$TRA Tetra - Silver Backed Digital Currency (Nuclearcoin Takeover) - page 6.

buchaski

member

Activity: 78

Merit: 10

Quote from: TMoney508 on April 30, 2016, 12:25:38 PM

I kind of like this idea.
The silver version of Digix.
I like POS, too. It would be like minting silver.
Either way, I am a lot happier/interested in this route for the coin.

well the reasoning behind going to POW for making new coins is so we can control it to be roughly 1 coin costs 1 gram of silver to mine, as we want the price to be around a gram of silver so that we can exchange the coin for silver to build up the reserve as thats what will give the coin its real value, fiat currencies had a similar setup before the 1980's roughly and thats why currencies like GBP were the strongest because they had to most gold behind each coin

Xexen4

sr. member

Activity: 756

Merit: 290

why pos incomes dropped? what news updated?

TMoney508

member

Activity: 78

Merit: 10

I kind of like this idea.
The silver version of Digix.
I like POS, too. It would be like minting silver.
Either way, I am a lot happier/interested in this route for the coin.

nac

full member

Activity: 154

Merit: 100

buchaski

member

Activity: 78

Merit: 10

Hi Everyone,

it seems all of the initial ideas we put forward were overwhelmingly unpopular. This has lead us to rethink our plans for the coin as we want this to be a community orientated coin and if we go down this route we may lose that.

The things that we aren't going to do -

increase the supply

hold a premine for community lead projects.

Things we are going to do -

A rebrand in line with the new idea (see below)

stopping staking and revert to a POW strategy

The new idea revolves around creating an asset backed currency. We have chosen to go with silver as our asset. An order is being placed for the NUC marketcaps worth in silver at a rate of (5000 sats, 5btc) as our starting base. A new POW phase will begin with a whole coin costing roughly the price of a gram of silver to mine (around £0.40 or $0.58) people who mine have three options with the coins they mine:

they can hold

they can sell the coin for a gram of silver to be delivered to them

they can give the coin for us to sell and as a result we increase the silver reserve behind the coin making each coin worth more.

The current coins are not worth a gram of silver but with time and the gradual increase of coins and the amount of silver reserve, the price will increase as the proportion of coins worth (mined at) the rate of a gram of silver increase.

We would recommend putting 33% of everything you mine into building up the silver reserves. This benefits the coins you already hold as they become worth more and were bought or mined at a cheaper price which makes these coins precious.

While this economy runs for the first 6 months, we will work on releasing as many services and opening up the coin to as many platforms as possible and at the 6 month mark we are hoping to launch a Non-Profit Organisation with the task of managing and providing services around the silver reserve. At this point we want to follow a similar model to bitgold but with silver and introduce things like credit cards and increase the spending activity of the coin.

We are still looking for people to get involved in coin development and web development so if you want to get involved then pm me

bumbacoin

legendary