KRWT is a stablecoin issued by Hansung Mirae Co., Ltd., which is fully collateralized with the Korean won strictly in a ratio of 1:1. It is subject to supervision and auditing, and has a simple and friendly redemption mechanism.

Project Vision

KRWT aims to make full use of blockchain innovative technologies, improve monetary functions, and ensure that it is trustworthy through traditional infrastructure. In short, as an institution that strictly enforces full mortgage at a ratio of 1:1, subject to supervision and auditing, the issuance of KRWT stablecoins can combine the trust, stability of the Korean won and the availability and timeliness of digital assets.

How KRWT works, create, redeem and exchange

A simple and friendly creation of a redemption mechanism is important to improve the usability of the system, which helps encourage more people to use it easily. We guarantee fund compliance through strict scrutiny of KYC and AML of agents and partner agencies. KRWT customers can easily exchange and withdraw KRWT to any Ethereum address they specify in a 1:1 way on major exchanges and OTC platforms. On the contrary, KRWT's customers deposited KRWT stablecoins for exchange for Korean won. When KRWT's agent partner agency deposited KRWT to exchange for Korean won by Hansung Mirae Co., Ltd, KRWT was redeemed or "destroyed". KRWT can transfer money on the Ethereum network.

Contract Hosting

For some 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 requires custodian approval. The custodian can be another smart contract or key set (online or offline). The custodian can view another custodian, who in turn can view other custodians, and so on, forming a chain of custodians or a "custodian chain." For example, a smart contract might look for other smart contracts and eventually seek an approved key set. If the custody relationship of the smart contract terminates in the offline key set, an offline approval mechanism for the operation is created. For example, "Impl" looks for a smart contract named "Store" that will eventually look for an offline key set for approval.

Contract Upgrade

Upgrading the KRWT stablecoin system is a high-risk behavior that utilizes the offline approval mechanism of the KRWT system. To do this, we activate a new ‘Impl’ instance as the current token implementation by instructing 'Proxy' (via 'Custodian'), while instructing 'Store' (via 'Custodian') to use the new ‘Impl’ instance as its only trusted source when accepting an update from the KRWT ledger.
By creating a new 'Impl' instead of the old 'Impl', the 'Store' instance accepts the delegate and only calls from the new 'Impl' are accepted. The previous 'Impl' instance still exists, but has become inactive because it is now system-free. In short, the "Proxy" and "Store" hosting relationship makes the KRWT system upgrade feasible.
In addition, hosting itself can be upgraded. For example, if we need to change our offline key set, we can command "Custodian" to let "Proxy" look for a new instance of "Custodian" to see a new offline key set.

Contract Security

The KRWT system implements the following security functions:
1) Offline key: Keys approved for high-risk operations are stored offline in KRWT's proprietary cold storage system.
2) Key generation: The key is generated, stored and managed on the hardware security module (HSM). We only use HSM, each being a "signer" and have reached FIPS PUB 140-2 Level 3 or higher.
3) Dual control (multi-signature): High-risk behavior requires approval from at least two signatures (i.e., digital signature). We use the N-signature design of M, where M = 2. This provides security and fault tolerance.
4) Time lock: Even after approval, high-risk behavior will be locked for a period of time before execution. This provides a grace period to detect - and respond first - potential security incidents.
5) Undo: Pending operations can be cancelled, allowing invalidation of wrong or malicious actions before execution.
We have proposed a stablecoin solution to build trust through cryptographic proof and regulation. Our technical design has been implemented on the Ethereum network. It includes upgrades, offline approval mechanisms for high-risk operations, and a hybrid online, offline approval mechanism for token issuance, providing the required level of security and flexibility. Our third-party auditing agencies are connected to financial supervisory agencies to form a trust network. Together, these implementations form KRWT, a stablecoin that is subject to regulatory audits that serves as a viable medium of exchange, and an account unit for centralized and decentralized applications.

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