1Sg Whitepaper

Cryptocurrency has become the hotspot in economics. Both ordinary investors and institutions have expressed keen interest in it. While the population thinks that cryptocurrency, similar to the Internet, shall bring about great impact on the society, its significant price fluctuations have posed a huge obstacle to becoming a medium of exchange and a unit of account (three key functions of a currency: unit of account, medium of exchange and a store of value). Hence, the birth of the stable coin. However issues such as lack of transparency in legal assets backing the currency, instability in the stable coins, time-consuming and lengthy KYC as well as insufficiency liquidity, are present in the most commonly used stable coins, be it USDT, DAI or TrueUSD. Therefore, 1SG was created to be solution to the current issues in the existing stable coin market, thereby establishing a firm foundation for truly bringing digital coins into the daily lives of the people and into the commercial world. Through the centralised, fully collateralised legal asset (Singapore Dollar), the token value of 1SG is guaranteed through a 1:1 exchange rate. Through blockchain records that are tamper- proof and bank financial reports audited by an independent third party, 100% acceptance mechanism can be achieved.

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1Sg Whitepaper

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