What Is ICHI's oneBTC token (ONEBTC)? Complete Guide Review About ICHI's oneBTC token

What Is ICHI’s oneBTC token (ONEBTC)? Complete Guide Review About ICHI’s oneBTC token

What Is ICHI’s oneBTC token (ONEBTC)?

ICHI’s oneBTC token is a self-sustaining, community governed platform that enables any third party cryptocurrency community to create and govern their own in-house, non-custodial oneToken (a stablecoin valued at $1) with a Decentralized Monetary Authority (DMA). ICHI V1 was a pilot project that demonstrated the feasibility of a new stable coin design.

ICHI’s oneBTC token It launched successful stable coins for large cap (Bitcoin, Ethereum, and Chain link), mid cap (Wing. finance) and small cap (Strudel. finance) cryptocurrency communities. Each of these stable coins remained pegged to $1 during the Q1 2021 bull market and the May 2021 market correction. These V1 stable coins will continue to work indefinitely on the Ethereum network as unstoppable financial infrastructure. (Find ICHI V1 at https://www.ichi.farm/)

ICHI’s oneBTC token defining concept of ICHI V2 is a Decentralized Monetary Authority (DMA). DMAs give any cryptocurrency community the ability to hold their scarce cryptocurrency which they believe will increase in value over time (store of value) while also governing their own one Token (an ICHI stable coin).

ICHI’s oneBTC tokenStorage Key Points

Coin BasicInformation
Coin Name ICHI’s oneBTC token
Short NameONEBTC
Circulating SupplyN/A
Total SupplyN/A
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Angel Liquidity

Vaults built for Crypto Communities and LPs With Angel Vaults, Crypto Communities can build treasuries of project owned liquidity and provide LPs with single-sided deposits to Uniswap v3 without the need to manage their position.

Create a branded Dollar

for your community With ICHI, every community gets their own token worth $1. It is minted with each community’s cryptocurrency. It is redeemable 1-for-1 for USD Coin (USDC).

Branded Dollars

ICHI has supported the creation of branded dollars for leading cryptocurrency communities.

one 1INCHA stable coin for better payments, incentives, and rewards in DeFi

one DODOA stable coin for better payments and more efficient exchanges in DeFi

one FILA stable coin for decentralized file storage

one FOXA stable asset backed by $FOX for the Shape Shift economy

one FUSE More stability for day-to-day crypto mobile payments

The Decentralized Monetary Authority Mode

lDecentralized Monetary Authorities allow any community to mint a stable coin with their favorite cryptocurrency. Tokens are always redeemable for $1, and create a community treasury to stimulate rewards

1You pay exactly $1 of value in two parts to mint any one Token (an ICHI stablecoin).

2oneBTC is used in this example. It is worth 1 USD. It is minted with USDC and wBTC

3The wBTC share increases as the BTC treasury grows in size.

4The USDC is deposited to the oneBTC Vault, controlled by the oneBTC smart contract.

5The wBTC is also deposited to the oneBTC Vault, governed by oneBTC holders.

6Exchange wBTC for more USDC. (Rebalance)

7Invest wBTC in DeFi (Decentralized Finance).

8Spend wBTC on discounts and yield to grow adoption.

9Minting and Redemption Fees stay in Collateral.10You get exactly $1 of USDC when you redeem a oneBTC.

Staked ICHI (xICHI)

ICHIpowah to propose and vote on ICHI governance proposals to determine future features and/or parameters of the ICHI platform as well as protocol improvements, with voting weight calculated in proportion to the tokens staked (the right to vote is restricted solely to voting on features of the ICHI platform; the right to vote does not entitle ICHI holders to vote on the operation and management of any legal entity, their affiliates, or their assets or the disposition of such assets to token holders, and does not constitute any equity interest in any of these entities). The arrangement is not intended to be any form of joint venture or partnership.2.

Rewards for participating in governance proposals. It is the community members which would drive development of the ICHI platform, so token incentives would need to be distributed to compensate them for their time, expertise and effort. Only users who have participated in submission of proposals, commenting, reviewing and/or voting will be entitled to receive ICHI token governance rewards.

Participation Rewards

xICHI holders can be rewarded by one Token treasuries by staking ICHI. one Token treasuries pay 2% management fee and 20% performance reward directly to xICHI. There is no specified schedule for when payments are made out to xICHI so an APY will only be available in hindsight. The best way to avoid missing a payment is to keep your ICHI staked in xICHI.

Core Technical Concepts

This section will discuss the technical building blocks of Decentralized Monetary Authorities including their modular design, architectural components (which can be customized for each oneToken community) that enable the system to function, and the inheritance map of the oneToken interface.

Modularity

A key principle of ICHI’s architectural design is Modularity. The ICHI platform allows for components to be modular (similar to a microservices architecture) in order to allow for simplified and safe updates/upgrades when certain logic within contracts need to be changed

Strategies

Purpose built contracts that enable automated deployment of Community Reserves A Strategy is a modular contract that is purpose-built for deploying Collateral and Community Treasury funds, receiving multiple types of tokens, and reporting balances of each type of token it holds. These are one-time transactions, not ongoing processes, that can perform atomic actions on the Community Treasury and Collateral, usually involving one or more interactions with external staking and farming contracts.

Characteristics and Limitations

  1. 1.Strategies must have functions to move funds around.
  2. 2.Strategies don’t rely on whitelisted tokens.
  3. 3.Strategies can interact with multiple token types, but can only be assigned to one known token*.
  4. 4.Strategies automatically execute allocations of the assets allocated to them (by the Controller or oneToken Governance) from the oneToken Vault.