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October 23, 2018, 02:58:28 AM |
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Hello,
Sorry if the title is confusing. Without wasting much of your time, let me explain the idea and its issues and hopefully, together we can come up with something amazing.
Bitcoin was made to be a p2p currency that is used worldwide without the need of third parties. Bitcoin is heading in the completely opposite direction right now, it became a speculative, manipulated, centralized market which leads to a huge instability in the price. Even some of the top Bitcoin dev's are telling people to use credit cards to benefit from the cash backs...etc
A final point on BTC, right now mining is for tech savvy people and for big mining farms instead of normal people/public.
Alright, moving on to the idea. The current banking system is very successful, so why are we trying to replace it? well, we want decentralized banking, financial freedom and a universal currency. Why is the current banking system successful? because you get cash back rewards for spending, you get interest on savings, zero liability, and ease of use.
What I'm purposing is a currency that replicates the current banking system with the new advantages that we can achieve with blockchain. So, rewarding people for saving their money and spending it (similar to cashbacks and interest rates), security to prevent fraudulent transactions and unauthorized access (finger-prints, dynamic 4 pin code vs the static code used by Visa and others....etc), and finally mobile payments + physical cards.
So if we achieve whats written above, then we are completely replacing the current banking system with an identical decentralized universal currency. Yeah... I know, easier said than done.
Wait...hold on..... if everybody is getting cashback's and interest on their savings why would anyone be incentivized to maintain the network??! well, as mentioned we are trying to target the public, not just the tech savvy ones! so if someone decides to maintain the network, they will be entitled for extra/higher cashback rewards and interest. (If everybody is getting 2% interest a year, then those who are maintaining the network can get 5% instead? idk I don't want to discuss numbers much as that's not the point of this post).
Ok, so there is "saving accounts" and "checking accounts" are these two separate coins, or just one? what consensus?
Well, the system requirement is as follows:
The "saving account" need to be stable (wouldn't make sense to save your money to find out that you lost 90% to make a 5% interest due to price variation), private (no one wants others to know their balance...), easy to used addresses (like domain names instead of IP's)
The "checking account" needs to reward people when they spend the coin not when they circulate it! (you don't want someone making 2 accounts and spamming transactions to himself).
My initial thought regarding how this can be achieved;
The saving account is going to be a crypto backed stable coin (maybe backed by the checking account coin?)... you don't want to have the stability of the coin based on USD or EUR, it should be a universal currency.
The saving account (if its gonna be a separate coin) doesn't need every single block to be stored on the network as all what's needed is the final balance of the account (also interests will be given on balances, so transaction history isn't needed), so a system such as in Pascalcoin can be implemented where you only have 100 blocks and a safebox. The safebox will contain the final balances, and the 100 blocks are delectable, hence you have an infinitely scalable chain. [a modified Proof of stake consensus?]
Before I get into the checking account, let us take a look at how Visa is able to give cashback rewards. When a customer makes a payment in a store using a visa card, the store pays a fee to visa for accepting a payment made with their card, Visa then takes a portion of this fee and gives it to the customers to incentivize them to keep using the card vs cash.
That's the kind of thing I'm thinking about. [Proof of proccsed payment? Idk how would this be implemented tbh. [Suggestions? remember we don't want people circulating coins to get rewards]]
Alright, thats everything I got to say. I will be waiting for your feedback and suggestions.
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