bitCNY is designed to operate on the Bitshares platform as an MPA (Market Pegged Asset). Market Pegged Assets or smartcoins can be redeemed for Bitshares without any hassles since there value is supported by BitShares to the tune of hundred percent or even more. The blockchain protocol is required to handle fluctuations in supply due to continuous ups and downs in the exchange rates of BTS to CNY. Users are thus able to transfer and trade tokens with stabilized pricing throughout the blockchain to facilitate real life commodities including silver or gold in a decentralized way.
The objective of bitCNY is to allow an option of smart coin alternative to Chinese Yuan. BITCNY has been market pegged to Yuan and has remarkable ability to support transactions. In terms of its asset value, bitCNY stands for the exact quantity of BTS that is equivalent to a single Chinese Yuan. The total yield that is gained on account of obtaining a bitCNY is related to the specific pool of interest fir every individual bitCNY holder. Published feeds are leveraged for determining or tracking real-time prices of real-world commodities such as Chinese Yuan, US Dollar, gold, silver, or oil among others.
Practical lending of smart-coins is usually executed through a complex network that matches the exchange and buyer at a median value according to the published data by delegates at a particular point of time. The exchange offers support to the transaction by providing collateral to back smart-coins. In the event of a refusal by short to cover, the purchaser will be required to buy-back the value of smart coins, which are pledged as collaterals. The value of collaterals is significantly more and such a situation can be avoided by using BTS in the form of collaterals by BitShares. In case of a fall in the value of collateral in relation with BitCNY, The system of BitShare is used for covering the shortfall or a loan by exchanging BITCNY for collateral BTS. The open source BitShare exchange enables use of BitShares blockchain to facilitate the trading of smart-coins including BitCNY with help of an internal exchange.
BITCNY can be traded on the following online exchanges. As per the current scenario BITCNY can be bought or sold on BitShares Asset Exchange, AEX, and OpenLedger DEX. This list is provided according to the descending order of trade volume.
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