“Imagine if sending, storing, and managing money was as easy as sending a text,” said Duy, Monetary Policymaker at The Constant Foundation.
Welcome to The Constant System
A more useful money
What is Constant?
Constant is a burnable, mintable ERC20 stablecoin pegged to USD and 100% backed by a publicly-audited reserve. Developed as the ideal stablecoin, Constant is a stable unit of account, a secure store of value, and an efficient medium of exchange.
Sending, storing, and managing money should be as easy as sending a text message. Globalization has brought us closer together, and our needs have evolved, but the global financial system has yet to catch up.
Constant leverages what works in the fiat and crypto worlds while stripping out what doesn’t, creating a more useful, mobile, global money. You can buy, store, or transfer Constant to anyone, anytime, anywhere, and at zero to low cost.
“Why wait on banks to get things done or pay exorbitant fees to send a little money home?” Asks Ning Tan, Head of Communications at The Constant Foundation.
Constant for everyone
1:1 backed by the US Dollar, the most stable fiat currency in the world
Say goodbye to volatile markets and economies, and say hello to a stable store of value for your hard-earned money.
Fast, flexible, and cheap international transfers
Say goodbye to tedious bank transfers that take days to process and cost up to $50 dollars in fees. Transfer instantly, at zero to low cost.
Easy mobile payments
Send, store, and manage your money wherever you go, safely secured by blockchain technology and ready to go when you are.
Works anywhere, anytime
Don’t be slave to your bank’s opening hours. Constant is always open, no matter what time of day, month, or year.
Intuitive, simple UX
Manage Constant with just an email address and password. No need to use complex wallets or remember long, arbitrary passwords.
With Constant, you can manage your money at any time of day, with little to no cost, and the flexibility demanded of our digital age. All users need is a device with an internet connection.
Constant for businesses
No more chargebacks
Constant payments are irreversible and secure, minimizing the cost of fraud for your business.
Constant can automatically approve transactions once relevant parties have signed them off, creating an efficient and frustration-free sign-off process.
It’s really easy to add Constant to your existing e-commerce site. There are many 3rd party payment processing services that support ERC20 tokens and have stable APIs.
Accepting payments is as easy as scanning a QR code. Simply use your digital wallet to scan the QR code from your customer’s wallet, as long as they both support the common ERC20 standard.
Constant for traders
Maximize gains while hedging against losses
Constant is the perfect hedging coin. Protect your gains from market volatility and hedge against losses with the battle-tested stability of the USD.
Lower fees and transaction times
Use Constant as an alternative to fiat deposits for lower fees and faster transactions. BTC or ETH deposits might lose value, but 1 Constant always equals 1 USD.
Constant puts you in control of your money and gives you more autonomy and mobility.
Constant for developers
Be your own bank or payment gateway
You don’t need approval from a bank or payment processor. You can just boot up a node and become your own.
Simple yet powerful programming model
You no longer have to store customer information on your server and be responsible for protecting it. The chain itself is the most secure database, immutable and protected from any single point of failure — taking payments is as simple as a few API calls to the blockchain via the web3.js library.
Integrate into your existing website or apps
Constant is an ERC20 token, so you can integrate Constant into your existing web and mobile apps via commonly used tools like Metamask.
How does Constant work?
The Constant Trust Vault
For every single Constant that’s minted, a dollar deposit is made to the Constant Trust Vault, managed by Prime Trust, a US accredited financial institution. Also, when we burn one Constant, we withdraw one USD from the Trust Vault. This guarantees Constant’s value and fungibility.
One new Constant is minted when there is one new US dollar deposited into the Trust Vault.
One existing Constant is burned when there is one existing US dollar withdrew from the Trust Vault.
Monetary supply policy
There is no limit in monetary supply for Constant.
For simplicity, there are only two denominations in Constant:
Constant = 1 US Dollar
Nano = 1 US Cent or 1/100 Constant
For practical purposes, Constant is implemented as an Ethereum ERC20 token, which has been widely adopted by millions of users around the world. The existing infrastructure, userbase, and development community is strong and growing steadily; there are exchanges, wallets, and software that support ERC20 compliant tokens.
The Constant Trust Vault will accept USD only, but in the future, we plan to add other assets, including, but not limited to, the following:
- Other currencies (like EUR, for example)
- Tokenized securities (property, fine art, stocks, and so on)
We hope this helps to answer some questions you may have about Constant. Make sure to follow us on Medium as we reveal more about the Constant System and how it works.
If we can help with anything else, or if you have any questions or feedback, please join us over on Telegram https://t.me/constantbanking