VDollar CMO Ben Interview
Hi Ben, can you tell us more about yourself and how you first got into cryptocurrency?
Sure, I guess this is the question everybody gets.
In 2017, a friend of mine told me to buy Bitcoin. I did more and more research and thought: "This is obviously inferior technology. 6 transactions per second and all carbon emissions in Switzerland? No, thank you." Over time, I entered other licensed cryptocurrencies The consensus mechanism and realize its advantages over Bitcoin, whether as a speculative asset with excellent technology and institutional financial tools.The idea of mining without electricity came into my mind.
At the beginning of the Bitcoin bull market in 2020, the huge profits that top exchanges earn from user transaction fees every day caught my attention. I believe that a decentralized industry should not have a centralized monopoly platform. Their huge profits come from the user's transaction barrier-transaction fees, so I came up with an idea: transaction fees belong to all traders, endorsing the platform token, and everyone can obtain platform token fairly through transactions. I consulted some of my friends in the industry and asked: "Should we create our own cryptocurrency or exchange for the benefit of others?" This is where I started to create VDollar...
How is VDollar different from the other exchanges and protocols out there?
VDollar.io uses a unique new trading mining mechanism to reward its community:
- Transaction Fees get saved to a USDT reserve pool (URP)
- Each VDollar is pegged to USDT
- Transact & Mine simultaneously!
- Mining without electricity
At VDollar, we broaden the horizons and opportunities to new users with big dreams by recruiting 32 super-representatives who will gain 25% of VD token while the remaining 75% will go to multitudes of users. In that regards, we will always have users willing to come back to our platform to do their trades.
32 super representatives that get 25% of VD token? Is that the only benefit?
Ah, that’s not even the half of it. Super representatives also make decisions with regards to governance of the VDollar platform as well as other development decisions on the platform. Another thing: we plan on implementing a system that allows for new super-representatives to be elected and replace super representatives that have already been on the platform for a while - this will be done in batches of 8. That is to say, 8 new super-representatives will be selected and 8 super-representatives will be removed. If you are an ordinary user on the platform, you also get the opportunity to vote for these super-representatives!
Interesting concept! What can you tell us about the VDollar itself?
There’s a hard cap of 10 million and an interesting halving mechanism. So, if you’ve been in bitcoin for a while you should already know how that halving mechanism goes. However, with the VDollar halving mechanism, what happens is a rebase for the value of 1 VDollar takes place. For example during phase 1, 1 VDollar equals 1 USDT. During Phase 2, 1 VDollar equals 2 USDT, and during phase 3, 1 VDollar will be equal to 4 USDT. As a user of the platform engaging in trading, during phase 1 if you pay 1 USDT in trading fees, you will get 1 VDollar, during Phase 2 if you pay 2 USDT in trading fees then that’s 1 VDollar and so on and so forth. So you should also see how this strengthens the incentive to be a super validator.
Absolutely! What are some things that new users need to know?
Right now we have a promotion going on for new users to the platform for VDust tokens as well - you can earn up to 100 VDex for registering an account and taking all of the steps necessary to verify your identity and vote for a super-representative. If you get in early you could also thank yourself for it just a few months down the road.
Any parting words for us?
We will do our best to make a platform that rewards our users and creates a fair and openly democratic form of governance!
Remember to visit our website at VDollar.io!