Topic: My friend who work with Stable coin project asking advice suggestions (Read 206 times)

If I were you I would rather choose Binance smart chain over Ethereum network because it has lower fee compared to Ethereum and some other networks. Binance smart chain is developed and you can easily swap your coins when it is built on it.
 Pancakeswap is a better option for me for swapping my coins without high fees compared to Uniswap that is for projects built under Ethereum Blockchain. There are other benefits also which I would not like to mention using BSC network.

The fact is that the government is not going to issue a stable coin, it is a friend of the OP who is going to issue a stable coin, and then using selfish purposes, he wants such a stablecoin to be a legal tender. And for such approval, the guys from the government will receive a bribe in the issued stablecoins.

It's a very good idea for a blockchain that contains stablecoins. If every country gets this facility for the trading world. It will benefit the Crypto world.

Why use other networks like Ethereum, Tron or BSC when they (the government) can create their own Ecosystem Network? And the government also doesn't like decentralization and they have to have full control. If they use the existing network they still need a third party who will be at risk in case of congestion or other things.

We have a real example in china, they banned bitcoin and other cryptocurrencies, but they are trying to adopt blockchain and create their own blockchain. This was done because the Chinese did not want to be regulated by the party when the network was used, it was better to create their own network protocol and they were free to do whatever.

Ethereum. Yes it can get expensive at times, but I doubt if there is any other blockchain trustable as this. Anyhow, if you create stable coin in any other blockchain but not on ethereum, that would be fruitless.

I do not think that a country will print a stable currency on a network that can be stopped by third parties outside the country, and there is no meaning for decentralization here as the country will focus on the speed and security of transactions more than being decentralized and therefore more centralized solutions will be adopted such as creating their own currency, or Building on protocols like Ripple.


If such projects done by people then its scam

[GUIDE] All About Central Bank Digital Currency (CBDC)

Governments control central banks which are centralized and have censorship powers. They don't want public ledgers from blockchain technology that make their centralized transactions and censorship through central banks can be seen by their citizens.

They're not going to blockchain at the moment because they are still fearful of giving away their central power and if they give it away, citizens will not give them a second chance to revert the progress.

This is not true.
Some countries are making their own centralized cryptocurrency commonly referred to as CBDC but they are not "going to blockchain".

Not at all.

If the government is creating a stablecoin they must do it on its very own standalone network and possibly blockchain NOT relying on any of the altcoin platforms out there specially if they have a seriously flawed protocol with centralized and mutable blockchain.

Imagine if some day Ethereum foundation decided to freeze your government's funds or reverse their transactions and take over their money because some other government agency put some pressure on Vitalik Butterin!
 
If speed is an important goal blockchain must not even be used.

It's all called in one word - corruption. And I am already worried about this country, where clerks who neglect the interests of the state, led by ignoramuses who do not understand blockchain, are trying to create a stablecoin for their enrichment. It should be noted that many developed countries are currently developing a state digital currency - CBDC for these purposes.

so this will be a government project  Usually, when it comes to companies or the government they will prefer a private chain.

I actually prefer that fast and cheap and easy to scalable that is EVM chain like Ethereum, BinanceSmart Chain, Avalanche and other layer 2 solution it fast cheap and the community is big and those are evm compatible meaning one address can be used on multiple chain and deploy the code need minimum change

When it comes to choosing a blockchain to use for a stablecoin project, there are a few factors to consider such as security, scalability, and governance. Tron and Ethereum are both popular choices for building decentralized applications (dApps) and have large communities of developers and users. Both of them have their own advantages and disadvantages.

Tron is known for its fast transaction speeds and low transaction fees. It also has a strong focus on entertainment and gaming applications. However, it is relatively new and has not been battle-tested as much as Ethereum. Ethereum, on the other hand, has been around for longer and has a more established ecosystem. It has a large number of developers working on it and is more versatile than Tron. Ethereum's smart contract functionality allows for a wide range of use cases. However, it's not as fast as Tron and it's subject to scalability issues.

