Epoxychain
Epoxychain is a separate blockchain that handles eUSD issuance, burning and transactions. The sole purpose of creating Epoxychain is to have a dedicated blockchain only for stablecoin transactions. It ensures efficiency, high speed, nearly 0 transaction fee and very high TPS (transaction per second) limit. Along with this, it is completely decentralized, borderless and trustless peer-to-peer (P2P) payment network. Epoxychain has the ability to beat Paypal, VISA and any other payment processors. It has been designed for 7.8 billion people around the world.
Stablecoin eUSD
eUSD is a cryptocurrency with a standalone blockchain (Epoxychain) and not a token. It is the main stablecoin of EpoxyDAO platform and is backed by ERC20 PEX at 1:1 ratio. eUSD can be seen as Electronic USD which represents a digital version of US Dollar. eUSD doesn’t have a fixed supply and its supply depends on the amount of PEX locked in the TokenLocker contract. eUSD is issued when someone locks PEX in the TokenLocker and initiates a PoL transaction; and it is burned when someone initiates a PoB transaction and unlocks PEX. eUSD completely depends on the performance and value of PEX. If PEX is considered as a parent currency then eUSD is a child currency. eUSD is the best choice for everyday transactions and institutional transactions. It can be used to transact fraction of a cent to billion dollars for nearly 0 fee.
Why is eUSD so important?
At the time of writing, no existing stablecoin has a native blockchain. All of them are assets or smart contracts of other blockchains. When someone is dealing with this type of assets, he is forced to use the native cryptocurrency of the host blockchain. For example, to transfer any ERC20 tokens, you must pay the fees in terms of ETH. So, you must have ETH in your wallet even if you want to deal with just stablecoins. Besides, Ethereum and similar blockchains handle thousands of tokens every second which causes network overload, high transaction fees, transaction getting stuck or rejected.
Now let’s imagine a standalone blockchain that only deals with a single stablecoin; you no longer need to compete with others for fees, you no longer need to buy native cryptocurrency to transfer your stablecoin and most importantly, your network is not getting overloaded with thousands of smart contracts and tokens. Come to real life, Epoxy Stablechain is your solution! To make eUSD flexible and easy to use for everyone for everyday use, the team will create a separate chain specially for eUSD which is the Epoxy Stablechain. The fee is expected to be almost 0 (not completely 0 since we need to reward the block validators) and transactions will be almost instant with a high TPS. Epoxy Stablechain’s block validators will receive fees from the transactions and no additional eUSD can be generated in this process.
We all know that the Ethereum network is overloaded and the transaction fee (GAS fee) is getting higher everyday. On September 01, 2020, Ethereum transaction fee reached its peak, 12.54 USD per transaction which is even higher than regular Bitcoin transaction fee. Experts believe that the fee will be climbing higher until Ethereum team solves the issue which isn’t going to happen anytime soon. So, it’s not efficient anymore to use Ethereum based tokens/stablecoins for everyday use. The general people and the retail traders have to waste large sums of money to broadcast the transactions everyday. If less fee is paid to save money, transactions are getting stuck or being rejected. Let’s give an example from real life, suppose you need to pay $5.00 for your coffee bill, you wanted to pay it using your ERC20 stablecoin; but to broadcast the transaction, you need to pay a $12.54 fee. Does it make any sense? Obviously not.
With a standalone blockchain, the eUSD will perform better than any other existing stablecoin for sure. eUSD users don’t need to switch from ERC20 to BEP2, BEP2 to TRC10 to save transaction fees. When people will see the potential of eUSD, they will consider EpoxyDAO as vault for all other existing stablecoins and have just eUSD. eUSD can be the giant of stablecoins. We expect to capture $5B marketcap for eUSD within ~2 years.
Resources
Website: https://epoxydao.com
Whitepaper: https://epoxydao.com/whitepaper/
Twitter: https://twitter.com/EpoxyDAO
Facebook: https://web.facebook.com/EpoxyDAO/
Telegram: https://t.me/epoxydao
Reddit: https://www.reddit.com/user/EpoxyDAO_Official/
Github: https://github.com/EpoxyDAO/
