Q*Coin (∯) is a digital currency/token used for all transactions made on QuuBe.Similar to a prepaid card, customers will have to first purchase their desired amount of Q*Coins & charge them into their QuuBe wallet. Find out how to purchase your Q*Coins here, or find out the benefits of transacting through the QuuBe’s ecosystem here.

Q*Coins are pegged to the value of the US dollar, which ensures that a stable value is maintained, and makes an easy reference point. The conversion rate for 1 Q*coin = 1 USD when QuuBe was first launched (which has already increased since the launched). As more Q*Coins go into circulation (in other words, being used), the token’s value will appreciate, which in turn increase the conversion rate.

As a buyer, purchasing Q*Coins entails no extra conversion fees, although prevailing currency exchange rates will apply.

As a seller, listing your products & selling them incur no platform or service costs. Sellers are able to convert earned Q*Coins back to currency for no additional fees. If you’re interested to be a seller on QuuBe, find out more here.

As more of the tokens circulate, Mr Ku Young Bae, founder & CEO of Qoo10, says their value will appreciate - giving merchants another way to profit (as they operate on QuuBe’s ecosystem for their Business-to-Consumers (B2C) & even Business-to-Business (B2B) trade).

Cryptocurrencies like Ethereum & Bitcoin have also acted as the poster tokens for volatility, making them unsuitable for transactional use. To avoid subjecting customers to that kind of unpredictability, QuuBe uses the US dollar as the point of reference for its token’s value. Initially sold at US$1 as mentioned, Q*Coins (∯) are subjected to revisions at every million tokens sold to allow for appreciation. In other words, as more of the tokens circulate, their value will appreciate - giving customers more shopping money (with the same amount of Q*Coins (∯) they have on hand) & merchants another way to profit as they earn/hold their Q*Coins (∯).

"Leveraging blockchain, the ownership of [stable] cryptocurrency is fully secured, & transactions can be done in a fast & cheap manner. It avoids the volatility in token value, making it easier for customers & merchants to accept; To some extent, it is similar to a cash voucher for e-commerce, but in digital form & can be extended easily to other parties to adopt it.”

- Mr Zhuling Chen, Co-founder of Adelf, Tech in Asia, 2018

QuuBe plans to gradually increase the conversion rate as more Q*Coins (∯) are purchased, as a form of value-add early buyers. For example, it will raise the value of the token to US$1.01 after the first 1 million are sold, and then US$1.02 after the second million, and so on.

"In establishing QuuBe, the team ultimately decided on creating its own token so that it can maintain control over the token’s value while still providing users with the unique benefits that blockchain technology has to offer; Many established coins today are still highly volatile, & the extreme fluctuations in value that can occur are not in line with QuuBe & Qoo10’s objectives of protecting both sellers & buyers as the bridge between these two parties.”

- Qoo10 Spokesperson, Tech in Asia, 2018

Published: 12 September 2019

References

Qoo10 Blog | Tech in Asia

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