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Author Topic: PoScan for Stablecoins Backed by Precious Metals & Gemstones: Innovative Idea?  (Read 22 times)
Cee2 (OP)
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January 24, 2023, 09:27:08 PM

Welcome to the next era of stablecoins

The technology behind Proof of Scan (PoScan) could potentially be used to create stable coins backed by precious metals or gemstones. Because PoScan is able to authenticate and tokenize physical objects, it could be used to tokenize precious metals or gemstones and assign them a unique digital asset. This digital asset, or stable coin, could be pegged to the value of the physical precious metal or gemstone and could be traded or used as a store of value.

One potential way this could be implemented is through the use of a third-party organization, such as a precious metals or gemstones supplier, to verify the authenticity and weight of the physical assets. This organization could then assign a unique digital asset to the physical asset and add it to the blockchain. The value of the digital asset would be tied to the value of the physical asset, allowing for a stable coin that is backed by a tangible, physical asset.

In addition, PoScan's ability to authenticate 3D objects can also be used to tokenize and track each gemstone, which is a unique physical object, making it possible to trace the origin and authenticity of each gemstone, which is a big plus for tracking and traceability of precious gemstones.

Benefit compared to FIAT stablecoins

Stablecoins backed by precious metals or gemstones have several potential advantages over fiat currency:

1. Tangible value: Precious metals and gemstones have intrinsic value, unlike fiat currency which relies on the faith and credit of the issuing government. This means that even if the issuing government collapses or the currency becomes worthless, the value of the precious metals or gemstones would still remain.

2. Store of value: Precious metals and gemstones have been used as a store of value for centuries, and their value tends to hold up well during times of economic turmoil. This makes them a more reliable store of value than fiat currency, which can be subject to inflation and devaluation.

3. Transparency: By using PoScan technology, it is possible to authenticate and track each gemstone, making it possible to trace the origin and authenticity of each gemstone. This adds transparency and traceability to the system, which is a big plus for tracking and traceability of precious gemstones.

4. Hedge against inflation: Precious metals and gemstones often retain their value or appreciate in value over time, making them a good hedge against inflation.

5. Decentralization: As a stablecoin is decentralized, it would not be affected by government regulations or policies and it would be less prone to government interference.

This is just a theoretical use case and I would encourage you to read up on a project that tries to tackle this called 3DPass which I’m proud to have joined after the official ANN thread

What are your thoughts on this concept?

BTW feel free to checkout my Twitter:

3DPass: Proof of Scan (PoScan) Consensus Mechanism that makes the tokenisation of objects onto the blockchain trustless, decentralized, secure and limitless. This will revolutionize decentralized identification, asset tokenisation of anything and everything from gemstones to precious metals.

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