Sphinks Token (Sphinks) 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. The Sphinks project focuses on harnessing open and decentralized technologies to provide user-friendly monetary systems with next-gen features.
The project 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 initially pegs token value to the U.S. Dollar through a method of “cryptocurrency value transfer with floating cryptocurrency-collateralization” 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. Please refer to the FAQ and whitepaper for a detailed explanation of how Sphinks functions both now and in the future.
ICO: Begins 10 August 2019 and ends 27 June 2020 with a target of $5 million. Tokens are available for only $0.10 via the wallets issuance system.