Topic: [ANN] Monero Dollar (#xmrd) is a secure, private, untraceable Stablecoin (Read 2109 times)

Monero Dollar: A Privacy-Centric Stablecoin Blockchain (Update)

In a world where financial privacy is increasingly under threat, Monero Dollar emerges as a beacon of hope - a privacy-centric stablecoin blockchain optimized from the renowned Monero cryptocurrency. This groundbreaking project has been in the works since 2019, and it is poised to revolutionize the way we think about digital currencies. In this article, we'll delve into what Monero Dollar is, why privacy tools are crucial, how it works, and what exciting developments are on the horizon.

A Vision for Privacy
The journey of Monero Dollar began in 2019, with a vision to create a stablecoin blockchain that preserves privacy. Over the years, as technology evolved and challenges were overcome, this vision has taken shape. The result is a blockchain that combines the strengths of Monero's privacy technology with the stability of a stablecoin.

Privacy as a Pillar
Privacy is not a luxury; it's a fundamental right. Monero Dollar stands as a testament to the importance of privacy in the digital age. It's designed to shield users from prying eyes, ensuring their financial transactions remain confidential. This commitment to privacy is at the core of Monero Dollar's philosophy.

The Mechanics of Monero Dollar
Monero Dollar operates on a simple yet ingenious principle: 1 DAI (an ERC20 Token) is collateralized to back 1 XMRD, known as Monero Dollar. When 1 DAI is deposited, 1 XMRD is minted, and when 1 XMRD is burned, 1 DAI is released. This ensures a stable and secure value proposition for users.
Mining rewards on the XMRD blockchain are tied to transaction fees, eliminating direct mining rewards to prevent excessive inflation and maintain the backing of XMRD tokens.

Fee-Based Swaps
To sustain the ecosystem and incentivize validators, a fee is charged during the swap between DAI and XMRD. These fees are distributed partly on the Ethereum chain and partly on the XMRD chain, providing a balanced incentive structure.

What's on the Horizon?
Exciting times are ahead for Monero Dollar. The beta testing phase is set to commence shortly, during which the project will reward users who help identify and address any bugs. After rigorous audits, the blockchain will transition to its Mainnet status, expected to occur in 2023. The project's dedication to security and transparency is unwavering.

Community-Driven Funding
Monero Dollar is a labor of love, self-funded by individuals who share a common vision for privacy and decentralized payments. To ensure sustainable growth, audits, and continued development, a token on the Ethereum blockchain will be introduced, details of which will be unveiled only after the blockchain is fully functional in the beta testing phase. Monero Dollar is committed to delivering results before seeking support.

Join the Movement
The Monero Dollar website, monerodollar.org, is now live, and links to platforms for public beta testing will be added soon. This project invites you to be part of the journey towards a future where financial privacy is a universal right, and stablecoins like Monero Dollar provide the cornerstone for secure and confidential transactions. Stay tuned for updates, and get ready to experience privacy and stability like never before.

Twitter: https://twitter.com/monero_dollar

Bitcointalk: https://bitcointalksearch.org/topic/ann-monero-dollar-xmrd-is-a-secure-private-untraceable-stablecoin-5214640

Telegram: https://t.me/monero_dollar

You are absolutely correct, and this represents one of the significant changes in our approach. We have eliminated the pre-mint, and there are no longer mining rewards. Instead, transaction fees now go to the miners, ensuring full backing, while validators earn transfer fees for facilitating interactions within the network. This change reflects our commitment to creating a robust and sustainable ecosystem.

took time but we created xmrd!

Greetings, everyone,

The inception of the Monero Dollar concept dates back to 2019 when we first unveiled our vision. As we embarked on this journey, we encountered several challenges that had previously hindered the development of a truly decentralized solution. However, I am delighted to announce that we have now overcome these hurdles, and our initial nodes are already operational!

What lies ahead on our roadmap?

4-12 weeks of rigorous internal beta testing.
Subsequently, we will introduce the technology to the community for public beta testing.
During the public beta testing phase, we will initiate a bug bounty contest for the network and connectors, with the enticing opportunity to win validator seats. Why validator seats, you may ask? These seats enable validators to earn conversion fees between the two chains. With substantial traffic, validators can generate income.

To secure funding for our future development and growth, we will begin selling validator seats once the product enters the public beta stage. This decision allows everyone to witness the functionality and potential of what we have built.

For inquiries, please contact us at [email protected] or join our Telegram channel at https://t.me/monero_dollar.

Thank you for your support and interest in the Monero Dollar project!

We're back, and we're excited to announce the upcoming rollout of our optimized protocol!

During our brief hiatus, we took the time to thoroughly reassess our strategy and made significant conceptual changes to various aspects of our execution.

If you're a fan of Monero and value privacy, and if the idea of having a fully-backed stablecoin built on Monero technology excites you, then you've come to the right place!

Stay tuned for further updates, as we will be posting more details on GitLab very soon.

It's a cool project.

And of course, the low block reward adds this coin to be far more reasonably enjoyable for most.

Perhaps, if one takes 50BTC at first reward towards a 1 reward.

And today it's nearly 100.000 blocks at this coin.

That's a cost of 100.000$ if you were to take 100% of the coins in exchange dollar.
That is still possible to pay.

But my belief that this coin started out wrong? Why is there one account? With at least:
100.000.000 XMRD?
Like:
100.012.970

That since you see already_generated_coins.

In this manner, you have to Burn these generated coins in order to prevail as a coin.

People will still use that scam, but for how long?

The site needs to get back on track as well, monerodollar.com is not working for several weeks.

i also agree that there is nothing private in this  and algorithm is also in suspense. How they make it confidential is also doubtful .

In what community?

private centralized sales are never welcome in the community! if we would prefer centralized sales, we could also use fiat instead of crypto.

hi gofy, sorry for the small delay but there are a few smaller issues with the front end and back end connection which need to get solved. the team is working on it with high pressure. to ensure the platform will run smoothly this improvements are important.

release is coming soon   

At start of the project dev says about a week to release a swap platform its 3 week later and still platform nor released when I want to try to sell my 89 monero dollar on telegram they simply kick me out thanks dev for keeping term of release ... What a tragedy

Any news on the project? Any plans, any exchanges, any new pools maybe?

the your child wallet is not needed

Hi all! What is "YOUR_CHILD_WALLET_ADDRESS" and what is "merged mining" here in XMRD?

rather get discord guys. far better community to interact with.

Twitter:
https://twitter.com/monero_dollar

Telegram:
https://t.me/monerodollar

any channels to follow ? community

no USDT (not secure enough) just TUSD and DAI. DAI is 150% (or more) backed with different Crypto collaterals and TUSD it's 100% backed with USD which is certified. we will also add the option to use more different currencies which include Monero and BTC to get the stable portfolio.

"more currencies more security"

later this year

I'm leery of stablecoins like tether and dai.  If tether or dai collapses, what happens to Monero Dollar?  You claim it's pegged to USDT and DAI.