WhitePaper

What is OERO

Introduction

1.1 What is OERO

OERO is a reliable digital asset tied to the international currency euro, which combines the advantages of the second most traded currency in the world with transparency, immutability and efficiency of the blockchain.

The EUR token is fully provided with fiat funds in a 1: 1 ratio.

OERO provides fast and reliable cross-border transactions using blockchain technology, as well as hedging against the volatility of cryptocurrency portfolios.

1.2 What problems does OERO solve?

The most relevant problem in the cryptocurrency market is currency volatility. This leads to the indecision of consumers and enterprises to accept or exchange these currencies. A high degree of market speculation also concerns government regulators and the industry is subject to fraud and manipulation. OERO solves this problem by introducing a nationalized digital currency which value is tied to Euro stability. As for the fiat currency market, the most urgent problems here are speed, reliability and high commissions of the banks and payment systems for cross-border transfers. This leads to a forced loss by users and companies of a significant part of the funds used in cross-border transfers. OERO solves these problems by tokenizing every euro in its accounts in more than 200 banks of the world. The calculation of the time of transactions in the blockchain network occur in seconds, not days as in the case of standard bank cross-border transfers.

How OERO works?

OERO simplifies the difficult task of exchanging fiat funds for digital assets. OERO provides on-demand transactions per 24/7/365 and minimizes the time of transactions and fees associated with banks, stock exchanges, brokers, payment systems, miners, and more. In the long term, a stable token EUR will become a viable competitor to the traditional means of settlement between companies, individuals and government bodies.

2.1 How it works in the blockchain

OERO uses the Ethereum blockchain, which allows you to process up to 20 transactions per second. OERO will also present its own wallet for storing EUR BTC ETH, in which it will be possible to make multi-platform transactions among its users. For security reasons, it is technically possible to conduct a blockchain audit every 2-3 minutes. The frequency of the actual audit will be determined after consultation with the supervisory authorities designated for the audit.

2.2 The flow of funds work description

There are five steps in the OERO life cycle that are best understood using a diagram.

How it works in the blockchain

STEP 1

User deposits fiat currency to a bank account on the OERO INTERNATIONAL OÜ

STEP 2

OERO INTERNATIONAL OÜ generates and credits OERO user account. EUR comes into circulation. The amount of fiat currency deposited by the user = the number of OERO issued to the user (i.e. 10k fiat EUR deposited = 10k OERO (EUR))

STEP 3

Users make deal. The user can transfer, exchange and store OERO via p2p opensource, pseudoanonymous, Ethereumbased platform.

STEP 4

The user deposits OERO IN THE OERO INTERNATIONAL OÜ for redemption (transfer) to fiat currency.

STEP 5

OERO INTERNATIONAL OÜ conducts the procedure of burning (demission) OERO tokens (OEUR) received from users for the purpose of Fiat euros withdrawal.

STEP 6

OERO INTERNATIONAL OÜ sends fiat currency to user's bank account.

Users can obtain OERO outside of the above process through exchangers, exchanges or another person. As soon as OERO enters circulation, they can be traded freely between any individual or legal person. 

The basic concept that needs to be conveyed by the flow diagram is that the OERO INTERNATIONAL OÜ is the only party that can release OERO into circulation (create them) or remove them from circulation (destroy them). It’s the main process by which the solvency of the system is maintained.

Users can obtain OERO outside of the above process through exchangers, exchanges or another person. As soon as OERO enters circulation, they can be traded freely between any natural or legal person.

The basic concept that needs to be conveyed by the flow diagram is that the NAME of our COMPANY is the only party that can release OERO into circulation (create them) or remove them from circulation (destroy them). It’s the main process by which the solvency of the system is maintained.

THE CONFIRMATION OF OERO SECURITY

Proof of solvency, evidence of reserves, real-time transparency and other similar phrases grew and resonated in the cryptocurrency industry.

Exchange and purse audits, in their current form are very unreliable. Insolvency has happened many times in a cryptocurrency ecosystem, either through hacking, mismanagement, or outright fraud. Users must be diligent in their choice of cryptocurrency and vigilant in the use of exchange. But even in this case, a savvy user can’t completely eliminate the risks.

Proof of the security of the OERO reserves is simple, reliable and widely available. The total amount of OERO in circulation (liabilities) is always fully secured by an equal amount of fiat currency held in reserve (assets). In our configuration, each OERO in circulation represents one EURO held in our reserves in our bank accounts (i.e., one-to-one ratio), which means that the system is fully reserved and the sum of all OEROs in existence (at any moment time) equals the balance of EURO held in our bank accounts reserve.

Since OERO live on the ETHEREUM blockchain, provability and accounting for OERO are trivial at any given time.

And on the contrary, the corresponding total amount of EURO held in our reserves is confirmed by the publication of the bank.

- We publish the bank account balance on the transparency page of our site.

- Professional auditors will regularly check, sign and publish our bank balance sheet and financial transfer report.

Users will be able to view banking information confirming our fiat reserves. This information is displayed on a separate page and looks like this:

OERO TRANSPARENCY PAGE

TEUR = “Total property Tokens” for asset ID “OERO” at etherscan.io

DEUR = “Daily” Bank Account Balance

TEUR <= DEUR ALL OERO ARE FULLY RESERVED

APPLICATION OPTIONS

4.1 For exchange

While listing OERO, cryptocurrency exchanges and exchangers receive a promising stable token that may be attractive to customers such as financial institutions and other professional investors, as well as a payment instrument alternative to traditional financial infrastructure.

4.2 For cross-border transactions of individual and legal person

OERO allows any user to efficiently send money across the border, using the speed and peer-to-peer nature of blockchain transactions, the presence of OERO more than 200 bank accounts worldwide with the possibility of prompt withdrawal of Fiat in any country, and also provides a stable preservation of value.

4.3 To hedge against volatility of an unstable cryptocurrency

Low volatility OERO, which corresponds to a relatively stable EURO, provides a hedging solution for cryptocurrency portfolios subject to high volatility.

4.4 Access to the reliable currency

Many people today live in countries with unreliable, inflationary currencies. OERO can provide these people with access to a stable repository of valuables.

CONCLUSION

OERO is a stable Ethereumbased cryptocurrency in cryptoworld today. OERO is based on ethereum blockchain, the most secure and well protected. OERO is fully protected in a 1: 1 ratio to fiat EURO, completely independent of crypto market fluctuations, prices or restrictions of liquidity.

OERO has simple and reliable proof of the performance of reserves and undergoes regular professional audits. Our basic banking relationships, compliance and legal structure provide us with the opportunity to be the guardian of reserve assets and the OERO issuer. Our team consists of experienced and respected entrepreneurs from the blockchain ecosystem, banking and beyond. We focus on the organization of integration with existing enterprises in the cryptocurrency space. Operations such as exchanges, wallets, merchants and others. We are already integrated with Cryptobanco, exchanges, etc. Please contact us to find out more.