Another blockchain that is worth considering is EOS, it's also fast and has a large developer community. When it comes to security, all of the above mentioned blockchains have faced security issues in the past, it's important to conduct a thorough security audit of the codebase and make sure that any vulnerabilities are addressed. Ultimately, the choice of blockchain will depend on the specific requirements of your stablecoin project, as well as the resources and expertise available to your team. It's important to have a clear understanding of the strengths and weaknesses of each blockchain and make an informed decision.

It's also important to note that a blockchain's legal status varies by country, and it's important to check the legal implications of using a specific blockchain in your country before making a decision.

The commonly usage for that are eth/matic/bsc/sol. But it doesnt mean that there will be a perfect case for that. We all knew that evem the toughest projects has been turn down instantly by such incidents. In terms of technical these blockchain can be trusted. Its the project goal to succeed and and preserve security for their stablecoin.

I'm not sure any network is secure enough for a case like this. maybe creating a well managed and careful network of people in your country would be better.
as it is related to a big project, I believe the related government and political figures can bring in some Blockchain and cryptocurrency experts in the world who can help your country in making their crypto stable.
maybe this will not be as easy as digital fiat transactions which are currently being carried out a lot. but when your country is serious about developing it, it can be implemented.

Unfortunately there's no any safest network if it's still centralized, there's many case where the network get hacked including the biggest altcoins network [1]

It's better if your friend create his own network, so anything wrong, hack etc can be prevent as long as the quality of security is really high. You should suggest to your friend to create open source network, run a bug hunter bounty and ask people who have a good security level about the code.

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[1] https://www.forbes.com/sites/jonathanponciano/2022/03/29/second-biggest-crypto-hack-ever-600-million-in-ethereum-stolen-from-nft-gaming-blockchain/

From the way you post it, it sounds like this stablecoin project will be a major one, and they will use it for any transaction that happens in their country. Using a public blockchain, run by who knows who across the world, has no guarantee that they monitor it for malicious purposes or not, that probably has some bugs like the latest address poisoning attack, is very risky IMO. Unless they don't plan on having any control over the node/network, which I highly doubt is the case here. CMIIW.

There are also Harmony, and others altcoin project who promises high TPS but sacrifice some security. OP's friend can probably fork and modify it. Just make sure that some of these projects are also a fork of another (mainly ETH), and it might share some bugs because of that. Btw, since CBDC[1] is a trend now, maybe you can suggest your government ask for some feedback on how others do it, whether they want a shared blockchain or not, etc.

[1] https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp

Exactly. It is hard to say exactly how governments will approach the development and implementation of their official digital currency, but it is likely that they will consider a variety of factors such as security, scalability, adoption... Some governments may prefer to use existing blockchain platforms, while others may choose to develop their own proprietary technology. Ultimately, the specific technology used will depend on the specific requirements and goals of the government and the stablecoin project, however, I doubt that any of them will resort to a solution based on recommendations to someone's request on a public forum.

It has to have the highest transaction per second which none as of now can make it at least 100K per second. A country may need more than 100k per second transaction once the legal tender is adopted in every business.

Solana claimed that it can make 50k per second. No other project so far claimed to be higher than this. But when it comes to security, Solana had so much downtime in the past and so is ETH congestion. That's to be solved first and the ETH layer2 solutions can provide better TPS such as Polygon.

But will the government really use a layer1 or 2 platform of today?

My friend got one country goverment in the board to create Stable coin.
Becouse all currencies going to blockchain so every blockchain Will have their own country stablecoins connected with cash machines so need for middle-men.
So what blockchain Will be best ?
The goverment politicians are down for it but they want to know what blockchain Will be used?
If it my decision then i would choose tron or ETH 

Any suggestions for safest secure enough blockchain so that can carry all the transactions with good speed once my friend provide them info wich blockchain then they make it together Also guys from goverment Will get nice share of coins If they LET this coin to be legal Tender.