendidos. Por exemplo, um índice de reserva de 95% não significa que 95% da receita de emissão do CENTUS seja depositada na reserva e os 5% restantes sejam retirados da reserva para outros usos. A receita é sempre integralmente depositada na reserva; the decrease in the reserve ratio is due to the fact that the CENTUS contract awards seigniorage to token owners 2 times a week, increasing the supply of coins in the hands of owners. In other words, it is the CENTUS owners who benefit when our model reduces the reserve ratio - by increasing the number of their tokens.

Similarly, a 95% reserve ratio does not mean that the CENTUS contract will buy back only 95% of CENTUS tokens and become insolvent. Instead, the smart contract, when the reserve level reaches 50%, launches a discount auction of BILLEX and sells them to CENTUS owners in exchange for their tokens with a discount that is converted into profit when the bills are repaid later. Thus, the contract always has the ability to redeem any number of CENTUS tokens.

The CENTUS monetary model is primarily based on algorithms. All CENTUS project tokens are issued and circulated on the Stellar blockchain.

This transparently guarantees users that what they have been promised will actually be fulfilled. In the CENTUS model, our mechanism for providing liquidity, which allows participants to determine the CENTUS offer, is considered quite important, so it is implemented using the blockchain. We use a fully decentralized approach, so participants do not need to trust anyone to be sure that the code-based elements of our model are implemented exactly as described.

Not all components of the CENTUS model are based on computer code. Parts of CENTUS activities include interacting with the blockchain, such as managing reserves and awarding partner bonuses.

However, even when the implementation takes place outside of the blockchain, we strive to emulate the transparency of the blockchain as much as possible, informing CENTUS owners about such aspects.

In an ever-changing world, the CENTUS currency cannot rely on a static model. Code-based elements of our model may sometimes need to be modified. Other changes, such as working with new regulatory requirements, cannot be implemented through software algorithms. To keep up with the times successfully, the CENTUS currency must have a system for making decisions. It is also possible that we will use two blockchains, Stellar and Ethereum, in the work on smart contracts.

When the seigniorage is distributed among CENTUS owners, the number of tokens increases. As a result, the CENTUS reserve - the total net income from the sale of CENTUS tokens - contains less money than the market capitalization of CENTUS - the value of all CENTUS tokens in circulation.

The reserve ratio is defined as the percentage of the market value of CENTUS backed by CENTUS reserves. It reflects the level of market confidence in the CENTUS currency, regardless of the reserve.

For example, when people buy CENTUS knowing that the CENTUS reserve contains only 80% of the CENTUS market value, this is because they believe that CENTUS also has its own intrinsic value; otherwise, they sell CENTUS back to the CENTUS smart contract. Confidence in the independent value of CENTUS should be even higher if CENTUS are traded in the market when the reserve ratio is lower - say, 50%. In this case, the inherent value of CENTUS - its usefulness as a currency, its authority and recognition - is half its total value.

The reserve ratio also reflects the extent to which a CENTUS smart contract can affect the CENTUS price. When the reserve ratio is high, the CENTUS liquidity function has a great ability to mitigate price fluctuations. When the reserve ratio is lower, the CENTUS value is more determined and therefore depends on market confidence; the reserve plays a smaller role in stabilizing price movements.

The CENTUS reserve always remains solvent, even if the reserve ratio is less than 100%. When someone sells a CENTUS token back into a smart contract, the money that was put in reserve when the last token was issued goes to the seller.

The CENTUS monetary model is based on a variable reserve balance. It remains equal to 100% for the first 100 million tokens. At this stage, CENTUS is fully backed up. The CENTUS value is fixed and does not take into account changes in market confidence. Then, when more CENTUS are issued, the reserve ratio gradually decreases, taking into account the increased confidence of the CENTUS market. The reserve ratio is slowly falling to a minimum of 10% when CENTUS market capitalization reaches US $ 1 billion.

Finally, after CENTUS capitalization reaches significant figures, it will no longer make sense to focus on the reserve in assessing the CENTUS value. The new stable system, which adjusts itself as necessary, will support the existence of CENTUS as an independent currency.

