Fury Whitepaper V1.0
1. Summary ………………………………………………… 2
2. Offshore Storage …………………………………. 3
3. Stable Coin Proposal ……………………………. 4
Fury was originally released as a basic Monero clone that was forked off of the latest Monero code. The only two goals when we started were to have an anonymous coin that would take the best parts from Monero and build a strong community. We have been able to keep the coin up to date with the best parts of Monero while also implementing a new algorithm. We hard forked in January to update the code to include Bulletproofs as well as change the algorithm to one that is not on Nicehash to prevent future 51% attacks. The fork went great as we tested it extensively before releasing it. There was a small issue with some windows wallets not syncing but it was solved quickly and efficiently. The second goal of having a strong community has been slow to realize. We have struggled with community engagement as our team member in charge of that has been very busy with work and personal things.
Since we never really had an end direction the Fury team has decided on one recently. After seeing the struggles of Haven we have decided to step into the void they have left with their mismanagement and incompetence and provide an offshore storage solution.
2. Offshore Storage
The new direction of Fury is offshore storage. What that means is that you can take your Fury coins and send them to an offshore storage solution where they will be safe from market fluctuations. Let’s say you had $500 USD worth of Fury but didn’t want to turn it into USD and cash it out. You could instead send it to our offshore storage and when you want to turn it back into Fury you would be able to turn it back into $500 USD worth of Fury.
To do this I have started working on a new daemon that will record the current USD price of Fury into each block. This price will then be used by the new wallet for when you want to use the Offshore Storage. Unlike Haven this will not be done by an ‘Oracle’ or black box it will be directly in our code so the users can see how it works.
This is something that we will be working on for the next few months however the hard fork for it cannot be released until the coin is on a few more exchanges and has more volume. Without decent volume the coins features could be abused.
3. Stable Coin Proposal
The final direction of the coin is still just an idea and not something we have started working on or something we will work on until well after offshore storage is implemented. The final idea is to make Fury a stable coin relative to BTC. To do this we would take any remaining premine and set it aside to be sold. Then we would decide on the stable price of the coin as a community based on current sell price and trends. Then we would offer for sale these coins at 10% above the decided on price point. The BTC from these sales would then be used to purchase Fury from users or exchanges at 10% below this decided on price point. If done properly this would keep the coin stable within 10% of that price point.
This is just an idea in its infancy and is subject to change or modification.