CRUDE.NGN BIT-PAPER

This asset aims to bridge the gap between the NAIRA and the bitshares ecosystem.

• SPECIFICATIONS

CRUDE.NGN will be a User Issued Asset (U.I.A) Stablecoin backed primarily by bitCNY/BTS in the reserve wallet crude-ngn.

U.I.A Parameters

• owner can issue assets to himself
• the asset is centralised
• Holders must be whitelisted (flag)
• Disable confidential transactions (flag)
• Issuer must approve all transfer (flag)
• enable market fees (enabled)
• Issuer may transfer asset back to himself (disabled)
• Max Supply 10,000,000,000,000.00 (ten trillion to 2d.p)

Protocol

HTLC, Private memo and merchant

Asset class

UIA Utility token, Semi-Custodial, Hybrid cryptocurrency

Account Authority

crude-ngn

Market Restrictions

(N/B other tradeable assets may be owned by fraudsters trade with caution)

HOW IT WORKS

As a pegged UIA Asset, CRUDE.NGN has a reserve wallet, for escrow/trading services, which is tied primarily to the bitCNY and other stablecoins in the reserve account on the bitshares DEX. The Liquidity for trading is provided by the stablecoins, while the reserve account control is multisiged to allow for more decentrality. To ensure a little bit more decentralisation the peg for the coin has been changed to BTS to expose the asset to more demand, the starting price of the token is now @ a constant of 3000:1. This means that 1BTS can buy 3000CRUDE.NGN from the market currently.

Reserve Account

crude-ngn

Escrow

fbn3113104450 is the escrow wallet for bitshares users go to BITSHARESCRUDE for more details.