Another stablecoin, do we really need another if we have so many of them right now? Is it really something special?
Roks will be different from other stablecoins, The existing stablecoins out there are usually designed for exchanges while ROKS is meant as a medium of exchange for everyday stuff like groceries. Other stablecoins promises 1 to 1 backing at all times. We don't promise that because it amounts to very inefficient use of capital. However, we do promise to keep the peg to USD while USD keeps its value.
Than how could you say this is stable coin while there is no guarantee of capital than it will survive in long term. I think you want to say this is another cryptocurrency but want to sell at the amount of 1 USD and that is why you calling this new stablecoin.
In the beginning, it is important that there be 1-1 peg against USD. Later, as the amount of ROKS in circulation grows, standard monetary policies can be utilized to keep it stable. All actively managed currencies go through the same phases: introduction, transference of trust, active management of quantity in circulation according to measured purchasing power, etc. A currency that is managed well will keep its purchasing power through time. Different stablecoins / stabletokens will compete according to a standard measure of stability. Some stablecoins will experiment with algorithmic stabilization mechanisms; we will use whatever is proven to work.
At some point, if and when USD loses its stability and we have gained the trust of many users, we will have to break the peg in order to keep the value of ROKS on an even keel, independent of USD. ROKS will have a variety of asset backing at that point, including volatile cryptos. There may be times when the backing value exceeds the total amount of ROKS in circulation.
Our promise is not to peg Roks to USD forever; rather, the promise is to keep its purchasing power fairly constant across a basket of commodities. The USD is the most widely-accepted and most stable of all fiat, so it makes sense to just peg against it while it is stable. But once USD loses its stability, it won't make sense to keep the peg. Instead, independent groups will measure ROKS purchasing power across a standard basket of commodities, across different locations around the world. These independent groups will be there not just to measure ROKS purchasing power, but also purchasing power of the rest of stablecoins existing by then. That makes us stand out from other stablecoins.
