E-Stablecoin

[larry_vw_1955]

based on 1 kwh of electricity. put in 1kwh and mint one or  buy one and then you can use 1kwh of electricity.

seem like a nice idea. like if someone wants to charge their tesla they just buy some e-stablecoins or use ones already in their wallet.

[nakamura12]

Do you mean that there should be a stable coin that will be used to pay when you charge your tesla car for example and the stable coin will be used to pay the amount needed to pay in a charging station?. I don't think it's a good idea to create new stable coin that is based on 1kwh electricity. If you want to use crypto as a payment in a charging station for your tesla then why not use existing crypto either it's a stable coin like usdt, usdc or use Ethereum, Bitcoin and other cryptocurrencies.

[larry_vw_1955]

Do you mean that there should be a stable coin that will be used to pay when you charge your tesla car for example and the stable coin will be used to pay the amount needed to pay in a charging station?

Yeah. Or like say someone mining some altcoin has a high electricity rate where they live but they can buy E-Stablecoins and get a better killowatt per hour rate. Game changer for them.

If you want to use crypto as a payment in a charging station for your tesla then why not use existing crypto either it's a stable coin like usdt, usdc or use Ethereum, Bitcoin and other cryptocurrencies.

Eth and bitcoin fluctuate in price so are unstable in that sense. USDC and USDT are centralized. They are not trustless at all.

[Sayeds56]

based on 1 kwh of electricity. put in 1kwh and mint one or  buy one and then you can use 1kwh of electricity.

seem like a nice idea. like if someone wants to charge their tesla they just buy some e-stablecoins or use ones already in their wallet.

Its very innovative idea to mint stable coin with 1 kilowatt of electricity, its use case seems very practical.  If market accepts it then it can restore confidence of investors in stable coins which was massively damaged after fast and huge crash of Luna foundation stable coin UST. Minting E-stable coins in regions where electricty price is lower and sell it where price is higher can generate good profit,

https://cointelegraph.com/news/scientists-claim-to-have-designed-a-fully-decentralized-stablecoin-pegged-to-electricity

[$anounimus$]

Given all of these facts, it's no surprise that there is a demand for stable coins. The trick will be finding the best design for one and this good idea. The idea of mining a currency by using electricity is pretty neat. It is a different take on the idea of "proof of work". Perhaps we will see this implemented in the future, who knows.

[nakamura12]

Its very innovative idea to mint stable coin with 1 kilowatt of electricity, its use case seems very practical.  If market accepts it then it can restore confidence of investors in stable coins which was massively damaged after fast and huge crash of Luna foundation stable coin UST. Minting E-stable coins in regions where electricty price is lower and sell it where price is higher can generate good profit,

https://cointelegraph.com/news/scientists-claim-to-have-designed-a-fully-decentralized-stablecoin-pegged-to-electricity

Not really sure if those scientists really did designed a fully decentralized stablecoin pegged to electricity much like the same as USDT that is pegged to US. dollar. If they really wanted to continue with their goal then they should find a way to make the market accept it and it's uses too. I would also ask where I can use the stable coin and what can I do with it to earn profit. I wonder where it's price will be based since the stable coin will be pegged with 1kwh after all. What can you say about it?.

[Mosharafhh]

I dont think it will better option if you choose new one use stable coin which is most popular in market now then it will more accepted to everyone for pay charge. Yah if you think new stable coin only for this purposes thats also need other usecases for needs a marker spaces!

[larry_vw_1955]

Its very innovative idea to mint stable coin with 1 kilowatt of electricity, its use case seems very practical.  If market accepts it then it can restore confidence of investors in stable coins which was massively damaged after fast and huge crash of Luna foundation stable coin UST. Minting E-stable coins in regions where electricty price is lower and sell it where price is higher can generate good profit,

https://cointelegraph.com/news/scientists-claim-to-have-designed-a-fully-decentralized-stablecoin-pegged-to-electricity

If their paper is legit then they came up with something never really done before. Their names could be right up there with the best and brightest like Satoshi himself. Just sayin.

"The first step is to detail how free energy (or electricity) can be transferred between two remote parties (Alice and Bob) solely by the transmission of information between those two parties."

Yeah...

[passwordnow]

I'm not sure if I get it correctly but, we've got a few decentralized stablecoins already if you don't want to get into those centralized ones. The most popular decentralized stable coin is DAI.
Actually, with that example, all of the cryptos can be used for purchasing anything and it will depend if the service or person you'll pay is willing to accept it. Why would there be a need to purchase a stablecoin if there's already an existing system which is easier for the users and merchants to accept payments?

[larry_vw_1955]

I'm not sure if I get it correctly but, we've got a few decentralized stablecoins already if you don't want to get into those centralized ones. The most popular decentralized stable coin is DAI.

