On September 17, the test mode of the Timvi security algorithmic stablecoin (TMV) was launched. As part of the start of the project, a bounty program with rewards of up to $ 15,000 is provided.
When creating the TMV token, the developers took into account the problems of existing stablecoins related to audit, issues of centralization and trust. TMV is a security token with a target price of $ 1. Each token is super-secured by deposits in the ETH of ecosystem participants. Any participant can check the security of any token, and the stability and issue of tokens are determined by the TMV algorithm.
By introducing the mechanism of recapitalization of the portfolio, the developers not only ensure the stability of the token, but also give users tools to earn money in both the growing and falling markets.
ETH to TMV conversion takes place in the TBox repository – a special blockchain account of the TMV ecosystem. The owner of TBox can withdraw funds at ETH at any time, close or transfer TBox to another user. In the event of a closure, the emitted TMVs are burned and the deposit is returned to ETH. The exchange is carried out at the internal rate of TMV / USD, set at 1 TMV = 1 $.
When the ETH rate drops, TBox security drops and the owner needs to recapitalize and replenish TBox ETH or TMV. Otherwise, his TBox goes into the category of “toxic” and can be recapitalized by another user who receives a commission in ETH from a deposit packed in TBox in the amount of 1% to 6% of the amount recapitalized. With an increase in the ETH rate and a proportional increase in the security of the system as a whole, the owner of TBox can withdraw more TMV in dollars or take profit.
The higher the system is globally provided, the lower the level of each TBox can be. In the event of a sharp drop in ETH, a stabilization mechanism is provided.
Within the TMV ecosystem, a number of services have been implemented for the global community:
● Leverage of up to 1.9 to receive funds in ETH against a security in the same currency;
● 1by1 – exchange of ETH to TMV at the internal rate of the system;
● Possibility of issuing p2p bonds (TBond) with an annual percentage of 0% to 10%;
● Gate – a service for maintaining the liquidity of the TMV token by exchanging it for ETH at the rate of the system.
The Timvi ecosystem will be of interest to many participants in the crypto community – professional traders, institutional investors, family office, as well as crypto enthusiasts. In the future, developers plan to introduce an analogue of options, create opportunities for working with an affiliate network, develop tools for decentralized exchanges, open an API for third-party developers.
The bounty program will allow testers in the first weeks after launch to earn on the found bugs in the system. Types of errors and possible rewards are divided into several levels:
- A – Critical (logical, mathematical errors in the UK) – up to $ 15,000.
- B – Serious (errors in the service) – up to $ 1000.
- C – Minor (problems in layout, display of information) – up to 15 TMV.