What is EpoxyDAO (EGT) | What is EGT token | EpoxyDAO (EGT) ICO

EpoxyDAO is a decentralized finance platform built on Ethereum blockchain which lets anyone issue eUSD (EpoxyDAO’s stablecoin) by collateralizing other stablecoins. eUSD ensures that the value of all existing stablecoins remains always the same by applying an experimental value averaging mechanism.

A DECENTRALIZED & TRUSTLESS PAYMENT NETWORK

EpoxyDAO is a cross-chain Decentralized Finance Platform (DeFi) that merges all the existing stablecoins and issues a standard stablecoin PEX and its variant eUSD. It is completely decentralized and managed by the community through Epoxy Governance powered by the governance token EGT. EpoxyDAO is a partial open source project and a Decentralized Autonomous Organization (DAO).

A DECENTRALIZED BANK

EpoxyDAO functions like a bank where you can deposit your various currencies to get one standard currency. The key difference here is, unlike other traditional banking systems, EpoxyDAO is completely decentralized and managed by people around the world who have the governance token EGT. Right now there are a lot of stablecoins and new ones are being introduced frequently. Most of the time users get confused while selecting a stablecoin. In practical life, we never need hundreds of variants of the same thing, we prefer only one standard version. So EpoxyDAO aims to merge all the variants of USD pegged stablecoins and have one standard version.

A DECENTRALIZED CENTRAL BANK

EpoxyDAO has been designed in a way that it can be used as a central bank. Traditional banks from the real world can actually use EpoxyDAO and do the interbank transactions and other transactions more efficiently. Banks can issue their own fiat backed ERC20 collateralization tokens and issue PEX and eUSD as standard or common currency.

PEX is more efficient as a reserve currency and eUSD is more efficient as a transaction currency. Collateralization token providers can be seen as the backers of PEX and eUSD. EpoxyDAO rewards EGT tokens for issuing PEX.

EPOXY PROTOCOL

Epoxy Protocol is a DApp (Decentralized Application) on the Ethereum blockchain. It is managed by the people who have the governance token EGT. EGT holders can arrange voting to bring changes to the protocol.

EPOXYWALLET

EpoxyWallet is the easiest way to access the Epoxy ecosystem. It’s a user-friendly light client where users can easily access all the functions of EpoxyDAO. EpoxyWallet is integrated with two blockchains, Ethereum and Epoxychain.

EPOXY STABLECHAIN (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.

STABLECOIN PEX

PEX is considered as the intermediate currency between Epoxy Protocol and Epoxychain. It is an ERC20 token on the Ethereum blockchain. PEX is backed by the existing stablecoins and meant to be pegged to 1 USD but its performance may depend on the performance of collateralized stablecoins. Anyone can generate PEX through eTreasury by locking their stablecoins. Once generated, PEX can be used as regular stablecoin or to issue eUSD. PEX is decentralized, unbiased and resistant to devaluation. The sole purpose of PEX is backing eUSD by merging all the ERC20 stablecoins. PEX can’t be issued by governance, team or any factor other than locking stablecoins.

EPOXYDAO GOVERNANCE TOKEN (EGT)

EGT is the governance token of Epoxy Protocol. It plays the key role in the Epoxy ecosystem by controlling the Epoxy Protocol and balancing the value of stablecoins. EGT has a total supply of 1,000,000. EGT is used to make votes in Epoxy Governance. If an institution or a bank wants to introduce their stablecoin or collateralization token to EpoxyDAO, they will have to either convince the community to approve it or buy most of the EGT tokens to win the vote. EGT is a standard ERC20 token.

EGT Contract Address: 0x4199aa906233e44f40e2292d76a400b3b640e7b2

WHY EPOXYDAO IS A BETTER OPTION

EpoxyDAO doesn’t need liquidity providers to run the system. PEX/eUSD is automatically generated and burned, so technically the liquidity is unlimited here. People can get PEX as long as they have any other stablecoin and they can get the better version of PEX which is eUSD as long as they have PEX. If all people lock their stablecoins to adopt eUSD, they won’t have to look at dozens of stablecoins, they can just use eUSD everywhere. They won’t have to pay any slippage or swap fee because they will not need to exchange or swap stablecoins, they won’t have to pay ridiculous GAS or transaction fees; millions of dollars can be saved.

MITIGATING THE RISKS

Stablecoins are backed by fiat or other collaterals. The value of stablecoins doesn’t come from speculation. When an institution or company issues a stablecoin and you start using it, you accept the risk and believe in that institution or company. If anything goes wrong with that institution or company, there is a high possibility of losing money because their stablecoin will lose value. But when we merge all the stablecoins, we divide the risk by N factor. If there are N stablecoins in EpoxyDAO, the risk is divided by N. When you don’t use EpoxyDAO, the risk will be 100%. So EpoxyDAO is the best solution that has ever been made to hold the fiat value on blockchain.

FILLING THE GAP BETWEEN CRYPTO & E-COMMERCE

Stablecoin is being considered as the next big thing in e-commerce. It represents fiat on the blockchain. For everyday use and payments, there is no alternative to fiat or stablecoin because you can’t use a volatile currency like Bitcoin or Ethereum for everyday transactions. Stablecoins don’t have service charges or restrictions like centralized payment processors and can be used everywhere regardless of geopolitical borders.

But there are a lot of problems with existing stablecoins. All of them are tokens based on other blockchains. It causes a lot of issues including performance issues, efficiency issues since they totally depend on their parent blockchains. If a parent blockchain is overloaded or having issues, it affects all the stablecoins which are using that blockchain.

Most of the existing stablecoins are based on the Ethereum blockchain. Everyone knows the fact that Ethereum network is overloaded and token/stablecoin transactions are not efficient anymore. We can’t use Ethereum based stablecoins for everyday transactions because of very high transaction fees. On September 01, 2020, Ethereum transaction fee reached its peak, 12.54 USD per transaction.

Imagine someone needs to pay 5 USD to 50 people, so he needs to make 50 transactions. If each transaction costs 12.54 USD, he needs to pay 627 USD just as a fee. It can be said that there are other blockchains such as Tron, EOS which are cheaper at the moment; but there is a high probability of the network getting overloaded just like Ethereum in the future. This risk is true for all smart contract platforms.

There are some stablecoins like USDT which use the Bitcoin blockchain. Bitcoin blockchain is slow like snails and not good for instant transactions. Sometimes a transaction can take 12 to 24 hours or more to get confirmation from the network. Your invoice might expire while trying to pay using the Bitcoin blockchain.

With a dedicated blockchain, eUSD says goodbye to all kinds of limitations and problems like the ones mentioned above. It makes stablecoin or fiat transactions easier, cheaper and efficient than ever. eUSD has enough potential to become the stablecoin giant. We expect to capture at least ~5B USD market cap in ~2 years.

EPOXY LENDING POOL

In future, the EpoxyDAO team will be developing a lending pool where lenders can deposit PEX in the Epoxy Lending Pool and earn interest from borrowers. Borrowers can use their EGT and other assets as collateral to get a loan from the pool for a % of interest which will be decided by the governance system.

TOKEN DISTRIBUTION

Max Supply:  1,000,000 EGT
Circulating Supply:  150,000 EGT
Development Budget:  150,000 EGT (15%)
Allocated for Founders:  100,000 EGT (10% & locked for ~2 years)
Allocated for Minting:  750,000 EGT (75%)

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ICO DATE: Sep 7, 2020 - Dec 31, 2020

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