In this regard, our model simulates the evolution of other currencies: from fully backed by tangible assets (for example, the gold standard); to fractional reserves; based solely on the standard of its governing body.

The CENTUS reserve is stored only in USD stable coins, it shall not be invested anywhere, and serves only for the purchase of CENTUS via a smart contract or on the Stellar market (DEX). If the reserve account receives income from the demand/supply spread, this income used to support CENTUS shall be deposited in the CENTUS reserve.

Further development of CENTUS

Universal basic income (UBI) – state or other institutional material support for community members. Universal (guaranteed) income consists in the absence of additional (along with belonging to the society) requirements for receiving assistance. It is believed that such a support system can reduce financial anxiety and improve mental and physical health, increase motivation to work. Typical arguments against a decrease in the desire to work and a corresponding decrease in productivity.

This is a social concept that involves regular payments of a certain amount of money to each member of the community by the state or other institution (such institution is represented by CENTUS seigniorage network in this document).

Universal basic (unconditional) income is regular payments, which are sufficient to cover basic expenses: rent, food, and clothing. They are provided regularly, free of charge, without any counter obligations, and do not depend on age, marital status or income level.

Initially, this method of interaction between the state and the individual was considered from the point of view of eliminating excessive social inequality. This was a key goal. And as an economic background, they used such a concept as "social dividends". It was introduced by Clifford Douglas, British major, who was convinced that every citizen is entitled to a part of the national wealth.

Everything looks quite logical: if you are a citizen of the country, then you also own part of the national wealth. It is like being a shareowner and receiving a part of the company's profit in the form of dividends.

Attempts to introduce cyclical payments of UBI in different countries are accompanied by discussions and contradictions of opponents and supporters of this measure of socio-economic support of the population.

Taking into account different approaches, states are trying to replace social payments with monthly accruals of UBI, thereby giving to the society the right to dispose its income based on its needs. However, it was calculated that, if Switzerland had introduced such kind of social benefits, the expenditure for the introduction of this measure would have been about 200 billion dollars per year. Given the financial condition and small population of this country, this figure is significant even for them.

So far, the main sources for payments of universal income have been named as follows:

  1. Universal basic income should replace all existing social benefits.
  2. Higher taxes. This is nothing new, and now all social programs are implemented by the state at the expense of taxes. Nevertheless, at present, social benefits and taxes are not symmetrical, that is, taxes are paid by some people, and benefits are received by others. The progressive tax rate is designed to redistribute money from the richest to the poorest.

We can often hear reproaches such as why those who work should support those who do not work, or who, in the opinion of society, do not work enough. What can we reply? It is in the interests of society as a whole. At least, this is how economists and sociologists explain this fact.

In addition, the redistribution of funds between social strata by other means is becoming more difficult.

  1. Another source of payment of universal basic income are funds saved on reducing the bureaucracy. After all, officials dealing with social payments will no longer be needed. Every citizen will simply receive the amount due to him or her on a monthly basis.
  2. One of the options for obtaining funds for the payment of universal basic income is seigniorage (income received from the issue of money and assigned by the issuer on the property rights).

A number of countries have successfully implemented UBI accrual policy.

Canada

One of the very first experiments on the payment of a universal basic income took place back in the 70s in the city of Dauphin (Canada). The project is called Mincome. According to the project, each resident of the city received monthly payments for 5 years. We must admit that this was one of the longest experiments organized at the state expense.

Evelyn Forget, an economist at the University of Manitoba, studied the results of this experiment. She noted in her report that the level of employment has not decreased at all. At the same time, the number of volunteers has increased, and the social activity of the population has increased.

The rate of hospitalization in the city decreased by 8.5%. During the experiment, a larger number of teenagers graduated from schools, rather than leaving school study unfinished.

Namibia

A coalition of organizations launched a pilot project in Ochivero village, Namibia, with a population of about 1,000 people. For a year, each resident of the village had received 100 Namibian dollars per month. As a result, men stopped illegal hunting, children were not starving, and many children improved their school performance. Employment increased by 11% as people opened pastry shops, hairdressing salons and brick-making workshops. Additionally, crime rates dropped by 42%.

