SIMBA — stablecoin of reliable storage

All 2019 I was thinking and planning to create my own stablecoin. It’s time to share my vision with you, my dear community!

My idea is to create a stablecoin that is not pegged to fiat currency (of which there are already a lot of varieties) but to the most important asset of the cryptocurrency market — Bitcoin.

1 Bitcoin = 100,000,000 SIMBA.

Yes, I am a Bitcoin maximalist and believe in the future of this asset, in its technology and huge potential for its growth in the next 10–15 years.

For most people who see and expect the same perspectives, Bitcoin is a chance to change their well-being and improve their living standards forever.

Of course, Satoshi Nakomoto (the pseudonym of the Bitcoin creator) left to us the idea of ​​a decentralized network without the intervention of third parties, but in reality a large number of Bitcoins were lost forever.

In 2018 the research of the Chainalysis company showed a loss of about 3.79 million BTC, which is 23.3% of the total. At today’s exchange rate it makes 38 billion Swiss francs, and it was almost 75.8 billion Swiss francs at the peak of the Bitcoin price in December 2017. And these losses continue to grow due to the inattentive approach of users to the storage of passwords and electronic keys, fraudulent or manipulative schemes or due to hacker attacks.

In many countries of the world, even in large cities of the CIS, cases of robbery and even murder for Bitcoins have become more frequent. Attackers use to various methods of blackmail and torture their victims. All this remains unpunished also because of the uncertain status of Bitcoin in these countries and the lack of regulations. I believe that the number of such attacks will increase in direct proportion to the price increase of the first cryptocurrency.

According to the data from various analysts, if all the dollar millionaires of the planet decide to invest their money in Bitcoin the price will rise to $ 17 million. Where there’s demand, there’s supply and it will never be enough for everyone, since Bitcoin is limited to issuing 21 million units or “coins,” as they are commonly called in the cryptocurrency community. That is why, even if all the same millionaires decide to buy themselves some digital gold, then each will have an amount of not more than $ 800 to buy from the remaining free part of Bitcoins. This simple math gives me the confidence that the price will definitely only increase over the years.

Taking into account everything mentioned above, I suggest that everyone on planet Earth takes a small portion of their deposits from the usual banks and buys BTC. Then, distribute BTC into 2–3 different independent storages and one of them must be a storage which I called Simba.Storage.

Concept, metrics, technology

The issue of the Simba.Storage is controlled by the SIMBA smart contract on the Ethereum blockchain decentralized network.

SIMBA is a stable-price cryptocurrency algorithmic protocol provided by Bitcoin. It is aimed to solve the problem of reliable storage, by combining an algorithmic approach based on a smart contract, the Ethereum blockchain and the ERC-20 standard. The Stabilized SIMBA coin can only be baked with Bitcoin unlike the fiat stable coins (USDT, TUSD, BUSD, PAX, USDC, ROX) represented by centralized objects. The nature of SIMBA technology allows it to be used as the main protocol in trade-related applications in its ecosystem.

1 BITCOIN = 100,000,000 SATOSHI = 100,000,000 SIMBA

SIMBA cannot be hacked, broken, detonated, destroyed, altered, taken away or stolen. By BTC transfer to the storage address the SIMBA smart contract issues the number of stablecoins that is equal to the number of your BTC. You get stablecoins equal to the price of BTC for free use, while your real BTC are in a reliable storage. If you need to withdraw your BTC back, the SIMBA smart contract automatically takes away the equivalent number of stablecoins you received earlier.

The number of SIMBA stablecoins cannot be more than the number of BTC in all storages (this is open information for all Internet users).

List of potential areas of interest for SIMBA stablecoins

• Payment of goods and services;
• Cross-border transfers between individuals and legal entities;
• Issuance of loans to third parties.

Benefits for Simba.Storage Users

1. Safe storage in Switzerland and Liechtenstein;

2. Confidentiality of your KYC personal data;

3. The access to BTC in case of loss of passwords;

4. Storage warehouse information is open to all users in the BTC blockchain;

5. Low commission for transfers up to 5000 SIMBA = 0.00005000 BTC, which will only decrease with an increase in the BITCOIN price rate;

6. SIMBA stablecoins can be exchanged with friends and you can receive rewards when they join the ecosystem.

It is very important to note separately that attackers can never steal your SIMBA coins and, especially, BTC! Multi-level user authentication will not make it happen!

How it works

a) When registering on the Simba.Storage website, you enter your personal data to go through KYC (user verification process) according to the regulator standards. After verifying your identity, you provide your BTC and ETH addresses.

Then you need to leave a request for the exchange of your Bitcoins for SIMBA coins, which will provide you a convertible account in order to transfer your BTC to the selected storage address.

Our platform will find 3 confirmations and a smart contract will automatically print you the SIMBA stablecoins and send them to the ETH address that you added earlier in your account. From now on, your digital gold is safe!

b) If you need to transfer your SIMBA coins to a friend, a partner or anyone else for payment of real estate, a car, a yacht, as a provision of other financial support or assistance and so on, you will need to register it in the system with your ID number.

After all the necessary registrations and a KYC process, you send another person SIMBA coins to his/her ETH address (all data is stored in one storage database) and your person will be able to exchange received SIMBA to Bitcoins by withdrawing them to his/her account — it is fast and easy.

c) If you decide to invest your funds into the investment portfolio, you select the product of the partner companies and transfer them to the indicated Simba.Storage account. After that your assets begin to work and bring a big profit. You get the profit from the invested money in the form of SIMBA stablecoins to your account in Simba.Storage.

d) If you need to inherit your tokens and bequeath them to your relatives or friends, you fill out a special form in your personal account and sign it in the Blockchain registry. After that the heirs will be able to claim the inherited assets in case of your death.

e) Another available option to you with Simba.Storage is a trust fund for your children.

You choose the conditions of the Trust, pay the bill by investing a separate amount of SIMBA coins and after putting the data of your nearest and dearest ones your contribution is opened.

Storage Monetization

1. Simba.Storage has a one-time fee of 50,000 SIMBA / 0.0005 BTC (~ $ 5) for opening and closing a deposit in the strage.

2. Simba.Storage charges a fee of 5,000 SIMBA / 0.00005 BTC for each transfer between customers.

3. Simba.Storage has an annual custody fee of 0.4–0.8% of the amount of your contribution to the warehouse.

On 02.10.2019, the network testing has been started with a closed group of clients

The applicants had the following requirements:

✓ Have BTC wallet and willingness to make a contribution to the system from 0.05–0.1 BTC;

✓ Have Metamask browser extension with $ 2–5 on the account;

✓ Provide personal data (name, phone number, Telegram username, email);

✓ Confirm the origin of the BTC (details of the procedure will come a little later, after choosing a provider);

✓ Pass KYC according to the regulator standards of Liechtenstein or Switzerland;

✓ Transfer the funds in the system at least once per month during the testing process (deposit, withdrawal, transactions between other participants).

The bonuses for participating in testing the system

• I ( Anton Katin) will personally sign an official document for participation in a stablecoin testing and the development of the future international strage. It is very likely that it will have value after decades;
• You will be the first one who will get access to the SIMBA stablecoin referral program, as well as the privilege to withdraw and exchange your stablecoins (dividends) to BTC in the system

Simba.Storage demonstrates that Switzerland can and should be innovative!

Kind regards Anton Katin — Simba.Storage founder.