A new kind of stablecoin

Developers Cardano Projects
1

Hello to all,

An idea has been on my mind for some time now and I’ve come here to discuss it, to find out what you think about it and whether it’s worth putting more energy into it or not.

I was thinking of a different way to create a stablecoin and my idea is this: What if we have to sacrifice one coin to get another coin?

My initial idea was to burn a coin in order to exchange its current value in USD represented by a new stablecoin (let’s call it ASH). Let’s say ETH = $2000 USD, in this case, burning 1 ETH would generate 2000 x ASHes

Then I thought, well, why would anyone just give up on their coins like that without being able to reverse it at a later time. I then thought of a lottery system to generate the stablecoins. ASHes would then be distributed to the winners of this lottery. One would have to buy a lottery ticket and the coins with which he purchased the tickets would be burned and the USD equivalent at the time of the trade in ASHes would be added to the lottery prize.

This is still just the early state of a weird idea so, please, be constructive.

Thank you!

2

outside of your idea it would be cool to see a lottery system where people can stake coins and maybe there’s a sidebar showing lottery winners so if people did want to bet their money like they do in the American lottery system. i would feel more comfortable putting my money into a lottery pool that had code controlling the randomness so long as it was truly random in the best ways possible. I never play the lottery and never buy scratch offs but if there was a place online i could trust to put $100 in hopes to win lets say, 10,000, I might put it there and just let it sit to see what happens. and maybe the payouts aren’t in the millions and millions like in the state lotteries but smaller like tens of thousands or a percentage of the pot . Maybe the rest could be returned to the lottery players or even allowed to be held in the system for the next lottery until they no longer have enough to play. would something like this be legal if the code was open sourced and shown to be fair in it’s choosing?