What is the correct way to start a stable coin so a broader population will adopt the cryptocurrency concept without worrying about exchange rate fluctuations?
There are many obvious applications for a cryptocurrency that follows a fiat currency and I don't think this should be limited to the major currencies like USD, EUR, JPY. I'm interested in the rest of the world.
This should not be a centralized solution like Tether where people are required to trust a single company that promises it has the fiat locked up in a bank account as collateral.
The stable coin should be a concept similar to BitShares with the new Bancor algorithm so there is no need for actual fiat to back up the stable coin.
What are the requirements for such a stable coin and who issues the new currency?
- Do we need to wait for the distributed exchange on top of EOS?
- Do we need oracles to get the exchange rate for the fiat to EOS pair we want to start issuing?
- Can other people participate and add liquidity and float to the new stable coin pair?