That's not how a stable coin works. You may want to read what happened to Luna and their stable coin.
Luna USD was backed with their own coin luna, I am talking about using well known cryptocoins like btc eth ltc..
Topic: Community Stablecoin - Idea - page 2. (Read 271 times)
Luna USD was backed with their own coin luna, I am talking about using well known cryptocoins like btc eth ltc..
Instead of regular centralize stablecoins, why we don't have a stablecoin with its own blockchain or a token where anyone can mint or redeem that stablecoin using ONLY Cryptocurrencies at the market price.
I think you're not getting the point, the creation of a stablecoin that will work the way used said is not the problem but how it will survive in the long run. Have you ever wondered why we never have a decentralized stablecoin in the entire cryptocurrency market?
Every stablecoin is just a copy of fiat currency, instead, focus on the creation layer1 stablecoin focuses on something that will help the Bitcoin network.
That's not how a stable coin works. You may want to read what happened to Luna and their stable coin.
Instead of regular centralize stablecoins, why we don't have a stablecoin with its own blockchain or a token where anyone can mint or redeem that stablecoin using ONLY Cryptocurrencies at the market price.
For example if I have 1 Eth and want to mint it into Xusd (community stablecoin) it goes like this example:
If Eth market price = $1000 I send 1 Eth to this blockchain or contract and I receive 1000 Xusd.
And it can be redeem for any Crypto at market price,
If Eth price = $2000 I send 1000 Xusd and get 0.5 Eth.
For example if I have 1 Eth and want to mint it into Xusd (community stablecoin) it goes like this example:
If Eth market price = $1000 I send 1 Eth to this blockchain or contract and I receive 1000 Xusd.
And it can be redeem for any Crypto at market price,
If Eth price = $2000 I send 1000 Xusd and get 0.5 Eth.
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