This is very exciting. Is there a way for thundercore contracts to communicate with the Ethereum main net? Having a gateway between the 2 would really help this tech take off. For instance, if I have a dapp that accepts Dai tokens, it would be nice to move the Dai onto Thundercore and transact quickly.
an alternative to inflation that might be more tenable to those not wishing to breach 21 million limit: staked mining
Any miner wishing to participate in a block has to stake some large amount of btc 3 blocks in advance. When proofs of work are submitted, the winner gets all the staked btc.
The fee is denominated in dai, not MKR. So as the supply of MKR declines, the dollar price of it will rise. This means the dai price will rise.
EG. Suppose the interest rate is 10%. A CDP with 100 dai drawn will require an interest payment equal to 10 dai. Suppose the current market price is 1 dai = 1 MKR. This would mean…
Thanks for the article! I have a few questions:
If a token has utility value, the moment it is minted then this stands out from tokens which are promises of future utility. It’s notable that Ethereum was essentially launched as an ICO but was not deemed a security. Instead what distinguishes it is the fact that ether immediately had utility. Perhaps this is the safest route for ICOs: to first make a product and then sell token for utility.
In the white paper it mentions that this provides implicit margin trading. If you suspect the price of eth is going up, buy eth, generate dai in a CDP. Use it to buy more eth. Use that eth to generate more dai. Rinse and repeat as the price of eth climbs. Then when you’re ready to cash out, use the remaining eth to buy dai “cheaply” and cascade…