CodeTract (CTT) ICO Review – ICO Token News
Ethereum, being a Turing complete blockchain with practical scaling plans have huge potential to be the common network processing transactions of value. These transactions used to take place through physical cash in the past. With the advancement in technology, this common network has quickly developed into a cashless medium through the use of internet banking and credit card transactions. Peering further into the future, there is a positive outlook that public Ethereum might be the next common network. Our goal is to identify current deficient areas and work on them to make Ethereum the network of choice for any transaction of value. Being Turing complete, proxy or substitutes of current services can be internalized in Ethereum, we will then be able to do away with on-boarding and off-boarding and transact through Ethereum from start to end. The fundamental step to promote transactions through Ethereum is for individuals to receive their salaries through an Ethereum transaction and in the same way, expense to organizations through Ethereum transactions. Then organizations would be able to pay salaries through Ethereum transactions, getting rid of the on and off-board process.
Huge hurdles for mainstream adoption that we are tackling includes navigating through the many centralized exchanges for on-boarding, dealing with unfamiliar currency units and inefficient off-boarding. All of these result in inconveniences and costs for users. Thus, we have first created 2 standard Ethereum tokens fully backed by the currencies of US dollars and gold, which consumers are familiar with. This will at the onset illustrate the efficiencies of Ethereum at transferring more traditional values. To bring this further, we have created an easy to use on-chain token auction that will establish Ethereum’s capability with exchanging different units of value. Lastly, to create recurring demand for these services, we will provide a service for individuals to receive their salary in Ethereum tokens.
US Dollar backed token
The US dollar is the dominant international trade currency with a 51.9% share of the value of international currency usage. The USD CodeTract (USDCT) token is a standard Ethereum token that acts as a stablecoin by being fully backed by US dollars.
USDCT is able to
- Provide a familiar value of transfer to ease mainstream adoption and reduce price dependency on Bitcoin
- Act as a stablecoin for users and dapps when price volatility is not desired
- Be used for trading on-chain and bring more trading volume from centralized exchanges to on-chain.
- Allow permission-less programmable fiat money where anyone can create services on it as opposed to using fiat through traditional means where functions are limited by the service providers.
- Potentially be more superior than traditional fiat money by offering higher interest, cheaper and faster worldwide transfers etc.
- Allow creation of other stablecoins by acting as their collateral.
- Allow autonomous smart contracts to handle value more predictably
As this token is not fully autonomous, it is possible to upgrade to a new contract through either a push or pull method to fix bugs and add new functionalities. For the push method, the current contract can be halted and the ownership records can be rebuilt transparently and moved to the upgraded contract. For the pull method, the current contract can be halted and a same amount of upgraded tokens can be created. These will be left in a contract that enables token holders to obtain the upgraded tokens by sending the old tokens to the contract.
Physical Gold backed token
The estimated total value of all mined gold is around $7 trillion, which is higher than the value of all physical fiat money. Gold has been used as money for thousands of years and is only recently delinked from fiat money. The Gold CodeTract (GCT) token is a standard Ethereum token that acts as a stablecoin by being fully backed by physical gold. GCT shares many similar uses with USDCT. In addition, GCT is an alternative to fiat money by being non sovereign. GCT also enables gold to be easily and cheaply transfered like fiat money.
- Automated physical gold redemption for GCT holders.
- Option for linkage to identity to enable functions such as recovery of lost accounts.
- Active integration with other dapps and services
- Upgrade to take advantage of new features of Ethereum.
- On-board existing gold dealers as authorised partners to provide liquidity.
Token Auction is a smart contract on Ethereum that enables on-chain exchange of standard ICO tokens. In its current form, settlement happens once a day with an externally fed but publicly verifiable settlement price. An external price is used instead of the equilibrium price so as to jump-start the auction and prevent price gaming due to initial low liquidity. It is an alternative to centralized and decentralized exchanges and will be the primary way to obtain USDCT and GCT.
Why Batch Auctions?
At present, exchanges pre-dominantly function as Continuous Limit Order Book (CLOB), where there are limit buy and sell orders on the book that can be continuously executed anytime with a new order if their price matches. In contrast, Token Auction is a frequent batch auction that changes trade executions from continuous to discrete time. Below is a characteristic comparison of Token Auction against currently popular centralized exchanges.
Doing a public token launch is a great way to reach out to the community and build a network of users. CodeTract token (CTT) will be launched through a creation process using a smart contract running on Ethereum. To provide ease of access, a web based user interface will be provided where participants may use to join the token launch. Interested participants can show their support by sending ether to the CTT contract. CTT will be created and sent to the participants upon receipt of ether at the fixed rate of 100 tokens to 1 ether. Participants must only send ether to the CTT contract after the start of the token launch period which is determined by a block number. This token launch will conclude either by reaching the specified end block (approximately one calendar month later) or the maximum amount of tokens have been created. No more tokens can be created after this launch. Check ICO list to know more about ICOs.