Digital and automated way of sharing on blockchain technology
Cryptohryvna or UAX token is a stablecoin type cryptocurrency backed on a 1:1 reserve ratio to the Ukrainian currency Hryvnia.
The UAX token is developed and transferred on the blockchain giving an opportunity to the users to get all the advantages of the crypto. The digital token exists on the Ethereum blockchain, created on the ERC 20 and ERC 865 standards.
In order to ensure security and stability, we choose the method to maintain a onetoone reserve ratio between a cryptocurrency token and its associated asset in fiat currency. This method is called Proof of Reserve.
During the period from February 20 to March 20, 2020 we will go through the technical launch of the project. The goal of the first stage of UAX implementation is the integration with market players, the search and implementation of practical solutions for a new instrument on the financial market, technical tests in DeFi platforms and research in the field of the newest economic theory.
The amount of the first issue is 1,000,000 UAX tokens. It is backed by the hryvnia received from the sale of BTC on February 20, 2020. The initial emission was funded by the investment of the founder of the project Michael Chobanyan. These funds are stored on a separate account of XRESERVE on the KUNA.IO platform. Based on results of the first quarter we will make a decision on the size of subsequent emissions, additional ways to provide a reserve of UAX tokens, as well as on deposit and withdrawal methods.
The UAX token has been already integrated on the KUNA.IO platform, in the Paytomat wallet and Trustee Wallet. Users will also be able to store the UAX token on any wallet which supports digital tokens created on the Ethereum blockchain.
Users can exchange their balance in Hryvnia for UAX tokens at a fixed rate of 1: 1, initiating the withdrawal of funds from the KUNA.IO platform to any Ethereum address they specify. Cryptohryvna will be repurchased during maintenance of deposit to the platform. The amount of hryvnas in equivalent to UAX tokens will be credited to the client's account at the moment of deposit.
The project is led by leading experts in the field of blockchain.