UAHg — The First Hryvnia Stablecoin

WhiteBIT
Published 08 December 2023
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UAHg — The First Hryvnia Stablecoin

Content

In Ukraine, almost 16% of people actively use cryptocurrencies, but this is mainly limited to trading on crypto exchanges. However, the usage of digital assets for purchasing goods and services is still gaining momentum. This is where UAHg comes in, a new token designed to simplify the use of cryptocurrencies in everyday life. It offers an easy and transparent way to transfer funds that is suitable for buyers and sellers. More details in the article.

What Is UAHg?

UAHg is a stablecoin pegged to the Ukrainian hryvnia (UAH) at a 1:1 ratio. Its main task is to help implement Ukrainian crypto projects and represent the hryvnia’s value on the global crypto market. It is issued and traded on a common public network infrastructure (currently Ethereum, BNB chain, and TRON).

UAHg’s Mission

The developers of UAHg see the main barrier to the widespread use of virtual assets in the field of payments in the potential risks that can lead to a loss of value and/or liquidity, and thus losses. These beliefs stem from the large number of fraudulent projects and the lack of technical support for projects, namely the absence of a hryvnia stablecoin. In addition, the mechanism for paying for goods/services using virtual assets is often complicated and non-transparent for the user.

Therefore, the founders of the UAHg project formulated the mission to expand the practical use of virtual assets by providing consumers and sellers with a convenient and transparent transfer tool backed by a reliable infrastructure.

UAHg focuses on creating a hryvnia-centric crypto infrastructure where

they can conduct transactions directly in hryvnia without losing money on the double conversion of the national currency to cryptocurrency.

Main Functions of UAHg

The main functions of the UAHg token:

    • A unit of value for Ukrainian crypto projects.
    • Representation of the hryvnia on the global crypto market.
    • Stable 1:1 ratio with the Ukrainian hryvnia.
    • Storage, transfer, and exchange through various platforms.
    • Use as a means of payment and value transfer.
  • A means of storing value.

UAHg becomes a bridge between the domestic market of Ukraine and the innovative world of cryptocurrencies, providing easy access to digital assets for many users.

The Technological Infrastructure of UAHg

The UAHg token is a smart contract implemented in the Solidity language that complies with the ERC20 standard, with advanced features such as renewal, suspension, mining, and burning. These functions are protected by the Role-Based Access Control (RBAC) model, which provides flexible access rights management. The UAHg implementation is based on proven OpenZeppelin v4 contracts optimized for the Solidity v8 compiler, which guarantees a high level of security and reliability.

As a standard ERC20/BEP20 token, UAHg is integrated into the Binance Chain and Ethereum networks, providing broad compatibility with tools and services that support these standards. This expands the possibilities of using UAHg, including integration with various decentralized applications and exchange platforms.

An important feature of the UAHg is its operation in public blockchain networks, where the validators of these networks ensure consensus. This ensures decentralized management and reduces the risks associated with centralized control, as in the case of Emittance Corporation.

Advantages of UAHg

Using the UAHg token can bring many benefits to businesses and ordinary users, including beginners who are starting their journey in the world of cryptocurrencies.

For businesses:

  • Cost savings: Using UAHg does not require additional costs beyond the standard blockchain fees. This means businesses can use UAHg to create new and innovative products at no extra cost.
  • Reliability: UAHg is backed by the well-known and trusted Ethereum and BNB Smart Chain networks, ensuring your business’s stability and security.
  • Easy integration: Integrating UAHg into your business takes a few hours, making the process quick and easy.

For users:

  • Convenience: UAHg is easy to use and store in any crypto wallet, just like other crypto assets. You don’t need to install any additional software or make complicated settings.
  • Savings on commissions: When transacting with UAHg, you will be charged only standard blockchain fees, with no additional costs.
  • Access to crypto infrastructure: UAHg provides access to a wide range of crypto services, including major exchanges, decentralized finance (DeFi) platforms, staking services, and many other opportunities.

Thus, UAHg opens up new horizons in the use of cryptocurrencies in Ukraine, offering a stable and reliable mechanism for various transactions. This token simplifies the buying and selling processes and plays a key role in developing Ukrainian crypto projects, providing them with a stable cryptocurrency that is well-suited for transactions. Moreover, due to its versatility and ease of use, UAHg becomes an ideal tool for both experienced cryptocurrency users and those just taking their first steps in this direction. This is not just a new digital asset but a bridge connecting millions of users to the innovative blockchain world, opening the way for Ukraine to a digital future.