ZK International Subsidiary, xSigma Corporation, Releases the Whitepaper for its DeFi Protocol
WENZHOU, China, Jan. 12, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce that xSigma Corporation, a subsidiary of the Company, that is a blockchain R&D lab, is pleased to announce that it has published the whitepaper for its DeFi protocol which reveals the key technical details of its future product.
After Bitcoin reached its all-time-high of $40,000, the DeFi industry now has crypto worth over $23 billion locked in major protocols, according to the DeFi Pulse website. This is over 100% growth since November, according to the DeFi Pulse. xSigma is now targeting the DeFi space with two projects. The ultimate objective of xSigma is to build an ecosystem of products for finance and blockchain.
Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, "We are pleased to announce that xSigma is expanding and adding one more project to its ecosystem. The new project may generate a lot of value for users worldwide and enable newcomers to join the DeFi space."
Centralized exchanges have been the backbone of the cryptocurrency market for years. They offer fast settlement, high trading volume, and continually improving liquidity. However, there's a parallel world being built in the form of trustless protocols.
DeFi, which stands for Decentralized Finance, aims to build a system which can work openly, securely, and in a modular manner, so that anyone can join it, use it, contribute to it and upgrade it. The main idea is to recreate financial services and tools that are entirely on blockchain, eliminating the need for banks or other third parties as intermediaries. This makes it fast, inexpensive and available to everyone. Further, the open-source nature of DeFi makes it transparent and trustless.
The xSigma DeFi protocol whitepaper reveals details such as tokenomics, liquidity mining rewards, governance mechanisms, the token utility and distribution as they are foreseen in the smart contract that xSigma plans to publish to the Ethereum blockchain. The launch of the protocol is scheduled for the coming weeks. The project has collected thousands of subscriptions in its waitlist, and it has secured commitments from individual and institutional liquidity providers.
Basically, xSigma has two main elements: Swap and Staking (Farming). Users that participate in staking may receive a certain reward.
What is the xSigma Protocol?
xSigma is a decentralized stablecoin exchange with a clean UI, exchange subsidy and liquidity mining program. Working according to the rules summarized in the whitepaper and that will be transparently published to the Ethereum blockchain, we expect xSigma to be a stable and attractive option for liquidity providers that are looking for transparency and stability in the DeFi market.
xSigma is built on top of the Curve/Swerve swap mechanism1 with a view to improve them. Traditionally, token swaps require buyers and sellers to create liquidity; xSigma's DeFi protocol creates markets automatically. Unlike most exchanges that charge fees, xSigma was designed with a very low fee structure.
Traders can exchange Ethereum stablecoins by engaging with the xSigma protocol without having to trust anyone with their digital assets. Anyone can contribute their cryptocurrencies to the liquidity pool and potentially collect a fee. This is done by a public and transparent equation published to the Ethereum blockchain that automatically determines and balances the relative value based on actual demand.
How xSigma's Protocol Works?
The xSigma protocol is an automatic liquidity marketplace, so there is no order book or central party required for the transaction, and it allows users to act as a one-stop-shop for any type of exchange, be it a token exchange or a trading platform.
To enable trading without an order book, xSigma has developed for its protocol a model called the liquidity pool, which is created by liquidity providers. Anyone with an Ethereum address can contribute to the liquidity of exchange and make money from it. It allows users to exchange stablecoins, without intermediaries. xSigma is not a hosted or other form of virtual currency wallet, users who engage with the protocol remain in exclusive control of their digital assets.
There is one important thing that users should keep in mind: they can seamlessly switch between ERC-20 stablecoins without the need for an order book. As the xSigma Protocol is decentralized, the listing process is fully decentralized and transparent; there is no liquidity pool available for traders. Unlike other DeFi platforms, xSigma is also implementing measures to block users of its front-end portal from sanction jurisdictions; xSigma believes that long-term DeFi developers must integrate compliance mechanisms into their platforms.
So, in summary, the xSigma protocol is a more complete version of other DeFi platforms, with the transaction fee earnings of 0.24% of trading for liquidity providers. Further details on the xSigma protocol are as follows:
Token type: ERC-20
Telegram group: https://t.me/xsigma_global
Media Contact Details
Contact Email: email@example.com
Link to the whitepaper https://xsigma.fi/xsigma.whitepaper.pdf
As discussed in the white paper, some elements of the protocol are immutable while others are subject to be amended as per the votes of a decentralized autonomous organization (DAO) that will govern key decisions with respect to the protocol. Votes shall be cast using governance tokens called 'SIG' that are ERC-20 tokens automatically issued by the protocol, as per the terms of the protocol. As a utility token, SIG is not registered with any securities regulator or other regulatory body. xSigma expressly renounces any representations as to the actual or projected value of SIG; it needn't have any value at all because it serves as the governance token for the xSigma DAO.
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which in its current supply state is 70% unfit for human contact. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the "Water Cube" and "Bird's Nest", which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water to not only to the China market but to international markets such as Europe, East Asia and Southeast Asia.
For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.
About XSigma Corporation
XSigma Corporation, is a wholly-owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, has launched xSigma as a research and development lab back in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions. XSigma has since pivoted to decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its ecosystem of products beginning with its DeFi protocol. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry. The xSigma team that are being assembled are on the leading edge of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure. The DeFi protocol is one of many decentralized finance projects xSigma plans to launch over the next 12 months. It will feed into a growing network of DeFi products for enterprise and consumer markets. Any blockchain protocol is subject to a degree of risk; xSigma's DeFi protocol has implemented tamper-resistant programming, but is still subject to potential hacks.For further information about xSigma, please visit its website at www.xsigma." www.xsigma.com and www.xsigma.fi
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Weitian Group LLC
Phone: +1 718-213-7386
SOURCE ZK International Group Co., Ltd.
Released January 12, 2021