- Gluwa, Creditcoin, Aella relationship?
- How does the Gluwa company make profits?
- How Creditcoin Works
- Where can I use Creditcoin, and how many Creditcoins do I need if I need Creditcoin?
- Gluwacoin guarantee method
- Who guarantees Gluwacoin?
- What if I have a problem while carrying Gluwacoin?
- What is the difference between fiat currency-backed stablecoin, cryptocurrency-backed stablecoin, and no-backed stablecoin?
mining category since it is not related to mining
Thanks for your interest!
8 important questions
While answers for all of them are available on our websites, they must’ve been confusing.
Hi Pringles, a lot of questions, I’ll see if I can answer a few
- To quickly summarise, Gluwa and Aella are partners. Aella use Creditcoin (CTC) to distribute loans, whilst Gluwa develops features such as stablecoins to support Creditcoin, as well as CTC itself. Creditcoin is open-source, but being developed by Gluwa. Gluwa also invests in Aella via CTC.
- Gluwa will generate small profits from the financial services they offer, for example the upcoming savings account, whereby users funds are reinvested (loaned) to Aella via CTC. Same thing which banks do with customers liquidity.
- Gotta read the whitepaper, but basically match lenders and borrowers/facilitate loans.
- How many you need depends on the number of transactions you need.
- Guaranteed 1:1 with fiat reserves. Deposits are independently audited at regular intervals.
- Don’t quite understand.
- Fiat backed stablecoins are backed 1:1 by Fiat. I.e. Gluwa deposits a dollar (USD) in its reserves (where it is locked away) and prints one USD-G. To release the dollar, the corresponding USD-G must be burnt. By cryptocurrency backed stablecoin I think you mean a ‘wrapper’. Essentially the same process, whereby a smart contract holds 1 ETH for example, and prints 1ETH-G so that the supply is constant and there is no double-spend. Used for inter-chain transfers. Finally I don’t think ‘no-backed’ stablecoins exist, those are just coins with assumed value eg. Bitcoin or the Dollar (which is backed by the federal reserve but not by actual assets).
mr bromet So impressed with your sincerity.
I also studied, but want to add decorations to the content.
- The Creditcoin transaction family is implemented in C++, the client is C#, and the consensus is implemented in Python. I guess it was because the consensus was developed based on the existing one with the sawtooth core.
Briefly, the structure I understand based on what is written in the white paper is as follows. It was understood to me that it was recorded in the ledger according to the consensus from the client family through UI, etc., and communicated with the gateway daemon through the creditcoin transaction family.
And I calculated that at least 0.07ctc is required to close one bond contract (I think more ctc is needed to actually process it).
- Create a bond ask order
- When creating a bid order
- When sending an investment offer to a fundraiser
- When making a deal
- When to lock a deal
- When the deal is completed
- When closing a deal
If there are more partners and less fee is required, I think the hardfork will be needed more and more.
I know that companies located in Delaware and California, as well as branches in Korea, are audited in compliance with their own laws. And, as Mr. said, it is a fiat currency-backed stablecoin. And it was good that it was not a way of giving out if you mint first and then deposit. I think the current method of minting when deposited and withdrawing when burned is much better.