TrueINR (TINR) is a fully decentralised, legally protected and transparently verified ERC-20 token. It is pegged to the Indian national Rupee and maintains a 1:1 ratio. You can always redeem 1 TINR for Indian Rupee 1.00, giving it a stable price.
1.Stable Value:- True financial interoperability requires a price stable means of value exchange. Fiat-backed stablecoins bring stability to crypto. For customers with Indian Rupee Bank Account, 1 TINR can always be redeemed for INR 1.00, giving it a stable price.
2.100% Backed by Indian Rupee (INR):– Each TINR is backed by 1 INR, which is held in a bank account.
3.Powered by Blockchain:- TINR is supported by Ethereum, Binance &Tron Blockchain, so you can store it in decentralized wallet.
4.Global Transactions:– TINR coin is designed to let Indian Rupee move globally from your crypto wallet to other exchanges, businesses and people.
5.Blockchain Technology:– TINR is built on top of open blockchain technologies, leveraging the security and transparency that they provide.
6.Secure:- TINR’s blockchain enabled technology delivers world class security while meeting international compliance standards and regulations.
Price instability is one of the biggest obstacles standing in the way of widespread adoption of cryptocurrencies. The highly volatile market makes it difficult to use crypto in day-to-day transactions, international transfers and as a generally accepted payment gateway. However, some crypto startups take it seriously and work towards smoother integration between the current financial paradigm and blockchain technology. They develop so-called stablecoins, and one of such projects is TrueINR.
Stablecoins are cryptocurrencies pegged to less volatile external assets like fiat currencies, precious metals or oil. The supply or value of a stablecoin can also be pegged to other crypto assets or be fixed by algorithms. Stablecoins retain the same worth as their underlying asset instead of going through dramatic price swings. The general idea of stablecoins is to sustain a steady value over a prolonged period.
Stablecoins play a crucial role in the crypto ecosystem. They enable more people to access the benefits of the blockchain without the risk of dramatic price swings. Besides, they provide firm ground for the traders, investors, vendors and other players who want to park their gains or assets. Fundamentally, backing the coin with less volatile traditional assets like USD or Gold makes it more stable, thus providing a safer alternative for all the players in the crypto ecosystem.
One of the most prominent examples of a stablecoin is Tether (USDT). Whenever USDT tokens are issued, an equivalent sum of USD gets deposited into an audited bank account. Tether also has a platform where users can deposit and withdraw actual USD. The circulating supply of the USDT tokens shrinks or grows based on the dollars held in the bank account. Tether has been the most trusted stablecoin since its launch in 2014.
At the same time, the situation has opened a window of opportunity for a new generation stablecoins that can hold themselves to a higher standard. TrueINR is one of such projects.
TrueINR was introduced in early 2020. It was designed to be simple, transparent and reliable stablecoin..
TrueINR’s INR holdings may be distributed in various bank accounts that belong to different companies. The involved parties have signed an agreement to publish the collateralized holdings regularly and conduct monthly audits. The token uses multiple escrow accounts to lower counterparty risk and provide holders legal protection against theft.
TrueINR was made for:
a.Traders and exchanges- TrueINR is a great tool to hedge against market volatility and enter markets without buying into BTC/ETH first.
b.Mainstream commerce- Everyday people and businesses can take advantage of the benefits offered by blockchain technologies without exposure to massive price fluctuations.
c.Developing economies- The developing markets can use stable currencies for trade.
d.Long-term financial contracts- like loans, salaries or predictions markets.
e.Financial institutions- can use a trustworthy asset to trade in the crypto markets.
The key to proper functioning of every TrueINR tokenized asset is the third-party escrow accounts. Everyone passing KYC and AML requirements can purchase/redeem TrueINR using their application.
TrustINR.io employs publicly audited smart contracts to restrain themselves from issuing tokens. The money never even touch TrustINR.io team’s hands, unless disclosed. New TINR is automatically minted when an escrow account receives INR. Whenever a user redeems INR, the equivalent amount of TINR is burned immediately. That way TrueINR.io ensures 1:1 INR to TINR ratio between the money in the escrow accounts and TINR in circulation.
Whenever a user passes KYC/AML, he or she can send INR directly to one of the TrueINR.io’s trust partner (along with Ethereum wallet address). Once the funds are verified by the escrow company, the API interacts with TrueINR’s smart contract, which in turn issues tokens on a 1:1 ratio and sends them to the provided wallet.
Once the tokens reach your wallet, they can be used for anything you need. TrueINR tokens combine the best of both world’s – the stability and trust of fiat and low fees, quick transfer times, and global reach of cryptocurrencies.
If you want to convert TINR back to INR, a reverse procedure takes place. The user sends TINR tokens back to the smart contract address, which notifies the trust company and triggers a fiat transfer back to the user’s account.
Such a system utilizes multiple API’s and makes controlling the tokens supply effortless and superior to the previous alternatives.
The current fees for purchasing and redeeming TrueINR to INR are INR 0.3% & Sending TrueINR between Ethereum wallets costs 0.2%.
a.Legal Protection- The company publishes regular attestations that come with strong legal protection provided by the escrow accounts.
b.Redeemable for INR- Any individual or organization that passes AML/KYC check on the TrustToken platform can redeem TINR for INR. However, the minimum withdrawal amount is 1000 INR.
c.Trustworthy Fund Management. The way TrueINR’s system is set up, it allows you to exchange INR directly with escrow accounts by design instead of wiring money through TINR network.
d.Full Collateral. A single TINR token is always collateralized by INR held in the escrow account company. New tokens are minted and burned by the publicly audited smart contracts.
e.Regular Attestations. All holdings of escrow accounts are subjected to regular attestations that are published openly.
TINR is supported by Ethereum, Binance &Tron Blockchain, so you can store it in decentralized wallet.
Many relatively new stablecoins have emerged in recent years. Besides TrueINR, other stablecoins include:
- Tether (USDT). The oldest and most popular USD-backed stablecoin used by numerous exchanges.
- USD Coin (USDC). USD-backed ERC-20 token by Circle.
- Gemini Dollar (GUSD). USD-pegged regulated ERC-20 token issued by Gemini exchange.
- Paxos Standard Token (PAX). An ERC-20 token backed with USD.
- Dai (DAI). ERC-20 stablecoin issued by Maker and backed by USD.
- bitEUR (BITEUR). A stablecoin issued on BitShares blockchain and backed by Chinese Yuans (CNY).
- bitUSD (BITUSD). A stablecoin issued on BitShares blockchain and backed by USD.
- bitEUR (BITEUR). A stablecoin issued on BitShares blockchain and backed by Euros (EUR).
- Stasis Eurs (EURS). A collateralized ERC-20 stablecoin pegged to the EUR.
- nUSD (NUSD). An ERC-20 stablecoin issued by the Havven foundation.
- White Standard (WSD). A USD-pegged stablecoin for global payments issued on Stellar protocol.