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December 04, 2020, 05:57:23 AM |
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For my stable coin idea to come true first we need a to create a different ERC-20 coin, lets call it "Index Coin". This coin will hold some amount of each of the top 50 cryptos by market cap. The amount of each crypto that will be held will be weighted by market cap. Basically it will be the equivalent of a large cap ETF. This coin in and of itself will have utility. You can think of this coin as a stable coin whose value is pegged to the weighted value of the 50 largest cryptos. The pegging will be done in the same way tether does it, by holding X amount of each coin in locked smart contract.
Second, we will create a stable coin that will use Index Coin as collateral and be pegged to the US Dollar, much like Dai but using Index Coin instead of Ethereum as collateral. This way you eliminate the risk that Dai faces by holding Ethereum as collateral in the event it collapses.
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