What do you think about a system that allows you to create your own personal cryptocurrencies?


#1

I would like to know what you guys thing about a system that allows you to easily generate your own cryptocurrencies and/or smart assets. They could be used for a variety or things such as customer coupons, gift cards, “gold” (i.e. in a game), shares in a company/organization, a normal cryptocurrency that is local to your domain (or a network of domains), digital multi-signed contracts (escrow agreement for example) or even land deeds.

The system I propose could even allow the option of securing the asset with other assets, such as bitcoin or ‘hificoin’ (if there will be one).

Would you be interested in using one?

If so what would you want to use it for?

What would you want to be able to do with it?

Would you feel comfortable having your digital assets stored offsite on a secure server or would you want to take responsibility for your own asset security?

What sort of a transaction fee would you feel comfortable paying for this service?


#2

Yes.

User retention within my corporate umbrella of domains currently under development.

Pretty straight-forward answer is to have something of value to users that allows for trade agreements etc.

This one is tricky. I think users that expect to use a service similar to PayPal will begin to have the expectation that their “money” is being overseen (stored) in a nice safe vault somewhere; in the traditional sense of the concept of currency.

Far too early to tell, or to toss out a guess.


#3

Thanks for the feedback Alpha!


#4

Interested in answers. We are thinking about an approach where, as you say, assets and currencies can be generated by anyone on a single blockchain solution that we help to deploy.


#5

There are a few projects doing this already. Take a look at omni layer, counterparty, and a newer open source project called multichain.

The first two are mostly third party services so multichain is probably a better option although it is not mature and still quite early in development.

Either way you can get a good idea of how others are doing it.

Ethereum also does this to some degree.


#6

Has High Fidelity looked at what Decentraland is doing? It’s all blockchain. Unlike HF, they’re not VR-focused, though.


#7

Why would anyone pay for land position? if you are talking about artificial limits on connections between VR places, then why would anyone do something like Decentraland when they could just make a deal with the other place they wanted to be near? Maybe I am missing something…

To me, it just sounds like trying to monitize an open sim map.


#8

Agreed, it’s a stretch. This is assuming that virtual land has inherent value. The lesson is that the bigger the land space, the less valuable it becomes. What makes virtual land valuable is an entertaining experience or lots of people in the space.


#9

Philip, that would be a good solution if HF were operating in a vacuum, but what about projects and communities that are already using a crypto token (for example, a token running on the Ethereum blockchain) and want to use their token in HF as well?


#10

It might if one is offering competitive services, or has a monopoly over a service (e.g. player-owned land in a rpg game).

As with the rest of the internet, inherent value is based primarily on services offered. Nobody wants to pay a membership fee to be able to look at a blank website but when it has thousands of women looking for dates (for example) they will.

Websites are “virtual land” but just happen to be 2D versions of virtual land and people pay fees for “virtual land” all the time, the only difference is the way it is presented. This is why I say HiFi is a 3D web browser, even though people get upset when they hear it. If people would get more into this mindset instead of thinking of it as a “game” or Second Life part 2 they will start to see a lot more things HiFi is capable of (not to mention making the hifi interface function more like a browser rather than a Second Life client because
no matter how many words you try to mince it will still be a browser).


#11

Multichain just hit their 1.0 release. I think it might be worth taking a look at for HiFi implementation.

Documentation:
https://www.multichain.com/

Source Code: