1. Product Introduction
Cryptocurrency has become the hotspot in economics. Both ordinary investors and institutions have expressed a keen interest in it. While the population thinks that cryptocurrency, similar to the Internet, shall bring about great impact on the society, its significant price fluctuations have posed a huge obstacle to becoming a medium of exchange and a unit of account (three key functions of a currency: unit of account, medium of exchange and a store of value). Hence, the birth of the stable coin. However, issues such as lack of transparency in legal assets backing the currency, instability in the stable coins, time-consuming and lengthy KYC as well as insufficiency liquidity, are present in the most commonly used stable coins, be it USDT, DAI or TrueUSD. Therefore, 1SG was created to be a solution to the current issues in the existing stable coin market, thereby establishing a firm foundation for truly bringing digital coins into the daily lives of the people and into the commercial world. Through the centralized, fully collateralized legal asset (Singapore Dollar), the token value of 1SG is guaranteed through a 1:1 exchange rate. Through blockchain records that are tamper- proof and bank financial reports audited by an independent third party, 100% acceptance mechanism can be achieved.
2. Features of 1SG
a. 1SG stablecoin features
1SG circumvents the volatility of other major cryptocurrencies by maintaining a fixed peg to $1 SG through financial markets, providing financial/trade/personal asset management platform.
b. Currency circulation is transparent
Investors can conveniently check the amount of 1SG stablecoin circulating through the Ethereum blockchain and compare the audited bank balance statements issued by the reserve certificate system to ensure that there is sufficient statutory asset protection.
c. Efficient and convenient KYC/AML review process
1SG complete the transaction basic audit work in accordance with the international standard KYC/AML, combine advantages of the blockchain technology and the traditional financial customer information system. 1SG is a more efficient, accurate and credible system using KYC process and greatly shorten the audit time.
d. Safe and high liquidity
1SG will establish a multi-level, high-traffic mobility ecosystem and the most active trading connection platform by connecting with the global mainstream cryptocurrency exchanges. User can complete various cryptocurrency exchange, fund hedging, asset storage, cross-border transactions, payment settlement through exclusive wallets.
3. Useful Links
- Official Website: https://1.sg/?lang=en
- Whitepaper: https://sgdt.sg/wp-content/uploads/2018/12/1SG-white-papper-V14-EN-1.pdf
- Contract Address:
- Explorer: https://etherscan.io/address/0x0f72714b35a366285df85886a2ee174601292a17