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Digital trade coin: towards a more stable digital currency
Alex Lipton1, Thomas Hardjono1, Alex Pentland1
1MIT Connection Science, Massachusetts Institute of Technology, Cambridge, MA, USA.
Royal Society Open Science
|August 16, 2018
Summary
Asset-backed currencies are revitalized by blockchain technology. A new digital trade coin (DTC) offers a practical alternative to traditional fiat reserve currencies.
Area of Science:
- Economics
- Financial Technology
- Computer Science
Background:
- Historical analysis of asset-backed currency concepts over two centuries.
- Emergence of distributed ledger technologies (DLT) and blockchain.
- Limitations of current fiat reserve currencies.
Purpose of the Study:
- To explore the historical evolution of asset-backed currencies.
- To investigate the potential of DLT and blockchain in reviving asset-backed currency concepts.
- To propose a practical mechanism for an asset-backed transactional cryptocurrency.
Main Methods:
- Historical research and literature review on asset-backed currencies.
- Analysis of recent advancements in distributed ledger technologies and blockchain.
- Development of a proposed mechanism integrating technological innovations and hedging strategies.
Main Results:
- Asset-backed currencies have a long history, with potential for resurgence.
- DLT and blockchain offer a technological foundation for modern asset-backed currencies.
- A practical mechanism for a digital trade coin (DTC) is proposed, combining technology and financial hedging.
Conclusions:
- Recent technological advancements provide a new opportunity for asset-backed currencies.
- The proposed digital trade coin (DTC) can function as a transactional cryptocurrency.
- The DTC has the potential to serve as a viable counterpoint to existing fiat reserve currencies.
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