Bitcoin Forum

We are launching a stablecoin project based on Robert Sams' paper: Seigniorage Shares (https://bravenewcoin.com/assets/Whitepapers/A-Note-on-Cryptocurrency-Stabilisation-Seigniorage-Shares.pdf).

It's a public permissionless blockchain with the following key features:

• Double Tokens Price-Stable:
  
  • YDR token has fixed value = 1 XDR (https://en.wikipedia.org/wiki/Special_drawing_rights) ~ 1.4 USD
  • YggCoin token has fluctuate price, which is used to absorb all the price volatility of YDR. YggCoin price is increased as more YDR is autonomously injected into circulation on market demand.
• PoW/PoS Hybrid Consensus:
  
  • ASIC-Resistant Programmatic Proof-of-Work (https://github.com/ifdefelse/ProgPOW)
  • Fully decentralized PoS by our novel Staking Service Network (http://yggchain.io/ssn.pdf)
  • On-chain Governance: Voting by Activity allows all participiants (miners, staking service nodes and users) to vote for the future of the project by simply doing what they do everyday - mining new block, serving SSN and peforming everyday transactions.
• Instant Confirmation: Input locking for every transaction and completely safe against double-spend attacks.
• Economic-Driven Sharding Protocol allows the network to scale to any level of adaptation.
• A Token-Oriented UTXO-based Turing-Complete Smart Contract system allows new token, ICOs, DAOs, etc. can be developed and run. (Spoiler: not compatible with Ethereum, but it can do whatever Ethererum can, and much more intuitive. Imagine your token can be transfered around like Bitcoin UTXO.

Papers: (Yellowish) White Paper (DRAFT) (http://yggchain.io/wp.pdf) | Staking Service Network Technical Paper (http://yggchain.io/ssn.pdf) | YggChain Smart Contract (coming soon) | Voting by Activity (coming soon)

Community: Website (http://yggchain.io/) | Telegram (https://t.me/joinchat/Iq3KKRCXgyl1HJN27-o5Pg) | E-mail (yggchain@gmail.com)

Ideas, comments and suggestions are really appreciated.

We are also looking for contributions.

Interesting, I would love to follow and know more about the details. :)

An interesting project. I am very interested.

Welcome! Ask us anything, we'd love to share our vision with the community.

can you show or just write members your team?
and i would like to know why you find all developers and other?

looking for devs

doesn't have a product yet

but launching an ICO....

sure....

 ::)

Core members will be shown in the landing page when it's ready.

We're looking for the most scarce resource on earth, blockchain developers. :) Why else?

Good luck with the project my friend :) I'll be on and off here checking the project out. Let us know when the landing page is ready.

Thank you. It's a long way. With this kind of project, we cannot rush anything.

I have added your telegram, but I haven't seen the specific airdrop information.
I want to know how your reward mission is going. Is it too late for me to join now

No, you are not late to join. There isn't a plan for an airdrop, there might be not even an ICO. We just want to get feedback from the community, and with any luck, attract someone interested in the project to join our team.

Why not just use DAI?

can you give me more info about the project please

for example soft ,  hard cap ?  beginning & end of ico ? future plan after ico ends ? where it will be listed ( Exchange ) ?

this sounds very independent and has protocols that can be used in any situation, the right thing if it's not compatible with Ethereum, because it's an independent blockchain, but it's very flexible
I am very curious about the development and know this team more

Hi, we have several paragraphs in the paper explaining why this over DAI (and other collateralized stablecoins). The most important reasons are:
1. Theoretical more robust against Black Swan Events (i.e. coin-price drops too quick).
2. More scalable: market cap of DAI cannot be expanded over it's collateral asset market cap (ETH).

We want to focus on the payment (instead of smart contract and dapp like Ethereum), so we decide to go with Bitcoin-like architecture. But the Token Oriented Smart Contract is a very desirable feature we want to add, especially when we're having a very good draft for it. But again, it's not top priority for the project.

You wrote that "We are launching a stable development project based on Robert Sam's document:" Seignorazh shares. " Is it possible to describe in more detail the information on these actions. I do not know.

The idea behind Seigniorage Shares, is to use another token to aborb the price volatility for the main price-stable token. The absorbing mechanism is based on the Quantity Theory of Money:
1. When the YDR price is > 1.0 XRD, convert YggCoin to YDR to increase the circulating supply of YDR and drive the YDR price down until it reaches exactly 1.0 XRD.
2. When the YDR price is < 1.0 XRD, convert YDR to YggCoin to decrease the circulating supply of YDR and drive the YDR price up until it reaches exactly 1.0 XRD.

The conversion ratio (YggCoin/YDR) is totally market-driven, which is done by a built-in public auction provided by the chain. Anyone can participate the auction from the wallet and profit with the price difference, keeping the token price around the desirable value - 1.0 XRD.

More detail with graphical illustration is in the first chapter of the White Paper: yggchain.io/wp.pdf (http://yggchain.io/wp.pdf).

Any drawback/weakness of double token stable coin compare to fiat money back stable coin like USDT?

Well, USDT is extremely easier to implemented because it's centerlized service. Otherwise, I don't think there is any drawback/weakness for this kind of project over USDT or TUSD.

I want to know more details of your project ?

I'm thinking that money-wise; fiat-back stable coin is less risky in case of crypto currency crashing. In this sense, USDT holders basically still can claim back equivalent dollars when the crypto space disappear. What do you think about this?

IOU token is less risky in case of crypto currency crashing, yes, because it basically is fiat money being recorded in a blockchain, no more nor less. The same way your money is recorded in a database of a bank.

IOU token is much more risky than Segniorage Shares stablecoin in term off trust (service security) and technical security. In Segniorage Shares, no one owes anyone anything, so your money cannot be stolen nor cheated. While Tether can always run away with your money, or lies about a security breach to declare bankrupted.

where is your bounty ?? you need to add bounty for this project to attract many participants and success.

How to mine? Total coin supply?

This is the best project with a great future, the team is actively working and developing new advanced technologies!

Affirmative! We will release bounty in the first public phase to demonstrate the stabilization mechanism. There will be the first version, where:
1. The chain is (temporarily) permissioned, nodes can only be run by the team.
2. No mining reward, (until it goes public and permissionless).
3. Both tokens will be listed in an exchange or two. (At least a very small and new exchange, because we are not popular nor super rich).
3. Bounty will be distributed to the community to attract trading activity, just enough to generate some liquidity to demonstrate the stablization mechanism.

You can join mining or staking when the chain goes public. Mining is much like ETH mining, although you cannot hop between Ether and YggChain, but the rig should be quite the same.

There will be limited YggCoin can be mined, but the total coin supply is not fixed nor deterministic. Remember, this is an elastic supply cryptocurrency, the circulating supply of both tokens is always contracting and expanding depend on the market demand of YDR.

There isn't many coins that able to be used for daily need. and when there is sometimes the stability of the price keep on fluctuating.
Making it harder to used it for daily need.

That's what we are trying to solve.