India

In 2011, the Association of women entrepreneurs, supported by UNICEF, conducted an experiment that lasted a year and a half. Each adult in 10 villages was paid 200 rupees and a child was paid 100 rupees monthly. Economic activity has increased, and food and school attendance have improved. The government of India took into account the results of the experiment, replacing 29 different social programs with direct payments to citizens.

In addition, this year, Arvind Subramanian, an economic adviser to the government of India, suggested that the introduction of unconditional income at the national level should be considered. In the annual report for the government, the estimated amount was also named - 7620 rupees or $113 per year. Even such a small amount, according to many, could significantly reduce the level of poverty in the country.

Germany

In 2014, the German entrepreneur Michael Bohmeyer started implementation of the pilot programme "Mein Grundeinkommen" (my basic income). Several dozen randomly selected people had been receiving 1,000 euros each month for a year.

All participants of the project note that their sleep has become much calmer. However, not much has changed in their lives in general as students continued to study, workers continued to work.

The author of the project noted that the idea of basic payments is based on four principles: it is universal, it solves individual problems, it does not depend on any conditions and creates a high minimum standard of living for citizens.

Many countries are in the middle of an "experiment" now. We will be able to evaluate the results only after some time. You can find few examples of these countries below.

Finland

The Finnish national insurance authority has proposed replacing social benefits with a fixed payment for all adult citizens of the country, regardless of income level. It is expected to set payments at 550 euros per month, and later raise to 800 euros.

Kenya

In October 2016, Givedirect, the New York based charity organization which fights poverty in East Africa, launched the largest project thus far for paying an universal basic income in Kenya. Residents of 40 villages will receive about $ 22.5 per month for 12 years. This is not just a charity event, but a scientific experiment aimed at collecting and analysing data on the effectiveness of universal basic income.

USA

Participants of the Economic Security Project, launched at the end of 2016, are researching the potential benefits of universal basic income in developed economies. The initiators of the project with a budget of 10 million dollars are more than 100 organizations and individuals, including Chris Hughes, Facebook co-founder, and Sam Altman, Y Combinator Foundation President.

Spain


As part of measures to mitigate the social and economic consequences of the coronavirus pandemic, the Spanish government is going to introduce a universal basic income in the near future. Nadia Calvino, Minister of Economic Affairs, announced this on April 5, 2020. The Spanish government wants to maintain a universal basic income even after the epidemic. The Minister of Economic Affairs expressed hope that the universal basic income will remain a “permanent structural tool”.

There are about 20 ongoing experiments in the world related to the payment of universal income. Scientists are trying to figure out whether we are motivated enough to continue working without starving.

Any member of the CENTUS seigniorage network, a coin owner, is entitled to receive basic income in the form of interest accrued on the amount of coins in his wallet. The basic income rate is determined by network participants - owners of DBC tokens intended for project management. This is done to prevent CENTUS coin owners from indefinitely inflating the interest paid, thus no excessive supply of coins is created on the market.

In the CENTUS seigniorage network, not only participants who bought coins can receive basic income. It is also possible for those members of the community who do not have the opportunity to purchase tokens to receive such income. To do this, participants can promote the project at a certain stage by earning and accumulating special bonuses, which they can convert to CENTUS and receive basic income. Of course, they can sell these coins at any convenient moment.

In the future, as the project develops and the capitalization of CENTUS increases, in addition to interest charges, it is planned to add a payment of a minimum fixed amount in absolute terms, for example, from $50-100 to several hundred US dollars, to each CENTUS participant.

At the initial stage, we reserve the right to use any combination of seigniorage (basic income) payments, including dividing accruals depending on how CENTUS was received: for example, those who purchased tokens at their own expense can count on the maximum payout, while those who received them through bonus and other exchanges, as well as various incentive programs can receive accruals partially.

