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How would you make your Crypto?
Truly there is so much to consider for making your own Crypto:
- Influence Billions not millions, used for most if not all transactions
- Fast transactions,
- Low gas fees
- Disrupt Financial Markets around the globe!
- Huge ecosystem of partners
- Easy for developers, but secure and durable
- Pegged to precious metals (Gold & Silver)
- Utilized a currency board to ensure it was pegged to something stable like the Swiss Franc - the most stable currency since 1900.
Most if not all are familiar w/ the IMF's plan to dethrone the US $ in favor of a basket of SDR's (Special Drawing Rights). What IF the Crypto realm were to beat the IMF at their own game - making something that can't be debased not faked and always available for audit!
What have I been smoking? Nothing, honestly, I am envisioning my own utopia coin! A Crypto which are backed by precious metals (Gold and Silver in equal quantities) and blockchain technology while reviewed by a currency board to ensure it always stayed on financial course.
What IF, DLT displaced all the corrupt and inefficient market makers. Envision a future where Crypto's are made even more legit by having Precious Metals (PMs) backing them and you can audit the DLT to ensure nothing nefarious has taken place while you sleep. Additionally, said new crypto could also reduce counter party risk. No more unallocated capacities nor printing on a whim by dictators or controlling party. Further protected by requiring an 80% citizen vote to ratify any changes; regardless of size and scope.
While researching for this article I found out there are already numerous Gold Back Crypto's available - Gold Coin, Meld Coin, PAX Gold, Digix, GSX. Some of which are stable coins which makes great stability sense. Perhaps my far fetched idea has some merit. What would it take for you get invest in such a project?
Where to start? Writing up the White paper (WP) for one, then start finding developers and getting to writing! I would come up with some fancy name like 'dreamland', 'why not', 'Skies are limitless' or 'Cloud9'
Summary - a huge venture for certain, the trolls and haters are squirming as their cash cow would be in jeopardy of heading to slaughter. Sure, its a lofty goal but I have to start somewhere! Perhaps this blog will spur others to join in my venture!