DAI is an algorithmic stablecoin. The E-stablecoin is different.

"Livermore’s Maxwell Murialdo and Jonathan L. Belof say their innovation would make it possible to transmit electricity without physical wires or a grid and create a fully collateralized stablecoin pegged to a physical asset – electricity – that is dependent on its utility for is value."

The problem is, the technology to do that is not yet available. But it's a nice idea.

[Anonylz]

~The problem is, the technology to do that is not yet available. But it's a nice idea.

An idea that may not become reality because of its technicalities, am still trying to make sense out of the e-stablecoin concept and how it will be possible in locations with high electricity or even worse poor epileptic electricity. the idea sound very broad plus there is no known technology available to support the it. So this may probably remain just an idea.

[Hamza2424]

based on 1 kwh of electricity. put in 1kwh and mint one or  buy one and then you can use 1kwh of electricity.

seem like a nice idea. like if someone wants to charge their tesla they just buy some e-stablecoins or use ones already in their wallet.

The era of stable coina haha well that true but remember now next bear will be there with the power of the stable coins Holding Power because More stable coins Market Cap is dengrous for crypto, on a point it is good tooo, so that new investments can be done easily still i think Decentralization of Stable coins should be done before 2024

[serjent05]

~The problem is, the technology to do that is not yet available. But it's a nice idea.

An idea that may not become reality because of its technicalities, am still trying to make sense out of the e-stablecoin concept and how it will be possible in locations with high electricity or even worse poor epileptic electricity. the idea sound very broad plus there is no known technology available to support the it. So this may probably remain just an idea.

I am also confused about the feasibility of this project.  The first thing in my mind is that electricity cost is different in each region, so how does this concept solve that?  Second is, won't this project inflate the price of electricity?  Economically I am baffled about its effect on electricity production, electricity costs, and electricity consumption.  And how could it maintain the KW reserve when electricity is consumable.

[larry_vw_1955]

I am also confused about the feasibility of this project.  The first thing in my mind is that electricity cost is different in each region, so how does this concept solve that? 

Here you go:

The advent of E-Stablecoin and associated arbitrage opportunities would likely help to push the price of electricity in most nations towards a single global average. Instead of having distinct local pricing structures, electricity would likely be pushed towards a single worldwide price or a small range of prices (like other commodities such as oil and gold). However, it is nonetheless likely that the production costs of electricity will continue to vary by country and by region based on local factors such as local demand, the price of labor, local infrastructure, natural resources, and even the local weather. Therefore, location-based opportunities for arbitrage using E-Stablecoin may continue to exist.

Second is, won't this project inflate the price of electricity? Economically I am baffled about its effect on electricity production, electricity costs, and electricity consumption. 

Here you go:

The minting of new E-Stablecoin tokens requires the consumption of electricity. Will electricity markets be able to stably bear the new demands placed on them (as electricity is consumed to mint new E-Stablecoin tokens as stores of value)? Ostensibly, yes. Each year approximately three trillion dollars’ worth of electricity is consumed globally . In order to mint one trillion dollars’ worth of E-Stablecoin tokens over the course of twelve years (comparable to Bitcoin), this action would only increase global electricity demand by an average of 2.8%. For comparison, the electricity consumption worldwide from 2010 to 2018 increased by roughly 2.8% per year . Moreover, studies have suggested that long-term electricity supply elasticities are in the range of 0.98-2.7  . This range suggests that electricity markets should be able to compensate their supply to account for the slight increase in demand associated with E-Stablecoin token minting, without drastically altering prices.

[RussianEnglishTranslation]

I am also confused about the feasibility of this project.  The first thing in my mind is that electricity cost is different in each region, so how does this concept solve that? 

Here you go:

The advent of E-Stablecoin and associated arbitrage opportunities would likely help to push the price of electricity in most nations towards a single global average. Instead of having distinct local pricing structures, electricity would likely be pushed towards a single worldwide price or a small range of prices (like other commodities such as oil and gold). However, it is nonetheless likely that the production costs of electricity will continue to vary by country and by region based on local factors such as local demand, the price of labor, local infrastructure, natural resources, and even the local weather. Therefore, location-based opportunities for arbitrage using E-Stablecoin may continue to exist.

Second is, won't this project inflate the price of electricity? Economically I am baffled about its effect on electricity production, electricity costs, and electricity consumption. 

Here you go:

The minting of new E-Stablecoin tokens requires the consumption of electricity. Will electricity markets be able to stably bear the new demands placed on them (as electricity is consumed to mint new E-Stablecoin tokens as stores of value)? Ostensibly, yes. Each year approximately three trillion dollars’ worth of electricity is consumed globally . In order to mint one trillion dollars’ worth of E-Stablecoin tokens over the course of twelve years (comparable to Bitcoin), this action would only increase global electricity demand by an average of 2.8%. For comparison, the electricity consumption worldwide from 2010 to 2018 increased by roughly 2.8% per year . Moreover, studies have suggested that long-term electricity supply elasticities are in the range of 0.98-2.7  . This range suggests that electricity markets should be able to compensate their supply to account for the slight increase in demand associated with E-Stablecoin token minting, without drastically altering prices.

