Your ideas seems to have some common points with the Basecoin/Basis idea, an algorithmic stablecoin very different from the current ones, where the supply should have increased/decreased based on the BTC/USD value, using a burning mechanism I considered pretty clever and robust. The oracle would have been, afaik, the only centralized element of this design.
Unfortunately, it never left the "idea/prototype" stage, and there is no public code as far as I know. But maybe you can get some ideas from the documentation which is left and the whitepaper.
Topic: Stablecoin-like open source framework? (Read 199 times)
So this will achieve minting coins based on volume https://bitcointalksearch.org/topic/proof-of-transaction-potx-mining-method-5381931 decentralized with NO oracles.
And basically you would need to make a token smart contract that will mint more coins and add them to liquidity and/or airdrop them on current holders each time a sufficiently rare transaction happens.
And basically you would need to make a token smart contract that will mint more coins and add them to liquidity and/or airdrop them on current holders each time a sufficiently rare transaction happens.
you said "elements", so I'm going to suggest you look at doing it on liquid. You can issue a new asset for your coin, and have your "mint" hold onto the re-issue token for when it needs to print more.
What crypto framework/project do you find interesting and broad enough to base a currency of this type?
You are looking for a smart contract protocol that can support a trustworthy oracle. Chainlink (chain.link) is the most popular oracle platform, so I would start there. Alternatively, you could implement a Bitcoin sidechain, but I think you would end up having to re-invent the wheel.
But coming back to my original question, technically speaking, what sort of crypto framework could suit best this use case?
Within decentralized/P2P system, there is none due to oracle problem.
Let's say I have no issues with centralization risk, what framework would you favour?
Thanks!
But coming back to my original question, technically speaking, what sort of crypto framework could suit best this use case?
Within decentralized/P2P system, there is none due to oracle problem.
Umm, elements? Better just say non-free and that's all you need for a stablecoin. Take for instance, Tether. The folks behind it can mint as much as they want, censor transactions etc. What makes it stablecoin? Definitely not the volume you speak of. Just like how a government supposedly protects the national currency's stability, same can individuals do if they have such power upon their own currency.
In this way, the number of coins is not arbitrarily fixed but is based on a number outside the control of the issuer of the coin.
Tether minted around one billion USDT (IIRC), but the economy and the exchange rate remained the same. Do you notice the illegitimacy behind this kind of business? It works more as an IOU rather strong cash even if it looks like cash. The issuer can do whatever they wish.I get your point, but what if it is auditable by third parties?
Imagine a PWC or a Deloitte issuing an audit every year in which the number of coins = the published basis of the calculation.
But coming back to my original question, technically speaking, what sort of crypto framework could suit best this use case?
Thanks!
Umm, elements? Better just say non-free and that's all you need for a stablecoin. Take for instance, Tether. The folks behind it can mint as much as they want, censor transactions etc. What makes it stablecoin? Definitely not the volume you speak of. Just like how a government supposedly protects the national currency's stability, same can individuals do if they have such power upon their own currency.
In this way, the number of coins is not arbitrarily fixed but is based on a number outside the control of the issuer of the coin.
Tether minted around one billion USDT (IIRC), but the economy and the exchange rate remained the same. Do you notice the illegitimacy behind this kind of business? It works more as an IOU rather strong cash even if it looks like cash. The issuer can do whatever they wish.
I am maturing the idea of creating a cryptocurrency with elements of "stablecoin".
I say elements because in reality, it has no backing of another currency, gold or of any other asset.
But it would be "stable" because the volume would be tied to a fixed amount established externally.
Let's imagine that volume is tied to the capitalization of a country's equity market.
In this way, the number of coins is not arbitrarily fixed but is based on a number outside the control of the issuer of the coin.
So the question is:
What crypto framework/project do you find interesting and broad enough to base a currency of this type?
Ideally with already developed wallets.
Thanks for your feedback!
I say elements because in reality, it has no backing of another currency, gold or of any other asset.
But it would be "stable" because the volume would be tied to a fixed amount established externally.
Let's imagine that volume is tied to the capitalization of a country's equity market.
In this way, the number of coins is not arbitrarily fixed but is based on a number outside the control of the issuer of the coin.
So the question is:
What crypto framework/project do you find interesting and broad enough to base a currency of this type?
Ideally with already developed wallets.
Thanks for your feedback!
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