Bitcoin Forum

Can this be done, that tokens are backed by waves or is this already done?

Like you put 100k waves into a token and create let's say 1million tokens. And that 1 million tokens could be exchanged any time for 100k waves (so 1 token to 10 waves) - and price of tokens would be relative to waves price also.

Is that possible or not?

if you want create new altcoin
whatever platform youre use, etherum token, waves token or more, you must good project and good team
if only create token and then open ico selling without good thread, plan project and good team is imposible can succes

you can create total coin you want, one million 100 million, one billion is not problem

I get it, I don't want to do that.

But just asking, do you just pay 1 wave or so to create tokens, or can you back it up with let's say 100k waves?

To create a token, it cost 1 Waves.
The value of your token is decided by the market.
If you want to decide the price of a token, then it's an ICO.

I don't think something like this has been done on the Waves platform. I can't say for sure, as there are so many shitcoins created on Waves and available on the DEX. Are you planning to do a Bancor- like coin on top of Waves or something? May be, you need the help of Smart contracts to implement this type of feature.

I don't remember that it's done before on Waves Platform.

I'm just brainstorming, because some crypto is backed by let's say gold (xaurum)... why not backing new crypto with some reliable crypto let's say BTC, LTC,...

The problem is how to claim reliable crypto.I have to say, there's no  reliable crypto in the crypto world.

Waves ICO =! backed by waves