The cryptocurrency universe is populated by countless projects that have a lot to offer but fall short when it comes to proving its worth. Among such crypto projects are some hidden gems like VDollar which is a multifaceted digital ecosystem associated with cryptocurrencies contracts trading. Those who are familiar with the term “contract for difference” or “CFD” can think of crypto contracts as a way of financial contract trading but in this case, digital currencies are considered the underlying assets. Let us find out in this review about VDollar and what it has to offer that makes it so unique?
Basic Components of VDollar
VDollar has made its debut as a unique cryptocurrency contracts exchange under the name VDollar.io which is operated by VDollar Exchange Ltd. VDollar’s headquarter is in Colorado, USA. The company has successfully achieved legal status by registering as an MSB (Money Services Business) as per current rules and regulations laid down by the US Financial Crimes Enforcement Network (FinCEN). The company is prepared to maintain its presence in three sectors of business as follows;
- A digital currency exchange dubbed VDollar.io
Vdollar.io is an inclusive and international exchange platform where one can find margin, OTC, coin-margined swaps, and USDT-margined swaps.
- A cryptocurrency wallet, VDollarwallet.com
This one is an upgraded ultra-security crypto wallet which is nothing like the traditional alternatives out there. It offers seamless deposits, transfers, and withdrawals for users.
- New trading mining functionality, VDollar.org
This unique mechanism is a unique feat of vdollar.org where users can take advantage of VDollar’s URP i.e., USDT Reserve Pool.
Note: All 100% of the transaction fee handled by VDollar is put into this pool to issue it back during IPO.
Main idea: Cryptocurrency Contracts
The concept is easy to comprehend for those who do not confuse it with smart contracts. These are financial contracts that give their owner the right to buy/sell digital assets when the price of that particular asset reaches a particular level. It is important to note that there are no obligations for buying/selling assets and one could choose to do neither.
How Does VDollar Work?
As a registered MSB in the USA, VDollar is known as one of the very few crypto projects that have received this recognition despite the strict and sometimes unreasonable laws and regulations towards digital currencies and related concerns.
As mentioned above, the VDollar ecosystem has three components: digital currency exchange, digital currency wallet, and its unique trade mining system. But there is one more significant aspect of VDollar and that is its derivative, crypto contracts trading.
- Crypto contracts trading
In this environment, crypto enthusiasts can find up to 18 USDT-settled contracts on several cryptocurrencies. When it comes to the interface and design of VDollar’s crypto contracts trading section, it is both classic yet intuitive to handle traders of varying proficiency.
- Vdollar Swap
Vdollar swap system works like any other swap which allows people to buy or sell contracts with Bitcoin and Ethereum serving as underlying assets. Tether is the settlement asset chosen for this system.
- Over-the-counter desk
Cryptocurrency traders who prefer exchanging without an orderbook require a reliable OTC desk and one of the three derivatives of VDollar projects is such an OTC desk. It can be accessed through the main page by BTC, ETH, and USDT owners.
VDollar has a feature-rich ecosystem waiting for its users who will have access to its following features:
- USDT Reserve Pool existence:
URP is a major aspect that makes VDollar stand out from its peers such as Binance Exchange. VD Coins are based on URP as these on-chain addresses can be verified whenever. URP’s transparency will be maintained by announcing the URP balance daily.
- Super representative role:
Any user who maintains a sufficient userbase and fulfils other requirements as described in the VDollar whitepaper can assume the role of a super representative after applying for it and receiving enrolment.
- Trade Mining mechanism:
According to this rule, all 100% of the transaction fee generated by the VDollar ecosystem is put back into the USDT Reserve Pool entirely. This way, users receive or mine what they give via trade. The transaction fees include the fees levied on users for trading every mainstream cryptocurrency available on the exchange.
As an emerging cryptocurrency contracts trading system, the VDollar ecosystem has more room to grow. Its supported assets list currently includes not only the major cryptocurrencies like Bitcoin, Ethereum, Litecoin, XRP, and Tether (USDT) but also popular fork projects like Bitcoin Cash, Bitcoin SV, Ethereum Classic, Dogecoin, etc. Some DeFi assets including Chainlink, Uniswap, Yearn.Finance is also compatible with the VDollar trading suite. All of these digital currencies are available for crypto contracts trading.
For those looking for more PoS and DPos tokens on the list of supported assets, the VDollar ecosystem accepts Tron, EOS, Cardano, OMG Network, Dash, Filecoin, Aelf, and Status, etc. The growing demand for memetic or overhyped coins could result in the addition of Dogecoin and Shiba Inu Coin to the long list of assets soon.
All about VDollar Coin (VD)
Like most influential crypto projects, VDollar.io has its tokenomics model for the sake of fairness in terms of profit shares within the community. Its native digital asset is known as VDollar Coin (ticker symbol, VD) which is a unique core native currency that will serve as a backbone for the entire VDollar ecosystem.
According to the VDollar whitepaper, the maximum supply of VD Coin has been capped at 10,000,000. It would be minted and pegged as 1:1 corresponding to the URP dynamics. All VD Coin owners who have a public on-chain address will also be entitled to URP coins.
VDollar project has surfaced as a unique concept within the traditional crypto exchange industry, challenging giants like Binance and KuCoin exchanges. It has a long way ahead once experienced traders start flocking towards this high-performance crypto project.