Topic: Relay - A Private Stablecoin System - page 3. (Read 1879 times)

While we believe that Ethereum is a strong protocol that is well positioned to solve many of its current difficulties in ways that can be incorporated back into Relay, it's certainly too early in the blockchain space to know this with certainty, and differing perspectives such as yours are welcomed.

Thank you for the suggestion to make a separate bounty thread - we were not aware of this option and will do so shortly.

Thank you very much for clarification....
separate blockchain is much better thing,
and I just don't trust to much any of the etherium code base projects...
simply because of so many potential bugs.
And yes, Etherium is proven ...to Not work so good at all.
We need some better alternative that can survive a single game, or exchange gas overuse.

But I respect your idea to create better stable coin, this is a 'must have' thing,
and I will follow your project.

Suggestion: maybe create separate Relay Bounty Thread

Relay is designed to render Tether and other rudimentary stablecoin implementations obsolete - read more with our recently published think piece at https://medium.com/@RelayFoundation/why-relay-is-the-tether-killer-ffb2fc13c27

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.

Make no mistake - Relay's objective is no less than to replace Tether as the de-facto stablecoin and gain even greater adoption than USDT. Look for our analysis of Relay's advantages over other stablecoins to be published by end of week.

A stablecoin is a cryptocurrency that is designed to maintained a specific price relative to fiat currency, in this case $1 USD. To make sure that it is always possible to get $1 of value out of 1 Relay Dollar (XRD) stablecoin, the circulating supply of XRD is fully backed by an amount of Relay Tokens (XRT) with a market capitalization exceeding that of XRD.

Only the CEO and CTO are listed on the website. There are additional developers who are working or have worked on Relay, but they are largely contract-based and thus any website listing could become outdated quickly whereas the project leads will be present long-term to develop Relay and operate the Relay Foundation, which is dedicated to supporting the growth of the Relay ecosystem.

It is really interested to see the description of Relay coin. It is stated that Relay uses a stablecoin system? What does it mean? By the way, talking about your team member, I just find 2 members on your official site. Does the project team only consists of two members?   

ok so token holder make passive income and can see value go up. is this like masternode system? how much is relay market cap?

As a reminder, a portion of the total token supply is allocated toward the public bounty program! The program seeks to build an early adopter base to kick-start the initial growth of the Relay ecosystem - details can be found at https://medium.com/@RelayFoundation/the-relay-bounty-program-a87dc0c52ed6.

We understand that this dual-token system can be unclear on first read, so please feel free to ask any additional questions. We will also seek to provide improved explanatory materials for public circulation.

Our team leads are listed on our website. The technical lead and other developers may not be well known, but it is important to note that the newness of the blockchain space means that there are many skilled developers with very limited histories.

It should also be stated that very little in Relay is entirely new, and thus the technical base has largely already been proven out. The core blockchain is forked from Ethereum and the privacy implementation is also based on existing work. The codebase is furthermore currently undergoing third party private review and will be subject to a public bug bounty prior to mainnet launch, fundraising for which is one of the major motivating factors for the public round. The most important innovation Relay brings is in its collateralization mechanism and two-token structure, which is less a coding than economics invention.


We appreciate that the token economics are a key point for potential public round participants, so we will do our best to be clear as possible. The following has been added to the starting post as well.

The Relay Token (XRT) is what contributors receive in return for their public round funds. This token is the foundation for the value of the Relay Dollar through a system where XRT holders can 'lock up' their tokens in return for Relay Dollars (XRD) at any time and for any duration. XRT holders benefit from the success of the Relay stablecoin system in two ways:

1) If the value of XRD rises above $1.01, additional XRD is printed and sent to XRT collateral holders to provide selling pressure and decrease the price back down to the $1.00 peg. Thus, increased demand for the Relay Dollar provides a direct revenue stream to XRT holders.
2) As adoption of the Relay stablecoin system grows, the value of XRT increases due to demand driven primarily by the income stream described above. Thus, XRD adoption both leads to XRD being directly given to XRT holders as well as increasing value for the tokens themselves.

if buy ICO, what will make my token value go up? how can relay investor profit?

I like your ad.I want to study your offer in more detail.
Who from the known developers participates in this project?

That is an excellent question. Relay has 2 major advantages over competitors such as USDT and TrueUSD.

1) USDT, TrueUSD, and other fiat-backed coins have value because $1 is stored in a bank account somewhere that is supposedly redeemable for $1 in USDT or TrueUSD. This is not ideal because users have to trust that this fiat backing is available, which has historically caused great controversy for USDT in particular. Furthermore, the inability to print new stablecoins without depositing USD collateral greatly limits the ability of USDT or TrueUSD to rapidly adjust supply in response to demand, which means it is very difficult to imagine them being used on a large scale.

A decentralized collateral model through the Relay Token (XRL) backing the Relay Dollar (XRD) eliminates the need to trust an institution that holds fiat currency to back the stablecoin. The public Relay DAO holds XRL that provides fully on-chain collateral, so anyone can see at any time exactly how much value backs up the XRD in circulation. Furthermore, increasing demand for the Relay Dollar drives up the value of the collateral Relay Tokens and results in additional Relay Dollars being printed into circulation, all without the intervention of a centralized authority, so the system can sustainably scale to meet demand.

2) The Relay Dollar is private, which as far as we are aware is not a feature offered by any other stablecoin. Right now, digital currencies are not ideal for cash-like applications because all transactions are entirely public, so any stranger can see your precise spending habits and funds. This transparency is simply not needed for a cryptocurrency that is to be used as a real currency, so XRD has fully private transactions to reclaim this fundamental characteristic of a successful currency.

It is very important that we make these two points as clear as possible, so there will be a separate follow-up focusing on how Relay differentiates itself. Thank you again for asking this crucial question.

What does Relay have that is better than other stable coins now,
like USDT,  True USD and other similar colutions ?

I would like to see clear comparison.

A private stablecoin with a decentralized collateralization mechanism can be a difficult topic to understand versus a simple volatile currency such as Bitcoin, so much of the public communication will focus on explaining the Relay stablecoin system for even a casual investor.

Our first article is a brief introduction to Relay and a summary of how it works - read it at https://medium.com/@RelayFoundation/introducing-the-relay-stablecoin-system-8e8b7e460bcd.

It was interesting that the Relay Fund provided listing agreements for XRL and XRD with 2 exchanges currently under the NDA. I will follow the project.

I resereve the hindi translation