[ANN] YggChain - Elastic Supply Price-Stable Coin + Instant Transfer + Sharding

Zergity

newbie

Activity: 30

Merit: 0

Quote from: Nggedebus on August 21, 2018, 12:10:04 AM

There isn't many coins that able to be used for daily need. and when there is sometimes the stability of the price keep on fluctuating.
Making it harder to used it for daily need.

That's what we are trying to solve.

Nggedebus

sr. member

Activity: 770

Merit: 250

There isn't many coins that able to be used for daily need. and when there is sometimes the stability of the price keep on fluctuating.
Making it harder to used it for daily need.

Zergity

newbie

Activity: 30

Merit: 0

Quote from: ndbinh on August 20, 2018, 10:38:43 PM

How to mine? Total coin supply?

You can join mining or staking when the chain goes public. Mining is much like ETH mining, although you cannot hop between Ether and YggChain, but the rig should be quite the same.

There will be limited YggCoin can be mined, but the total coin supply is not fixed nor deterministic. Remember, this is an elastic supply cryptocurrency, the circulating supply of both tokens is always contracting and expanding depend on the market demand of YDR.

Zergity

newbie

Activity: 30

Merit: 0

Quote from: Apula on August 17, 2018, 12:41:02 PM

where is your bounty ?? you need to add bounty for this project to attract many participants and success.

Affirmative! We will release bounty in the first public phase to demonstrate the stabilization mechanism. There will be the first version, where:
1. The chain is (temporarily) permissioned, nodes can only be run by the team.
2. No mining reward, (until it goes public and permissionless).
3. Both tokens will be listed in an exchange or two. (At least a very small and new exchange, because we are not popular nor super rich).
3. Bounty will be distributed to the community to attract trading activity, just enough to generate some liquidity to demonstrate the stablization mechanism.

Edgar9

member

Activity: 308

Merit: 10

This is the best project with a great future, the team is actively working and developing new advanced technologies!

ndbinh

newbie

Activity: 2

Merit: 0

How to mine? Total coin supply?

Apula

newbie

Activity: 129

Merit: 0

where is your bounty ?? you need to add bounty for this project to attract many participants and success.

Zergity

newbie

Activity: 30

Merit: 0

Quote from: dvietha on August 17, 2018, 03:21:27 AM

Quote from: Zergity on August 15, 2018, 07:27:31 AM

Quote from: dvietha on August 15, 2018, 06:14:47 AM

Any drawback/weakness of double token stable coin compare to fiat money back stable coin like USDT?

Well, USDT is extremely easier to implemented because it's centerlized service. Otherwise, I don't think there is any drawback/weakness for this kind of project over USDT or TUSD.

I'm thinking that money-wise; fiat-back stable coin is less risky in case of crypto currency crashing. In this sense, USDT holders basically still can claim back equivalent dollars when the crypto space disappear. What do you think about this?

IOU token is less risky in case of crypto currency crashing, yes, because it basically is fiat money being recorded in a blockchain, no more nor less. The same way your money is recorded in a database of a bank.

IOU token is much more risky than Segniorage Shares stablecoin in term off trust (service security) and technical security. In Segniorage Shares, no one owes anyone anything, so your money cannot be stolen nor cheated. While Tether can always run away with your money, or lies about a security breach to declare bankrupted.

dvietha

newbie

Activity: 15

Merit: 0

Quote from: Zergity on August 15, 2018, 07:27:31 AM

Quote from: dvietha on August 15, 2018, 06:14:47 AM

Any drawback/weakness of double token stable coin compare to fiat money back stable coin like USDT?

Well, USDT is extremely easier to implemented because it's centerlized service. Otherwise, I don't think there is any drawback/weakness for this kind of project over USDT or TUSD.

I'm thinking that money-wise; fiat-back stable coin is less risky in case of crypto currency crashing. In this sense, USDT holders basically still can claim back equivalent dollars when the crypto space disappear. What do you think about this?

dudman8

member

Activity: 130

Merit: 10

I want to know more details of your project ?

