Blockchain Cryptocurrency Backed with Full Faith and Credit
نویسنده
چکیده
The major advantages of blockchain based cryptocurrencies are the independent verifiability of transactions and the anonymity that they allow. Blockchains can also process transactions at much lower cost than banks and credit card companies. On the other hand, the value of cryptocurrencies is quite volatile. In addition, the crypto-ecosystem is not easy to access for many less technologically savvy consumers and it is especially difficult to make financial connections to the outside world. These factors limit the utility of cryptocurrencies as a store of value and a medium of exchange, respectively. This paper proposes the creation of CryptoBucks, a cryptocurrency backed 100% by dollars. CryptoBucks solve the problem of volatility and offer various levels of privacy and anonymity depending on how the system is implemented. This paper was completed while the author was visiting researcher at Microsoft Research. I would like to thank Microsoft for their hospitality. The author takes sole responsibility for the content of this paper. Citation: John P. Conley, (2017) ''Blockchain Cryptocurrency Backed with Full Faith and Credit'', Vanderbilt University Department of Economics Working Papers, VUECON-17-00007. Contact: John P. Conley [email protected]. Submitted: June 06, 2017. Published: June 06, 2017. URL:http://www.accessecon.com/Pubs/VUECON/VUECON-17-00007.pdf Blockchain Cryptocurrency Backed with Full Faith and Credit
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