FAQ

What is CNYT ?

CNYT is a decentralized stablecoin issued by Libra Xs Foundation, and its value is linked with CNY 1:1. The issuance based on blockchain technology and smart contract technology ensures transparency and enables audits to be efficient and convenient.

The goal of CNYT is to become a stablecoin that can circulate worldwide freely, reducing transaction friction, making global payments simpler and faster, and realizing the exchange between fiat and fiat, fiat and crypto, crypto and crypto.

How is CNYT issued ?

In the first phase, the decentralized CNYT stablecoin system is built based on Ethereum. Through smart contracts, anyone can generate CNYT stablecoin at any time through over-collateralization. In the second phase, CNYT will be issued on the basis of the Libra blockchain, integrating the advantages of Libra and putting Libra's ideas into action.

Why is CNYT issued based on Ethereum ?

Ethereum is a distributed blockchain ledger that supports smart contracts and is currently the most widely used crypto asset platform. CNYT follows the ERC-20 protocol and can be seamlessly added and used in any wallet that follows the ERC-20 protocol.

What is the use of CNYT ?

Currently, CNYT can be free from the risk of crypto asset fluctuations, reduce cross-border transaction fees, and easily exchange between crypto assets, or be used as a payment for other blockchain assets. In the future, CNYT can be used for consumer payments and to provide stable crypto asset savings services.

How to add CNYT to Ethereum wallet ?

If it is the first time for you to use CNYT, please make sure to add CNYT address to your Ethereum wallet.