Zergity

newbie

Activity: 30

Merit: 0

Quote from: dvietha on August 15, 2018, 06:14:47 AM

Any drawback/weakness of double token stable coin compare to fiat money back stable coin like USDT?

Well, USDT is extremely easier to implemented because it's centerlized service. Otherwise, I don't think there is any drawback/weakness for this kind of project over USDT or TUSD.

dvietha

newbie

Activity: 15

Merit: 0

Any drawback/weakness of double token stable coin compare to fiat money back stable coin like USDT?

Zergity

newbie

Activity: 30

Merit: 0

Quote from: dzkrb on August 14, 2018, 02:08:48 PM

You wrote that "We are launching a stable development project based on Robert Sam's document:" Seignorazh shares. " Is it possible to describe in more detail the information on these actions. I do not know.

The idea behind Seigniorage Shares, is to use another token to aborb the price volatility for the main price-stable token. The absorbing mechanism is based on the Quantity Theory of Money:
1. When the YDR price is > 1.0 XRD, convert YggCoin to YDR to increase the circulating supply of YDR and drive the YDR price down until it reaches exactly 1.0 XRD.
2. When the YDR price is < 1.0 XRD, convert YDR to YggCoin to decrease the circulating supply of YDR and drive the YDR price up until it reaches exactly 1.0 XRD.

The conversion ratio (YggCoin/YDR) is totally market-driven, which is done by a built-in public auction provided by the chain. Anyone can participate the auction from the wallet and profit with the price difference, keeping the token price around the desirable value - 1.0 XRD.

More detail with graphical illustration is in the first chapter of the White Paper: yggchain.io/wp.pdf.

dzkrb

sr. member

Activity: 672

Merit: 250

🔰FERRUM NETWORK🔰

You wrote that "We are launching a stable development project based on Robert Sam's document:" Seignorazh shares. " Is it possible to describe in more detail the information on these actions. I do not know.

Zergity

newbie

Activity: 30

Merit: 0

Quote from: oioioi on August 14, 2018, 10:10:49 AM

this sounds very independent and has protocols that can be used in any situation, the right thing if it's not compatible with Ethereum, because it's an independent blockchain, but it's very flexible
I am very curious about the development and know this team more

We want to focus on the payment (instead of smart contract and dapp like Ethereum), so we decide to go with Bitcoin-like architecture. But the Token Oriented Smart Contract is a very desirable feature we want to add, especially when we're having a very good draft for it. But again, it's not top priority for the project.

Zergity

newbie

Activity: 30

Merit: 0

Quote from: ndbinh on August 14, 2018, 05:52:40 AM

Why not just use DAI?

Hi, we have several paragraphs in the paper explaining why this over DAI (and other collateralized stablecoins). The most important reasons are:
1. Theoretical more robust against Black Swan Events (i.e. coin-price drops too quick).
2. More scalable: market cap of DAI cannot be expanded over it's collateral asset market cap (ETH).

oioioi

jr. member

Activity: 294

Merit: 1

this sounds very independent and has protocols that can be used in any situation, the right thing if it's not compatible with Ethereum, because it's an independent blockchain, but it's very flexible
I am very curious about the development and know this team more

CityLife Corp.

newbie

Activity: 42

Merit: 0

Quote from: nasa8x on August 09, 2018, 05:27:18 AM

An interesting project. I am very interested.

can you give me more info about the project please

for example soft , hard cap ? beginning & end of ico ? future plan after ico ends ? where it will be listed ( Exchange ) ?

ndbinh

newbie

Activity: 2

Merit: 0

Why not just use DAI?

Zergity

newbie

Activity: 30

Merit: 0

Quote from: shenweigell on August 13, 2018, 09:39:08 AM

I have added your telegram, but I haven't seen the specific airdrop information.
I want to know how your reward mission is going. Is it too late for me to join now

No, you are not late to join. There isn't a plan for an airdrop, there might be not even an ICO. We just want to get feedback from the community, and with any luck, attract someone interested in the project to join our team.

Topic: [ANN] YggChain - Elastic Supply Price-Stable Coin + Instant Transfer + Sharding (Read 409 times)