Topic: Idea - A staking system that creates a USD blockchain token as a by-product (Read 218 times)
September 19, 2024, 07:01:42 AM
Staking is when cryptocurrency owners lock up their assets to support the blockchain network and receive rewards.$WATER By participating in the security and decentralization of the network, they receive interest or new tokens. Staking is used for cryptocurrencies with the Proof-of-Stake (PoS) algorithm, such as Ethereum.
May 17, 2017, 10:10:47 AM
I came up with this when looking at RBX which is a dual blockchain token that has circa 20% of the supply to play with.
It got me thinking whether you could create a super-collaterlized token always worth $1 or slightly more as a by-product of staking. Thoughts?
The Real Dollar Token (RDT) backed by an average of 10x RBX collateral
RDT is always redeemable for exactly 1 USD and is transferrable between the Waves and Ethereum blockchain backed by RBX
The RBX Staking system. 200 million RBX (that would have been used for share-dropping) is put into contract address ‘EFG’ that pays people who deposit RBX into contract address ‘ABC’ say 24% per annum.
Example
Hypothetical exchange rate 1 RBX = $0.1
MR. A wants to stake his RBX so his XYZ address sends 10$ worth of RBX, (100 RBX) to contract address ABC
MR. A's XYZ address receives back 1 RDT for every 10 USD worth of RBX sent to ABC, so in this case 1 RDT and in addition he starts to receive 24% per annum paid monthly to his XYZ contract address. (so say 2RBX per month based on his 100 RBX deposit in the example)
Mr. A can now sell the RDT for 1 USD (or slightly more) in any currency to somebody, say Mr. B that wants a token that will hold the value of the USD. Even after moving/selling the RDT, Mr. A's contract address XYZ will continue receiving 2 RBX a month.
Mr. B has ETH but he wants to move into USD for a bit and he doesn't trust USDT or a centralised exchange especially after the recent shenanigans. So Mr. B buys the RDT token for $1 or slightly more on any exchange that offers RDT. At any time Mr. B can send his RDT to contract address ABC and he will receive in return $1 worth of RBX from the ABC contract address based on the current exchange rate. (The exchange rate can be sourced via 'Oraclize' perhaps?)
If Mr. A ever wants to get back his original 100 RBX he is staking, all he has to do is send back the same amount of RDT he initially received from the 'ABC' address. So in this case he would have to buy 1 RDT for circa 1 USD on the open market and then send it to ABC from his XYZ address. The ABC contract will recognise his XYZ address and send him back his original 100 RBX.
So what you have is a traditional staking system that has created a dual blockchain token always worth 1 USD as a by-product. Even with a 90% drop in the RBX value at which the average RDT was created (meaning probably a 95% fall in the RBX price) they will still be redeemable for $1 worth of RBX. Plus there will be the 200 Million RBX (less what has been paid out in staking) that can be used to redeem RDT if necessary too.
It got me thinking whether you could create a super-collaterlized token always worth $1 or slightly more as a by-product of staking. Thoughts?
The Real Dollar Token (RDT) backed by an average of 10x RBX collateral
RDT is always redeemable for exactly 1 USD and is transferrable between the Waves and Ethereum blockchain backed by RBX
The RBX Staking system. 200 million RBX (that would have been used for share-dropping) is put into contract address ‘EFG’ that pays people who deposit RBX into contract address ‘ABC’ say 24% per annum.
Example
Hypothetical exchange rate 1 RBX = $0.1
MR. A wants to stake his RBX so his XYZ address sends 10$ worth of RBX, (100 RBX) to contract address ABC
MR. A's XYZ address receives back 1 RDT for every 10 USD worth of RBX sent to ABC, so in this case 1 RDT and in addition he starts to receive 24% per annum paid monthly to his XYZ contract address. (so say 2RBX per month based on his 100 RBX deposit in the example)
Mr. A can now sell the RDT for 1 USD (or slightly more) in any currency to somebody, say Mr. B that wants a token that will hold the value of the USD. Even after moving/selling the RDT, Mr. A's contract address XYZ will continue receiving 2 RBX a month.
Mr. B has ETH but he wants to move into USD for a bit and he doesn't trust USDT or a centralised exchange especially after the recent shenanigans. So Mr. B buys the RDT token for $1 or slightly more on any exchange that offers RDT. At any time Mr. B can send his RDT to contract address ABC and he will receive in return $1 worth of RBX from the ABC contract address based on the current exchange rate. (The exchange rate can be sourced via 'Oraclize' perhaps?)
If Mr. A ever wants to get back his original 100 RBX he is staking, all he has to do is send back the same amount of RDT he initially received from the 'ABC' address. So in this case he would have to buy 1 RDT for circa 1 USD on the open market and then send it to ABC from his XYZ address. The ABC contract will recognise his XYZ address and send him back his original 100 RBX.
So what you have is a traditional staking system that has created a dual blockchain token always worth 1 USD as a by-product. Even with a 90% drop in the RBX value at which the average RDT was created (meaning probably a 95% fall in the RBX price) they will still be redeemable for $1 worth of RBX. Plus there will be the 200 Million RBX (less what has been paid out in staking) that can be used to redeem RDT if necessary too.
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