What is Gluwacoin
Gluwacoin is an interoperable stablecoin standard that can serve as a viable medium of exchange and unit of account for decentralized applications.
Welcome to Gluwacoin documentation! Our goal is to create a stablecoin standard with usability, expandability, and, of course, stability.
The Gluwacoin standard is a cryptographic token standard. Gluwacoin is issued by a Delaware trust company, strictly pegged 1:1 to a target fiat currency, and built on the Ethereum network according to the ERC20 standard for tokens. The issuer can create a different type of Gluwacoin by pegging it to a different fiat currency. For example, the Gluwacoin pegged to the U.S. dollar is called USD Gluwacoin.
The Gluwacoin standard supports its users to transfer the token on the Ethereum network without paying the transfer fee in Ether but paying the transfer fee in Gluwacoin. Gluwacoin is a stablecoin that combines the creditworthiness and price stability of fiat currency with the technological advantages of a cryptocurrency. Gluwacoins are minted at the time of deposit into the Gluwa platform and burnt at the time of withdrawal from the Gluwa platform.
Gluwacoin create inter-blockchain network by supporting functions for non-custodial exchange use cases. Instead of trusting a 3rd party to hold Gluwacoins for an exchange, a user can request the 3rd party to lock Gluwacoins at the user’s account instead. The locked Gluwacoins are called a reserve and can only be released to the pre-designated receiver or unlocked back to the sender. Note that the exchange can happen not only between Gluwacoins but also with other cryptocurrencies. To do so, the other cryptocurrency will have to support functions equivalent to the Gluwacoin non-custodial exchange functions. For instance, Bitcoin is compatible with Gluwacoin non-custodial exchange when utilizing a 2-to-3 multi-sig wallet.
Read our white paper to learn more about Gluwacoin.
Last modified 1yr ago
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