DC (Digital Currency)

Digital Currency (DC) is a digital equivalent of the real-world currency/fiat money. Like the regular cash, it has a counterfeit protection, though superior to regular one used on physical paper/coins. Unlike the regular cash, it can’t be freely exchanged between the persons offline, but only between online UDC accounts; for example, personal accounts or organization accounts. Unlike cash, all DC movements are controlled by the UDC platform (utilizing the security of Universa network) and could be traced back to the very origin.

DC smart contracts (or, as often used, just “DCs”) always belong to some UDC account and are owned/controlled by the owners of the according account.

DCs are issued by – and only by – the Supervisory board according to the collective decision signed by the quorum of its members. DC-like counterfeit contracts, not issued by the quorum of the Supervisory board members, will not be accepted for any operations as will be rejected by the Universa network.

Therefore, the conterfeit protection is enforced by the distributed trust of the Universa network.

The DC smart contract guarantees that any DC amount circulating in the system was once issued by Supervisory board. See Issuing DC and UDC blockchain protection articles for more details.