Where does the name ‘ZARP’ come from?
‘ZAR’ is the ticker symbol for the South African Rand currency. The ‘ZA’ is often used to describe South Africa, for example in the country’s .co.za internet domain names, and refers to the name Zuid-Afrika given to the country by Dutch explorers. The ‘P’ stands for peg, because ZARP is pegged to the price of the South African Rand.
What is a stablecoin?
From Wikipedia: Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stablecoin, relative to some "stable" asset or basket of assets. A stablecoin can be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals).
For ZARP this means being pegged to the South African Rand, so that the price of 1 ZARP always equals 1 South African Rand.
What is a "true" stablecoin?
A true stablecoin is backed by a validated treasury of currency in reserve, which guarantees the value of the coin. ZARP is the only true stablecoin for the South African Rand. We have bank-approval for our treasury reserves, which are fully audited and transparent.
How do you guarantee the price of ZARP?
Whenever someone buys ZARP from us, we mint new tokens to match the amount of ZARP purchased. These rands are kept safely in our treasury until someone wants to withdraw real rands from us, at which point we burn (destroy) their ZARP tokens, and send actual rands to their bank account. Our treasury is verified by independent auditors to guarantee that we actually have the money we claim to and are acting honestly in maintaining our treasury. This way there is always 1 South African Rand for every 1 ZARP token. Simple ✨
Who can use ZARP?
Anyone who can get hold of it! But for now only our Exchange and Shareholder Partners are allowed to mint and burn tokens. We plan to allow public minting and burning in the future, but do not currently have a timeline for this.
What exchanges currently list ZARP?
We are working with some of the leading exchanges in the market to list ZARP. The project is in its early stages and we’re still building and testing. Watch this space! If you’d like to help out, contact your favorite exchange and ask them to list ZARP, or if you represent an exchange that would like to list ZARP (good idea) please drop us a mail.
What blockchain does ZARP run on?
ZARP is built on the Ethereum blockchain, using the ERC20 token standard. We chose Ethereum because it is:
- Battle-tested and secure.
- Improving in scalability thanks to the Ethereum 2.0 ‘Serenity’ upgrade and the move to Proof of Stake.
- Widely supported and understood.
- Extensible and enabling of smart contract functionality.
- Easy for Exchange Partners to integrate.
- Compatible with a large number of wallets.
We are also open to taking ZARP onto additional blockchains, but have no plans to do so at present.