Roadmap Revamp #1: Stable Deposits

If we had to summarize Conceal in one sentence it would probably be: A privacy oriented ecosystem that puts you in charge of your own finances and communication.

One of our missions is to allow people to be their own bank and to do that privately. We believe that in order to get mass user adoption, blockchain tech has to be hidden behind a great user experience.

In order to keep aligned with our vision, we are revamping our roadmap to incorporate some fantastic new features for development (some of which came from listening to our community).

You will probably recognize some of these new features as we begin periodically publishing a short series of articles to describe each one of them.

So without further ado let me introduce the first new roadmap item.

Stable Deposits!

So, let me ask you a question. What do you need to create a good savings account? The answer is simple. You need two things:

  • Good interest rates

Since we already have good interest rates and a good deposits system we decided to focus on improving the stability of the principal value.

Crypto is very volatile and micro-cap coins even more so. In order to solve this issue, we came up with the idea of stable deposits. It's best explained with a simple example.

Let's say that you want to deposit 20,000 CCX for 1 year at a 6% interest rate. If you use the current deposit method we offer, you have no idea how much that CCX will be worth after 1 year. It might be valued more or it might be valued less. Let’s face it. It's hard to plan your life with this much uncertainty in the stability of your principal deposit value.

With the added new option of stable deposits, you will still be able to deposit the 20,000 CCX as you can now, but in addition, stable deposits will document the value of the principal balance of CCX deposited in USD at the moment the deposit is created. After the deposit is unlocked, the price in USD will be checked again to determine the same value as you initially deposited and issue you your CCX based on the new USD value (plus interest earned).

As an example, let's say 1 CCX is worth 1$ at the time of the initial deposit. Then at the time of unlocking, it's worth 2$.

With stable deposits, you would get 10,000 CCX from the deposited coins (unlike the full 20,000). On top of that, you would earn 6% interest. Now, at the time of the initial deposit that 6% interest would be equal to 1,200 CCX. But now, under stable deposit rules and because the price has doubled, you will get 600 CCX of interest, which corresponds to the same USD price value.

You might say, “But this is bad. I would have more CCX if I just created a normal deposit.” Yes, that’s true, but let's change the scenario again.

Let's say CCX goes to 0.5$ after one year (instead of $2). You would then get 40,000 CCX and 2,400 CCX of interest.

So, no matter what amount of CCX you deposit, the value in USD will always be the same at withdrawal (predictable).

The stable deposit option can give you peace of mind. You won’t have to worry about market swings ever again.

Think of it like private offshoring, but with interest. That’s a pretty sweet deal and a revolutionary on-chain feature!

Please note that regular deposits (as we have them now) will still be available. The stable deposit variation will just be another option for users when you chose to create a new deposit.

We are still working on the details of how everything will work in the end, but the team is very excited to offer this feature and we look forward to implementing it.

Thank you for reading the first article in the series of roadmap revamps!

Keep calm and Conceal your funds.

DISCLAIMER: The numbers and mechanics presented here can change in the future. Nothing mentioned in this article is yet set in stone.

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