Topic: Relay - A Private Stablecoin System - page 2. (Read 1899 times)
Even in markets like these, the Relay Dollar stays solvent and fully backed thanks to our collateral model allowing the supply to 'breathe' with market forces. Tether has no such mechanism, and MakerDAO's is much more punitive.
i am waiting public sale! i hope i will use relay dollar every day in the future
A DAO holding structure fully decentralizes Relay's collateral mechanism, allowing anyone to move money in or out of the system at any time. This is the promise of blockchain and smart contracts, fulfilled.
MakerDAO is the most successful example of a decentralized stablecoin that uses on-chain collateral in a DAO to create trustable value. Relay surpasses it with privacy and a collateral token unexposed to shocks to Ethereum.
The vote of confidence is appreciated.
Great project. Great team. Good luck and make this a success
The need for reliable stablecoins is never more evident than in markets such as these. Imagine if Tether were found to be insolvent at this time - the crypto world needs a stablecoin like Relay with publicly auditable collateral.
We have received inbound interest from a number of exchanges regarding listings, but want to share with the community that we will be selective when choosing exchange partners. Very new or poorly-run exchanges have a history of suffering thefts or user issues that can be greatly damaging to listed coins, such as Bitgrail's impact on Nano. Therefore, a general rule of thumb is that the Relay Dollar and Token will only list on exchanges that an active cryptocurrency trader will have heard of.
Our discussion of why privacy is required in any cryptocurrency is now published at https://medium.com/@RelayFoundation/the-necessity-of-privacy-in-currency-cbd338a5acd0.
hello, you have not answered my question. i want to be sure, how much is relay market cap if relay dollar supply is changing?
The circulating supply of Relay Dollars (which is always equal to the market cap) is variable based on demand for the XRD (additional XRD is issued if the price increases beyond the dollar peg) and the amount of Relay Tokens collateralized in the Relay DAO (this sets the amount of XRT that can be claimed with Relay Dollars).
While Relay Dollars are the stablecoin intended for use as a true currency, the underlying Relay Token is how network participants can directly benefit from the growth and adoption of the network. Relay Token holders receive any new Relay Dollars that are issued into circulation, and they also gain from increases in the value of the Relay Token itself driven by demand for the 'dividends' in the form of new Relay Dollar issuance.
The Relay Token does have a set total supply of 1bn XRT, of which 75% is available for purchase in the public round for up to 2000 ETH in total. At an assumed price of $275 per ETH, the initial market cap of the Relay Token is approximately $730,000.
hello, you have not answered my question. i want to be sure, how much is relay market cap if relay dollar supply is changing?
Nobody would opt in to a currency that publicly exposes balances and transaction histories, but that's exactly what most cryptocurrencies do. Our upcoming think piece discusses why privacy features are critical to avoid this problem.
When it comes to cryptocurrencies, the tech is important but adoption is what defines success. The purpose of the Relay Foundation and its Ecosystem Fund are the long-term support of Relay adoption and development.
With Tether, users have to trust that a centralized entity holds enough USD to back circulating Tethers. With Relay, a fully on-chain collateral mechanism means that users have full visibility into the decentralized backing of Relay Dollars, and they are able to redeem their XRD for collateral at any time.
I have been looking for an alternative to tether for months. It inconveniences me greatly that Im ought to trust bitfinex to keep up with the promise to provide the liquidity and maintain the attitude of nice guys with $2 billion collateral in bank accounts for backing issued tether. If u paranoidly reject the possibility of holding fiat on exchanges how can u trust tether and bitfinex paper house?
This is a great articulation of the problems that led to the creation of the Relay stablecoin system. In fact, using the word 'paranoid' is unnecessary - it's simply a reasonable expectation that well over $2bn in circulating stablecoins should be proven to be solvent beyond any measure of doubt. Instead, cryptocurrency market liquidity is built on the shaky trust of the corporation running a single exchange, which goes against the entire principle of decentralization that drives blockchain technologies.
With Tether, users have to trust that a centralized entity holds enough USD to back circulating Tethers. With Relay, a fully on-chain collateral mechanism means that users have full visibility into the decentralized backing of Relay Dollars, and they are able to redeem their XRD for collateral at any time.
I have been looking for an alternative to tether for months. It inconveniences me greatly that Im ought to trust bitfinex to keep up with the promise to provide the liquidity and maintain the attitude of nice guys with $2 billion collateral in bank accounts for backing issued tether. If u paranoidly reject the possibility of holding fiat on exchanges how can u trust tether and bitfinex paper house?
Nearly everyone involved with crypto has, at some point, held a stablecoin such as Tether or DAI. Such a common use case needs a properly fungible, currency-like decentralized token. Relay fulfills that need.
The start of the Relay stablecoin system public round will be delayed by two (2) weeks to allow additional time for publicity efforts. The new start date is September 15th.
True fungibility through mandatory privacy is one of the defining features of the Relay Dollar. Look for an article later this week discussing exactly why privacy is a fundamental requirement of a successful cryptocurrency.
80 million USDT were printed today with no transparency as to the drivers of this increase in supply - https://omniexplorer.info/address/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz. A truly trustworthy stablecoin should use decentralized and transparent collateral, as Relay does.
The bounty thread is now up at https://bitcointalksearch.org/topic/bounty-relay-a-private-stablecoin-system-4966679.
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