MyDC Economy Explained

Economies are usually determined by geography and local currency. Transacting was traditionally through barter where someone growing apples would trade a few apples with someone else for eggs and another person for bread and so on.

As we have evolved, currency has developed. The preferred of these early on was gold. Then coins and notes, cheques, promissory notes and IOUs. Finally digital currency by way of Eftpos, visa, Mastercard, AMEX, bank transfers, paypal and digital currencies.

Communications developed and the demand to trade between countries grew. Transportation evolved and the ability to sell our goods further afield became appealing for a variety of reasons. USA positioned itself to be the powerhouse of currency convincing global governments and businesses that the US dollar should be the preferred currency for global transactions.

The impact of the move by many to transact in USD has been local economies are impacted by the USA and the state of their economy or politics. That’s a risk governments have been happy to take, but not a risk a lot of people want to take.

Because of this, MyDC has developed the DC euro.

A digital currency to be used for day to day buying and selling of goods and services and ultimately in investments. The DC euro is tied in value to the euro so you know the value and stability of your digital currency all the time.

The main reasons we elected to tie to the euro are:

It is a currency used by several countries, so economic risk is limited in comparison to the USD, for example.
It eliminates the political risks for being tied to one fiat currency.
It is accepted and understood globally and best positioned to be a true global currency.

The DC euro is easy to use. Any person or business with paid membership within the MyDC Network can accept DC euro as payment. The transaction is set up on your MyDC app, using your smart phone and transacts smartphone to smartphone, or net account to net account, or any variation of those.

Transactions authenticate instantly by use of PIN and our ALDS technology.

Your transaction is conducted in your local value and MyDC automatically converts to the DC euro value based on exchange rate for the day.

Unlike virtual coins which many people have become aware of, MyDC is not a limited offer. MyDC issues the currency as required and based on a very solid set of rules and procedures. This means that MyDC has the ability to help people and businesses by offering interest free credit facilities, buying debt and restructuring finances.

The MyDC network works simply off a zero base account system. If someone in the network is in credit by DC euro 100, then others in the network will be in debit by a total of DC euro 100.

The risk is that someone owes DC euro and their business fails. In order for MyDC to ensure we maintain the integrity of the global network we have a few key systems in place.

Firstly before credit is offered we do carry out a set of checks, KYC and AML procedures, so we know who we are dealing with.

Secondly from every transaction conducted we take 1% of the fees charged and accumulate that in a debt reserve fund. The plan is to have this process and fund audited and reported back to you, the members of MyDC Network.

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