People living in developed countries take for granted the availability of a stable currency. If you are in the US with unlimited access to dollars or in the EU with access to euros, you may wonder why the world needs a digital currency with a stable price. However, in countries with weak financial institutions and unstable currencies, high rates of inflation and currency devaluation are common. We expect CENTUS with its stable price and integral seigniorage to be in high demand in these markets.

At the time of publication in the second quarter of 2020, annual inflation in Egypt was 6.8%, in Argentina - 50.3%, and in Nigeria - 12.2%. These are only those countries whose governments are relatively more stable. Let us look at Venezuela, which currently has an annual inflation rate of 9586%. What would you do if your savings were disappearing at a rate of 9586% a year? Faced with a rapidly depreciating local currency, people are looking for other ways to survive, often leaning towards the dollar. This effect is known as dollarization. It usually takes three forms:

  • First, the population may prefer to use the dollar instead of the local currency without any coordination from the local government. The US dollar is used as a de facto currency in a number of countries in Central Asia and Sub-Saharan Africa, and its adoption rate can be extremely high, despite the lack of official coordination. For example, for 2 years from 2006 to 2008, dollarization in the Seychelles jumped from 20% to 60%.
  • Secondly, citizens of a country can demand the dollar, despite state capital controls that prevent the movement of the dollar across its borders. It is no secret that there was a black dollar market in Argentina, known as dollar blue, during the period of capital control from 2011 to 2015. Over those years, between $ 10 and $ 40 million per day changed hands at rates that were 25-30% higher than the official rate. These bets were even published daily in national newspapers, despite being officially illegal.
  • Third, currency devaluation can become so severe that governments can officially switch to US dollars, as happened in Zimbabwe in 2009. Today the entire country requires regular deliveries of physical paper dollars and coins.

The prospects are obvious. Regardless of whether dollarization is officially approved, citizens, banks, and governments incur significant costs when importing physical US dollars. CENTUS, which allows millions of dollars to be transported by making the phone call and generates regular income, seems to be a significantly better alternative to paper dollars in all dollarization scenarios.

In conclusion: existing digital currencies have found an appeal in some countries with hyperinflation, for example, the use of bitcoins in Venezuela is growing as the country has faced a currency crisis. However, Bitcoin can never truly free people from their unstable local currency due to the lack of quote stability. For example, if bitcoin goes through a devaluation cycle, users do not see the difference between devaluing bitcoin and devaluing the local currency. Even if bitcoin only crashes once, people will want to switch to an alternative that is stable in price - if such option exists. Thus, the CENTUS seigniorage stablecent, which allows you to receive regular income, will be an excellent solution for developing countries experiencing rapid currency devaluation.

Today, many participants of the crypto market traders convert their cryptocurrency into stable coins pegged to the US dollar when there is turbulence in the cryptocurrency markets. To meet this need, a centralized solution, known as USD Tether, has been generated, but for reasons to be discussed later, a centralized solution such as Tether is unlikely to work in the long term, and as a result, Tether has faced significant negative sentiment. In addition, when the market falls and the trader keeps their assets in a regular stable coin, such as USD Tether, he does not get any profit, unlike CENTUS, which also has a stable price and at the same time brings income (seigniorage) to its owner.

A seigniorage digital currency with a stable price can meet the needs of digital traders. Therefore, cryptocurrency traders can naturally be enthusiastic about the new protocols, and here we expect initial demand for CENTUS Stable Cent.

CENTUS combines a digital currency that brings its owner a profit in the form of a seigniorage at the growth stage, and a stable coin pegged to the US dollar.

Due to instability, today's cryptocurrencies are not suitable for even the most basic financial contracts that our economy relies on. Can you imagine a job for which you get one bitcoin per month, but you pay all your monthly bills in US dollars - what will happen to you and your family if the price of BTC falls? How about buying a home with a 30-year mortgage denominated in bitcoin, in a world where you probably still get paid in dollars? It is impossible to predict the development of events in such cases, because the credit and debt markets, and in fact the markets for any financial contract over time depend on price stability.

