AMA Recap Crypto Library with EURST
On 14th September 2021, EURST conducted an
AMA in the Crypto Library Community. Our guest is Marieta Genova. Lots of
questions as usual from the Community about EURST progress. The EURST team
took part in a very interesting AMA session which included
introductions, questions from twitter, and a live AMA session with the
Crypto Library community. If you missed the AMA in person, read this
recap for a deeper insight into EURST.
Let’s take a look at the most interesting points of our conversation.
INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?
Marieta Genova (EURST) : Hello everyone, thank you for having me here today! My name is Marieta Genova, I am COO of EURST.
FIRST SEGMENT (HOST)Crypto Library Team : What is the simple definition of EURST? And how does it work?
Marieta Genova (EURST) : EURST in one sentence is an euro stable token, for which 1 EURST represents the value of 1 Euro, asset backed in US dollars.
Crypto Library Team : Why should we choose EURST than other stablecoin out there?
Marieta Genova (EURST) : For one simple reason - we have engineered the most compliant and secure stable token on the market, which can be trustable and reliable. EURST is the reliable solution and tool, which lets people securely choose it as a payment method. It is the euro stabletoken, which is here to stay for long in the market.
Crypto Library Team : Please tell us about $EURST token! What are the token use-case, distribution, and where we can buy it?
Marieta Genova (EURST) : Certainly, we developed EURST with one main goal - to provide the most secure and reliable digital version of the euro, which will serve as a bridge between the traditional finance world and the digital space.
The token is available to directly mint via our dashboard at https://eurst.io (https://eurst.io/) where you can connect your Metamask wallet and receive the tokens, and will very soon be available in a few major exchanges and wallet providers.
Crypto Library Team : What are the future Goals of EURST?
Marieta Genova (EURST) : Short term, in the next month we are planning to be listed in all major reliable exchanges.
In the long run, we have prepared and are already discussing direct implementations with payment providers, different use cases and partnerships with variable merchants, which will offer EURST as payment method, and a lot more.
We are working to be the most used and trustable euro stable token on the market.
Marieta Genova (EURST) : It is part of our mission to provide full transparency and stability. One of the major issues of other stable coins is that it is not very clear how and to what extend they are asset backed, as they should. For that, we have implemented a mint/burn system, that an EURST is only minted, upon a transfer of funds, which go directly to the escrow account.
Therefore, every EURST out there will forever be minted only upon a direct transfer of funds to the escrow account, where the funds backing EURST are held.
We also have in place a third party providing a live audit system, which shows the funds held in escrow, and the tokens in circulation, ensuring that at every moment, EURST is 1:1 asset backed.
Marieta Genova (EURST) : Well ,I am afraid I am not very familiar with the stablecoin aggregators 🙂 Our focus is mainly on ensuring we provide a reliable tool for the market and we haven't envisioned such features with EURST.
Marieta Genova (EURST) : The answer is easy, yes, ECB is working on it, however it will take them years potentially to develop a digital euro. EURST is already available to use today.
Marieta Genova (EURST) : Yes, we've passed a third party security audit, which had "no major findings". Also, we've chosen an experienced developers to do the smart contract from the beginning, ensuring we are in safe hands.
Marieta Genova (EURST) : Certainly, very soon the live audit widget will be visible on the website https://eurst.io and every one will be able to see the tokens in circulation, vs. the funds held in the escrow account, backing EURST.
We are working to be the most used and trustable euro stable token on the market.
SECOND SEGMENT (TWITTER)Crypto Library Team : In terms of transparency, decentralization and peg stability, what are the advantages of $EURST over other stablecoins? Why should I choose $EURST as the primary alternative?
Marieta Genova (EURST) : It is part of our mission to provide full transparency and stability. One of the major issues of other stable coins is that it is not very clear how and to what extend they are asset backed, as they should. For that, we have implemented a mint/burn system, that an EURST is only minted, upon a transfer of funds, which go directly to the escrow account.
Therefore, every EURST out there will forever be minted only upon a direct transfer of funds to the escrow account, where the funds backing EURST are held.
We also have in place a third party providing a live audit system, which shows the funds held in escrow, and the tokens in circulation, ensuring that at every moment, EURST is 1:1 asset backed.
Crypto Library Team : What is the function of stablecoin aggregators and how does this system work in the $EURST ecosystem? What potential and risks can the user face in using it?
Marieta Genova (EURST) : Well ,I am afraid I am not very familiar with the stablecoin aggregators 🙂 Our focus is mainly on ensuring we provide a reliable tool for the market and we haven't envisioned such features with EURST.
THIRD SEGMENT (LIVE QUESTIONS)
Crypto Library Team : Recently I read that the European central bank plans to develop a crypto currency for the euro. So, can you explain how the solution you propose can be better than the one proposed by the European central bank?
Marieta Genova (EURST) : The answer is easy, yes, ECB is working on it, however it will take them years potentially to develop a digital euro. EURST is already available to use today.
Crypto Library Team : How safe is your platform? Has there been any Audit so that its safe from bugs and smart contract is fully audited?
Marieta Genova (EURST) : Yes, we've passed a third party security audit, which had "no major findings". Also, we've chosen an experienced developers to do the smart contract from the beginning, ensuring we are in safe hands.
Crypto Library Team : Can buyers of EURST tokens verify that it is really a stable currency, the value of 1 $ EURST = 1 EUR or 1 USD or what is its real value and to what conditions is its stability subject?
Marieta Genova (EURST) : Certainly, very soon the live audit widget will be visible on the website https://eurst.io and every one will be able to see the tokens in circulation, vs. the funds held in the escrow account, backing EURST.
Crypto Library Team :