Meet Cycles-Transfer-Station, or CTS for short. The goal of CTS is to bring the Internet Computer's native Cycles that fuel canister smart contracts to mainstream users in the form of a stablecoin that can be used for a variety of additional purposes.
Are you ready for the future of stablecoins? Meet Cycles-Transfer-Station, or CTS for short (follow CTS System on Twitter). The goal of CTS is to bring the Internet Computer's native Cycles, which fuel canister smart contracts, to mainstream users in the form of a stablecoin that can be used for a variety of additional purposes.
CTS Basics for Business
As many of you know, Cycles on the Internet Computer are stable at 1 Trillion Cycles = 1-XDR. This makes them the perfect stablecoin for Web3's world-computer platform. They can be used for a variety of services that require a currency that holds a stable value, such as online stores, DeFi stablecoin lending contracts, and more.
Cycles Banks
The CTS allows users to easily create their own personal canister smart contract, called a Cycles Bank, which can hold, receive, and transfer the native Cycles. This is done through the CTS website, which eliminates the need for any coding knowledge. Users can burn ICP and mint Cycles straight into their Cycles Bank using the current network's ICP/XDR exchange rate. In the Cycles bank interface, users can transfer the Cycles and view their transfer logs. Creating a Cycles bank is a one-time process, which entails a one time fee of 5 XDR and comes with a one-year lifetime, 10 MiB of storage space for the Cycles-transfer logs, as well as 2.0-CTSFuel for the Cycles bank.
CTSFuel
When a user conducts a Cycles transfer or transaction, the Internet Computer blockchain network charges some Cycles to the Cycles bank canister smart contract. To cover these network transaction costs, the CTSFuel of the Cycles bank is used. The CTSFuel balance is separate from the main Cycles balance and is used specifically for network transaction costs. Additionally, the storage space cost for Cycles is paid in advance for the lifetime of the Cycles bank, so users will not see a decrease in their Cycles or CTSFuel balances for the network’s storage charges.
Modifying Cycles Banks
Within the Cycles bank user interface, users can easily lengthen the lifetime of their Cycles banks by paying from their Cycles balance for the additional lifetime's storage space cost. They can also increase the storage space (up to 1-GiB) by paying for the added storage space costs for the bank's remaining lifetime. Users can also top up their CTSFuel balance by using Cycles from their main Cycles balance.
Cycles-Transfer-Specification
Another major function of the CTS is the Cycles-Transfer-Specification, which is a method that canister smart contracts can use to transfer Cycles between each other. The specification includes a memo field that can be used to identify specific Cycles transfers for payments for services. This means that businesses and services can create their own customized canister smart contracts that implement the Cycles-Transfer-Specification and will be compatible with every Cycles bank to send and receive Cycles.
Here is a code excerpt of the Cycles-Transfer-Specification:
type CyclesTransfer = record {
memo: CyclesTransferMemo;
};
type CyclesTransferMemo = variant {
Text: text;
Nat: nat;
Int: int;
Blob: blob;
};
service cycles-transfer-specification : {
cycles_transfer(CyclesTransfer) -> ();
}
The platform’s built-in system functions handle the transfer of the Cycles and accounting for how many Cycles are accepted and how many Cycles are refunded, ensuring a secure and seamless experience for users.
Cycles Market
The Cycles Market in the CTS is fundamental for the success of Cycles as a stablecoin. It enables users to turn their cycles into various other currencies and helps establish a liquidity mechanism for trading. The Cycles Market is a platform where people can trade Cycles and ICP in both ways. The user sets the TCycles(trillion cycles)-per-ICP rate for their asset, thus supporting market value stability for both assets.
Conclusion
To sum everything up, Cycles-Transfer-Station (CTS) is revolutionizing the way we use stablecoins on the Internet Computer. Its user-friendly interface and advanced functions make it easy for anyone to use Cycles as a stablecoin for a variety of services. With CTS, businesses and services can also easily create custom smart-contracts that are compatible with every Cycles bank, allowing for seamless transfer of cycles.
The stablecoin of the world computer is here, and the CTS is leading the way!
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