KRWT is issued by Hansung Mirae Co., Ltd. It is a stable currency that is fully mortgaged in strict accordance with the ratio of 1:1 to Korean Won. It is subject to supervision and audit, and has a simple and friendly creation and redemption mechanism.

Project Vision

KRWT aims to take full advantage of blockchain innovation to improve currency functions and ensure its trustworthiness over traditional infrastructure. In short, as an institution that is fully mortgaged in strict accordance with the 1:1 ratio, subject to supervision and audit, the KRWT stablecoin issued can combine the trust and stability of Korean won with the usability and timeliness of digital assets.

How KRWT works, creation, redemption and exchange

A simple and friendly creation-redemption mechanism is very important to improve the usability of the system, which helps to encourage more people to use it conveniently. We ensure the compliance of funds through strict review of KYC and AML of agents and cooperative institutions. KRWT customers can conveniently exchange and withdraw KRWT to their designated 1:1 on major exchanges and OTC platforms. Any Ethereum address. Conversely, KRWT customers deposit KRWT stable currency in exchange for Korean Won, and when KRWT agency cooperation agency deposits KRWT in Hansung Mirae Co., Ltd. to exchange for Korean Won, KRWT is redeemed or "destroyed". KRWT can be transferred on the Ethereum network.

Contract Escrow

For certain high-risk behaviors in the KRWT system, we have established an offline approval mechanism. Therefore, we require that every smart contract in the KRWT system needs the approval of the custodian. The custodian can be another smart contract or keyset (online or offline). Custodians can see another custodian, who can see other custodians, and so on, forming a chain of custody, or "chain of custodians." For example, a smart contract might look for other smart contracts, eventually seeking an approval key set. If the smart contract's escrow relationship ends with an offline keyset, then an offline approval mechanism for the operation is created. For example, "Impl" looks for a smart contract named "Store", which eventually looks for an offline keyset for approval.

Contract upgrade

Upgrading the KRWT stablecoin system is a high-risk behavior that utilizes the offline approval mechanism of the KRWT system. We do this by instructing the 'Proxy' (via 'Custodian') to activate a new instance of 'Impl' as the current token implementation, while instructing the 'Store' (via 'Custodian') to accept updates to the KRWT ledger, Make the new 'Impl' instance its only trusted source.
By creating a new 'Impl' to replace the old 'Impl', the 'Store' instance accepts the delegate and only accepts calls from the new 'Impl'. The previous instance of 'Impl' still exists, but has become inactive because it is now not associated with the system. In conclusion, the hosting relationship of "Proxy" and "Store" makes it possible to upgrade the KRWT system.
Additionally, the hosting itself can be upgraded. For example, if we need to change our offline keyset, we can command "Custodian" to have "Proxy" look for a new instance of "Custodian" to see a new offline keyset.

Contract Security

The KRWT system implements the following security features:
1) Offline Keys: Keys approved for high-risk operations are stored offline in KRWT's proprietary cold storage system.
2) Key Generation: Keys are generated, stored and managed on the Hardware Security Module (HSM). We only use HSMs, each of which is a "signer" and has achieved FIPS PUB 140-2 Level 3 or higher.
3) Dual control (multi-signature): High-risk actions require the approval of at least two signers (ie digital signatures). We use an N-signature design of M, where M = 2. This provides safety and fault tolerance.
4) Time lock: Even after approval, high-risk behaviors are locked for a period of time before being executed. This provides a grace period to detect - and preemptively respond to - potential security incidents.
5) Undo: Pending operations can be undone, allowing wrong or malicious actions to be invalidated before execution.
We have proposed a stablecoin solution that builds trust through cryptographic proof and regulation. Our technical design has been implemented on the Ethereum network. It includes an upgrade function, an offline approval mechanism for high-risk operations, and a hybrid online and offline approval mechanism for token issuance, which can provide the required level of security and flexibility. Our third-party auditors and financial watchdogs are connected to form a network of trust. Together, these implementations form KRWT, a regulatory-audited stablecoin that serves as a viable medium of exchange and unit of account for both centralized and decentralized applications.

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