What Is VNST?
Our team introduces VNST as a decentralized stablecoin with transparent On-Chain data, backed by stable value through the most popular and reputable stablecoins in the global cryptocurrency market. These stablecoins ensure value for VNST, with proven transaction volumes and stability over an extended period, issued by reputable organizations with demonstrated financial strength and regular audits. VNST aims to provide a secure, reliable solution, offering diverse choices, convenience, and expanding applications for users in the Web3 industry in Vietnam and globally.
In this whitepaper, we use the term "BoS" - Basket of Stablecoins to represent stablecoins pegged to the U.S. Dollar value (such as USDT, USDC, DAI, FRAX, FDUSD, etc.).
BoS is used as a reserve asset, securing VNST because:
They are stable cryptocurrencies trusted and used by users for transactions and reserves.
BoS is pegged to the USD, a highly liquid unit globally accepted and influential.
BoS regularly provides transparent reports and audits about the reserve amount.
Based on Wikipedia's definition, "money" is used for three main roles: a unit of account, a medium of exchange, and a store of value. Since VNST is backed by BoS, and BoS includes assets secured by bank deposits and treasury bonds (completely fulfilling the key roles of money), VNST can be used as a unit of account, store of value, and medium of exchange, allowing users to easily price transactions in units other than USD and facilitating asset movement through various blockchain wallets.
VNST is developed with three key attributes represented by the acronym S in VNST:
Stability: The "Stable" attribute reflects VNST's commitment to maintaining stable value in all situations. The ability to be pegged to the value of major stablecoins ensures that the value of VNST is not heavily influenced by cryptocurrency market fluctuations. This creates reliability and attractiveness for users and investors seeking to accumulate and preserve asset value.
Speed: The "Speed" feature underscores the importance of executing transactions quickly and efficiently. The ability to process transactions rapidly optimizes the user experience, preventing unnecessary delays and ensuring flexibility in the transaction process.
Scalability: The "Scale" characteristic indicates VNST's ability to grow and expand in the future. The capability to integrate into various applications and services, from basic transactions to complex financial applications, demonstrates the product's flexibility and development potential. This helps create a diverse and innovative ecosystem for VNST utilization.
Key points about VNST:
VNST is a stablecoin backed by the Basket of Stablecoins (BoS), ensuring its reserve, not tethered to any fiat currency. This independence adds reliability to the value of VNST, free from fluctuations tied to fiat currencies.
Despite using USD as the reserve unit, VNST is not pegged to the USD. This provides flexibility for users in pricing and trading, unrestricted by the value of a single unit.
VNST can be used globally for pricing, conversion, and transactions both on-chain and off-chain. This versatility bridges the gap between blockchain and traditional environments, offering convenience and flexible usability for users worldwide.
VNST is actively pursuing integration into various applications and services, ranging from basic transactions to more sophisticated decentralized financial applications. This initiative unlocks a plethora of applications, benefits, and potential for users in the cryptocurrency world.
Last updated
