Looking for developers willing to volunteer their expertise to develop a legal and free or low-cost crypto-system that will use UDTs (US-Dollar-Tokens) to make it easy, convenient, fast and nearly free to convert digital assets into US Dollars (USD.)
Goals:
1. The foundation of a not-for-profit organization to establish a Public Trust to manage a bank, banking account or legal financial entity for the purpose of legally complying with money transmitter laws.
2. To establish a bank, banking account or legal financial entity that is managed by the aforementioned Public Trust that will provide normal banking services, including checking and savings accounts, electronic money transfers, cashiers checks, debit cards and deposits, and is in full legal compliance with US laws.
3. To develop and implement a new variant of a crypto-currency platform similar to Bitcoin with a digital wallet likened unto Bitcoins wallet called the US-Dollar-Token or UDT whose value is always one-to-one with the USD.
4. To integrate the UDT platform functions with the software platform of the aforementioned bank, banking account or legal financial entity to facilitate easier, automatic and instant exchanges of USD-to-UDT or UDT-to-USD and the transfer of UDT to and from a UDT wallet.
5. To promote the use of UDT by crypto-currency exchangers and trading platforms as a safe, convenient, reliable and preferred asset for the exchange, sale and trade of any and all crypto-currencies for USD value instead of the actual USD itself.
6. To branch out and implement/integrate similar platforms for other fiat currencies facilitating a Worldwide Decentralized Network enabling the legal, free, near-free or low-cost exchange of fiat currencies and crypto-currencies for the common individual, therefore bypassing the abuse and excessive use of transaction and transfer fees by money wire services, financial institutions and crypto-currency exchangers.
In-a-nutshell: It can be very difficult and expensive (as much as 30% or more in cost) to make the exchange of fiat currency into or out of cypto-currencies when you need to do so from one's own pocket or bank account. The majority of the current options lends to abuses both in fees, exchange rates and legalities. If Bitcoin or other crypto-currencies are to become mainstream, there must be a legal and low-cost method to allow a smooth transition between the use and exchange of the two types of currencies (fiat and crypto.) The UDT system may not be the perfect solution, but it would be a wonderful start. Join the discussion, or volunteer your expertise.
Thanks,
James
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