How does this work though? The user mines the stablecoin using electricity then transfers it to someone else who can spend the stablecoin to pay for electricity? Does that mean that the electricity utility provider needs to be in on the scheme? Which chain will this be on? I think CNDL or Fantom would be a good place to deploy this as both are lighting fast and CNDL even has 0 gas fees.

[larry_vw_1955]

How does this work though? The user mines the stablecoin using electricity then transfers it to someone else who can spend the stablecoin to pay for electricity?

here you go:

The price of each E-Stablecoin token is hard pegged to the price of one KWh of electricity. This is maintained by ensuring that one E-Stablecoin token can always be exchanged (cashed in) for one KWh of electricity (plus fees). Likewise, the opposite conversion is equally valid; one KWh of electricity can always be used to mint one new E-Stablecoin token (plus fees). Furthermore, this process is fully decentralized so that no authority can intervene in the creation or cashing in of E-Stablecoin tokens.

Does that mean that the electricity utility provider needs to be in on the scheme?

see the part in bold?

Which chain will this be on? I think CNDL or Fantom would be a good place to deploy this as both are lighting fast and CNDL even has 0 gas fees.

those are toys.

For the E-Stablecoin network, smart contracts are used to control the creation, destruction, and distribution of E-Stablecoin tokens. Furthermore, smart contracts manage the decentralized data storage cloud, D, associated with the E-Stablecoin network.

[RussianEnglishTranslation]

How does this work though? The user mines the stablecoin using electricity then transfers it to someone else who can spend the stablecoin to pay for electricity?

here you go:

The price of each E-Stablecoin token is hard pegged to the price of one KWh of electricity. This is maintained by ensuring that one E-Stablecoin token can always be exchanged (cashed in) for one KWh of electricity (plus fees). Likewise, the opposite conversion is equally valid; one KWh of electricity can always be used to mint one new E-Stablecoin token (plus fees). Furthermore, this process is fully decentralized so that no authority can intervene in the creation or cashing in of E-Stablecoin tokens.

Does that mean that the electricity utility provider needs to be in on the scheme?

see the part in bold?

Which chain will this be on? I think CNDL or Fantom would be a good place to deploy this as both are lighting fast and CNDL even has 0 gas fees.

those are toys.

For the E-Stablecoin network, smart contracts are used to control the creation, destruction, and distribution of E-Stablecoin tokens. Furthermore, smart contracts manage the decentralized data storage cloud, D, associated with the E-Stablecoin network.

You can't just mint something and say it is backed by something. I could mint a stablecoin now and say it is backed by all of the worlds diamonds. How is it actually backed and how do you redeem it to pay your electric bill?

[larry_vw_1955]

You can't just mint something and say it is backed by something. I could mint a stablecoin now and say it is backed by all of the worlds diamonds. How is it actually backed and how do you redeem it to pay your electric bill?

i dont have time to explain how the whole thing works but you're welcome to look into it on your own. but again though it's not technologically possible yet the authors admitted that. so maybe it's not worth discussing yet.

[fullhdpixel]

based on 1 kwh of electricity. put in 1kwh and mint one or  buy one and then you can use 1kwh of electricity.

No need to put "E" beside the name stablecoin because stable coins are already digital. I don't know if how much is that 1kwh or what can be used with that energy but I think I will just prefer to buy than to mine a coin since I always believe that mining is hard. It can be time, effort consuming and you will need certain specs or even a mining machine to be able to get started.

if someone wants to charge their tesla they just buy some e-stablecoins or use ones already in their wallet.

No, stablecoins aren't the ones that is being loaded in the tesla to be able for it to work but people are only using their stablecoins to pay and use the charging station but are stablecoins really accepted by testla? Cool, not aware with that but I heard doge and shib are also being planned to be supported soon.

[larry_vw_1955]

No need to put "E" beside the name stablecoin because stable coins are already digital.

E-stablecoin isn't like an ordinary stablecoin you may be used to.

I don't know if how much is that 1kwh or what can be used with that energy but I think I will just prefer to buy than to mine a coin since I always believe that mining is hard. It can be time, effort consuming and you will need certain specs or even a mining machine to be able to get started.

You would be able to buy E-stablecoins that someone else created. There would be exchanges for it. But the cost to mint an E-stablecoin won't go up in price like the bitcoin difficulty has. The cost to mint a bitcoin is way higher than it used to be.