When entering a mortgage agreement, the greatest risk that you take as a lender is the risk of default. However, if this mortgage was denominated in an unstable asset such as Bitcoin, you are also exposed to a very high price risk. For example, the cost of a 30-year bitcoin-denominated mortgage may suddenly be very low if the price of Bitcoin falls by 90% on any given day over the next 30 years. To make deals, you must be prepared to either speculate on the price of Bitcoin for each loan you provide or find a specialist who will do this. In any case, the borrower will have to pay for your willingness to hedge price risks. This adds aspects, which are difficult to negotiate, to the simplest financial contracts.

A number of visionaries in the blockchain industry believe that we will soon see an ecosystem of “blockchain applications” that implement existing services with decentralized tools. For example, one day we may see "Uber blockchain" or "Airbnb blockchain", each using its own tokens. In fact, this is already happening with Filecoin, a service for decentralized file storage on the Internet.
Of course, if each blockchain application will create its own token, then there must be a conversion system between "a universal token that during its holding brings a constant income and has 100% liquidity" and the tokens of any of these applications. We assume that each person will become a owner of a universal token and will pay with it when using any blockchain application. Then, after payment, the universal token will be immediately converted into an app token at the market rate. This will be similar to your bank account in US dollars and using your debit card in another country, such as Spain, in which case your bank converts your US dollars to euros at the market rate every time you make a purchase, without having to think about it. At the same time, you also get a regular basic income in the form of a seigniorage for tokens.

If there were this ecosystem of blockchain applications that would require the use of a universal token, it would be very strange if this universal token were not stable in price with the condition of regularly received income. In other words, if you believe in the future of blockchain applications, you not only have to believe that a stable price coin will be required for exchange, but also hope that a stable price coin will be successful.

White Paper - documentation that describes the project, new process, or algorithm in detail. It is part of the company's content strategy. Its purpose is to provide useful information about solving a particular problem.

Token, digital token – a term used in the cryptocurrency environment to refer to an intangible asset, a tool that gives access to certain services, or an internal currency.

Cryptocurrency - a type of digital currency, creation and control of which are based on cryptographic methods. As a rule, the record system of cryptocurrencies is decentralized. The functioning of these systems is based on blockchain technology. Transaction information is usually not encrypted and is available to public. Cryptographic elements are used to ensure that the transaction block chain database is unchanged (digital signature based on a public key system, sequential hashing).

Blockchain - a continuous sequential chain of blocks (a connected list) built according to certain rules that contain information (about transactions, agreements, and contracts). Copies of block chains are stored and processed independently on many different computers. Most often, the blockchain contains information about transactions in various cryptocurrencies, but blocks can also contain other information.

Decentralization - the process of distributing functions across the entire system without a single centre. A decentralized network (Peer-to-peer network) is a computer network based on the equality of participants. Often there are no dedicated servers in such a network, and each node (peer) is a client and in the same time function as a server. This organization allows you to maintain network performance with any number and any combination of available nodes.

Smart contract – program code that describes a set of conditions that cause certain events in computing systems to occur. It is designed for technical implementation of conclusion and maintenance of commercial contracts in the blockchain technology.

Stellar - an open source network for currencies and payments. The software operates in a decentralized open network and processes millions of transactions daily. Stellar relies on the blockchain for network synchronization.

Stellar address - a unique set of characters for sending / receiving cryptocurrency. Addresses are not repeated in the network. The address also acts as a public key that is used to sign blocks.

Fiat money - ordinary money, the nominal value of which is set and guaranteed by the state (dollars, euros, rubles).

The purpose of this White Paper is to provide information about the CENTUS project to potential buyers of CENTUS stable cent, DBC token, BILLEX token on the basis of which it will be possible to make a purchase decision. The information provided in this document is not exhaustive and does not imply any contractual obligations and can only be considered as marketing information about the project. The project information in this document is subject to change, update without prior notice and cannot be considered as a form of obligations of CLOUD INVEST LTD, as well as related legal entities that support the project. Cloud Invest LTD reserve the right to change the text of this document without any prior notice and at any convenient time.

Nothing in this document can be interpreted as an investment offer of any kind. This offer is not an offer to sell or buy securities in any jurisdiction. This document does not offer to purchase tokens to individuals and companies that do not have sufficient legal capacity to participate in a monetary exchange.

