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January 11, 2014, 07:49:18 PM |
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The most interesting idea I've seen in an alt-coin, was rice-coin. It was being backed by 1 grain of rice per coin. Now granted, it's pretty pathetic and meaningless. But, there was a good idea. Back up an alt-coin by a commodity.
For example:
Lets take Oil-coin. Why not start buying out oil barrels of oil and grant the commodity to X amount of coins per barrel. That would give serious value to the coin. This could be an interesting concept for future Alt-coins. I believe once banks and governments start creating their own digitial currencies, they will all be backed by their current monetary system.
Side-effects - Centralization of digital currencies, but someone, someday will do this and it will gain a lot of popularity.
Taking a step back with the USD:
When the USD was brought into circulation, each USD was backed and traded by gold and i think silver too. This is what gave serious value to the dollar. Once everyone started accepting it, the dollar did not need any backing and became it's own monetary system.
Regarding Bitcoin and IPOs:
Most people know by now that Nxt, eMunie and etc are backed by bitcoin. Essentially: Bitcoin is gold, for the 2nd generation crypto currencies.
Do you think corporations/banks/governments/businesses will start launching their own currencies?
Also in the evolution of digital currencies, will we see a rise in commodity supported systems?
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