Quintric System Overview
The patent-pending Quintric1 monetary system combines the legitimacy, accountability and security of gold and silver (“specie”) legal tender with the transparency, flexibility and convenience of distributed, blockchain technology to create the world’s first authentic, interoperable family of specie legal tender cryptocurrencies. The Quintric system consists of five interoperable, yet independent, specie-based tokens: Quint2; QuintS3; iQuint4; iQuintS5; and QuintX6.
The system design and implementation represents concerted efforts at monetary reform to succeed where existing cryptocurrencies to date have failed: to create the first cryptocurrency that can actually function as a usable currency. Each of the five Quintric tokens constitutes a vital piece in completing that elusive crypto puzzle. With the advent of Quintric, the objective of a transparent, blockchain medium of exchange has moved from theory towards viable implementation.
The Quintric System addresses the pain felt by consumers and businesses due to troubling flaws in the international monetary system as well as issues in the cryptocurrency space. On the monetary front, these include: (1) unchecked inflation of fiat7, debt-based money supplies spurred by marginally solvent governments and government-backed entities; (2) precarious fractional reserving practices of traditional financial institutions; (3) absence of ease and finality in completing monetary transactions; (4) diminishing financial privacy; and (5) a disappointing lack of transparency in both the financial and precious metal vaulting worlds. As to the cryptosphere, there exists: (1) wildly speculative volatility/instability in the crypto markets; (2) unwieldy, prolonged crypto settlement times, and (3) adverse tax treatment applicable to virtually all existing cryptocurrencies. The cumulative result of these problems has yielded severe financial crashes, underfunded pensions, inability to save for retirement, hidden inflation taxes, speculative bubbles, gambling and corruption on the rise, an alarming deterioration of public confidence in many traditional institutions, and widespread uncertainty regarding compliance with tax and securities laws and regulations.
The Quintric System addresses these issues by providing a stable, legal, global, inflation-resistant, and refreshingly transparent monetary system that individuals and entities can elect to embrace as their own personal gold standard. Essentially, Quintric provides a viable path towards true choice in currency—democratizing sound money worldwide through modern blockchain technology and other state of the art innovations.
For example, in order to curb the whipsaw gyrations in market valuations8 characteristic of most cryptocurrencies (driven primarily by rampant speculation) Quintric has committed to maintaining a consistent, constantly available, ask on the BitShares exchange pegged to the then current published U.S. Mint retail price for gold and silver legal tender coinage.9 The same rates apply to both the U.S. and international Quintric tokens, insuring the one-to-one, reliable exchange rates essential to supporting vibrant economic activity. Moreover, thanks to BitShares’ industry-leading technologies, Quintric transactions settle within 3 seconds of execution, in stark contrast to the hours or days many cryptocurrencies normally require to clear. Thus, the Quintric monetary system clears away the impediments to true currency functionality inherent in virtually every other major cryptocurrency.