If you are not sure that you are eligible to participate in the CENTUS project, you should contact a professional legal, financial, tax or other consultant. Participation in the CENTUS project is voluntary.

Latest version 01/01/2021

CENTUS is developed by CLOUD INVEST LTD, a company registered in the UK. In 2020, the company will be registered with the FCA as an issuer of stable coins, so the turnover of CENTUS will be fully transparent for its participants and legally regulated. The United Kingdom shall be a suitable location for the company. We consider it as a trustworthy and well-regulated FCA jurisdiction with a developed and forward-looking supervisory environment in which CENTUS can develop and gain trust.

The purpose of this White Paper is to provide information about the CENTUS project to potential buyers of CENTUS stable cent, DBC token, BILLEX token on the basis of which it will be possible to make a purchase decision. The information provided in this document is not exhaustive and does not imply any contractual obligations and can only be considered as marketing information about the project. The project information in this document is subject to change, update without prior notice and cannot be considered as a form of obligations of CLOUD INVEST LTD, as well as related legal entities that support the project. Cloud Invest LTD reserve the right to change the text of this document without any prior notice and at any convenient time.

Nothing in this document can be interpreted as an investment offer of any kind. This offer is not an offer to sell or buy securities in any jurisdiction. This document does not offer to purchase tokens to individuals and companies that do not have sufficient legal capacity to participate in a monetary exchange.

If you are not sure that you are eligible to participate in the CENTUS project, you should contact a professional legal, financial, tax or other consultant. Participation in the CENTUS project is voluntary.

CENTUS is committed to working with regulatory authorities. In particular, CENTUS suggests that anyone who wants to own a token worth at least 10,000 US dollars, pass the "Know your customer" (KYC) and "Anti-money laundering" (AML) procedures. This ensures that CENTUS meets the financial requirements and can be integrated into the existing financial system.

What did inspire us to create CENTUS Stable Cent?

Basis is a project that also introduced the idea of increasing and reducing the supply of coins to maintain the rate peg. Basis was launched in 2017 and closed at the end of 2018, with $ 133 million in funds raised, an impressive list of advisors and a powerful team. The reason was that under US law, their tokens were considered securities and were subject to restrictions for securities.

We like lots of things about the Basis project, and this document relies heavily on their White Paper. We decided to take the best out of it but improved the scheme by adding a seigniorage payment to all CENTUS token owners, as well as a partial reserve to the smart contract, which acts as a market maker for participants, selling and buying CENTUS by using reserves.

We took into account the legal problems of Basis and offered BILLEX bills of exchange instead of bonds, which the participants themselves create through a smart contract in exchange for CENTUS. In this case, the legislative problem is completely solved, because any individual or legal entity can issue bills without the need to have a license, since the issue of bills is regulated by the Law of Great Britain on Bills (1882), which clearly specifies the procedure for their issue and circulation. CENTUS Protocol only offers participants a convenient platform for issuing BILLEX discount bills of exchange under their CENTUS. In addition, the CENTUS system with its partial reservation will allow increasing the supply without a mandatory 100% security, which will allow more flexibility in the policy of increasing the supply, especially at the first stages of development.

Imagine a world in which Bitcoin begins to compete with US dollars for the use of transactions. You are paid in bitcoins, but you pay for rent in dollars, or perhaps vice versa. This just does not make sense, given the inherent volatility of Bitcoin.

This article has presented CENTUS — a reliable, decentralized implementation of digital currency with a stable price and regular seigniorage for coin owners. We believe that if we can just make sure that the purchasing power of the currency does not change, people will give up the idea that it is not worth having a lot of digital currencies, and come to the understanding that storing their savings or incomes in CENTUS Stable Cent is reliable and profitable. We believe that this feature will help our tokens pass the acceptance cycle and help them move to the main exchange environment - a result that no other digital currencies has yet managed to achieve.

If you have any thoughts or would like to participate in the project, feel free to write to the authors listed on the title page. For the most up-to-date version of this document, visit the website http://www.centus.one

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