About Sphinks Token
Sphinks Token is a decentralized stablecoin project that is pegged to the USD, though has the capability to transition to a new form of a stable system with zero reliance on traditional systems and trusted third-parties.
Sphinks Token Price data of all cryptocurrencies that are accepted by the issuance system are displayed within the Sphinks wallet application. Trade requests are established through the wallet by sending a zero-sum transaction from the token issuance page and including within the message field the address where the crypto being traded is sent from. The user then has 14 days for their funds to be received by the system before the order is canceled. Received cryptocurrencies then require approximately 1 hours’ worth of confirmations before entering the queue whereby each trade is executed at a maximum of 2,000 before the system executes on the next order in queue; an order is complete when the queue has repeated enough times to clear the order total.
|Token Name||Sphinks Token|
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|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
The Sphinks Token project focuses on harnessing open and decentralized technologies to provide user-friendly monetary systems with next-gen features. It aims to provide private accounts and transactions, smart contracts, fee-less and near-instant transactions, zero reliance on traditional systems and trusted third-parties, high-throughput for global merchant and consumer adoption and a decentralized exchange with negligible exchange fees.
How Sphinks works
Sphinks Token initially pegs token value to the U.S. Dollar through a method of “cryptocurrency value transfer with floating cryptocurrency” for easily obtainable stability. As simply pegging to fiat is unrealistic in the long-term due to inflationary issues within fiat systems, Sphinks can implement a unique break-away system that effectively places all participants in a global collective determination of a dollar value, hence creating a technologically advanced and virtually indefinite form of money. The Sphinks project is open-source and initially operates on the NEM platform.
As previously mentioned, the Sphinks Token developer is initially in control of the code-base and currently any information relating to governance is simply to explain how the basic governance system is intended to function upon full development and therefore, not all features of this system are divulged here at this time. The developers unhindered access to code is necessary for applying upgrades and unforeseen fixes, however, some degree of trust is required if the developer is virtually unchallenged in making such changes, therefore, a system of voting is implemented that allows for system-wide fixes and changes to occur without compromising decentralization.
Fiat inflation contingency
For easily obtainable stability and ease of use during the early stages of adoption and development, the system initially utilizes the value of the USD, however, simply pegging to fiat without any contingencies is unrealistic for the long-term due to the inevitable fiat hyper-inflation and as such, any solid-pegged stablecoin in turn would suffer the same devaluing fate. Pegging to other physical commodities or systems would not necessarily function optimally either due to susceptibilities of supply & demand manipulation. For these reasons, Sphinks Token can either convert at any time to another fiat type (still not ideal for the long-term) or switch to a virtual system as outlined in the following proposal.
Sphinks Token is an ongoing project designed to be a reliable and useful currency for the future and therefore, when innovative ideas or technologies are developed, it would absolutely be proposed to incorporate such advancements if practical. The initial stage of the project provides basic functionality and has much to develop, most notably the implementation of a standalone system, though the developer is dedicated to implementing this as soon as practically possible taking quality, security, and ease of use into high regard. The standalone version is expected to possess at least the following additional features: Integration of interoperability technologies such as the lightning network, greater scalability and near-instant transactions.
Benefits of Sphinks Token
- No account servicing fees.
- Negligible transaction fees.
- Immutable payments.
- No barriers to entry – accounts may be created by anyone with access to the internet.
- Private and untraceable transactions via anonymous accounts.
- 100% network uptime. Funds can be sent anywhere in the world, on any day and at any time, regardless of public holidays/weekends.
- No identity theft can occur as user’s Sphinks Token personal information is not gathered.
- Control over funds – nobody other than the keyholder can access funds within the account and as such, bail-ins, fraudulent activity and “account garnishing” cannot occur.
- Censorship-resistance – funds can be spent however you like.
- Inability to forge tokens as they are protected by cryptography.
Matthew Robson, Founder-CEO
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