Sphinks Token is a decentralized stablecoin project with no reliance on traditional systems and trusted third-parties. It initially pegs to the USD, though has the capability to transition to a new form of a stable system that has no susceptibility to hyper-inflation or reliance on underlying commodities.
The 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.
The initial stage of the project provides basic functionality and has much to develop, most notably the implementation of a standalone system (V1.0), 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 features: Integration of interoperability technologies such as the lightning network, greater scalability and near-instant transactions (likely via a Directed Acyclic Graph structure), Testnet along with simulations for the fiat inflation contingency, quantum computing resistance, privacy features, decentralized exchange, smart contracts (to a degree) and a modified Proof of Stake consensus algorithm referred to as Selected Proof of Stake (SPoS).
Whitepaper v0.5 [completed]
Build website & v0.5 on NEM (Beta) [completed]
ICO [in progress]
Relocate to crypto-friendly nation
Hire CTO & advisers
Build v0.5 on NEM
Build v1.0 (Beta)
Meet global regulatory requirements
Conduct v1.0 security audit(s)
Relinquish project to community
Attention. There is a risk that unverified members are not actually members of the team
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