Bitcurrency - Native currency - VRC10

What is Bitcurrency

Bitcurrency, also known as Bit fiat currency/Public Currency/Constant Currency, is a public asset that is competitively issued by the public through the mortgage of Bitcurrency. In order to facilitate naming with Ethereums ERC-20 as a reference, we named the Bitcurrency standard "VRC-10". Bitcurrency is a completely decentralized issuance of digital assets running on the main openverse network. Bitcurrency is a digital asset with constant value, known as constant currency. Compared to stable currency, it is another form of legal currency, not a competitor. Therefore, when naming and designating, the corresponding legal currency name is directly referenced. Currently, there is no such currency in the world. Although it looks similar, it is actually a completely different example, such as USDT (which is a product of centralized issuance by Tether Company, and we believe it will cause a minor disaster). It is a competitor to USD on the openverse network rather than a homogeneous product. We very much hope that everyone can reach a consensus: Bitcurrency is the issuance of sovereign legal currencies in the openverse square ecosystem, and it is M0 (M0 refers to cash in circulation, which is the sum of cash on hand in various units outside the banking system and cash held by residents, the narrowest sense of currency).

Bitgold will serve as the financial bottom layer of gold in the ecosystem, while Bitcoin will serve as a true measure of value and exchange medium. It can be a base currency for transaction pairs, and can serve as a cross ecological bridge between cash and electronic currency (such as between Apple pay and Paypal, where USD seamlessly transfers to and from each other).

If there is a need to issue Bitcurrency in the current legal currency in your economic region, please move to the Community Economy section to initiate and vote. Eventually, openverse network will issue a total of over 200 bitcurrencies, covering the legal currencies of sovereign countries around the world[ https://www.iso.org/iso-4217-currency-codes.html ]. Moreover, when there are new legal currencies (such as the euro at the beginning of the 21st century), there is also the freedom to expand more bitcurrencies.

Word currencies list resource   Word currencies list Excel

What is PCIM

After analyzing the shortcomings of the gold standard and the central bank's legal currency issuance mechanism, as well as studying works such as "Denationalization of Money", the openverse network proposed a new idea using blockchain technology, "Bitcurrency Issuance Solution - Public Currency Issuance System, PCIM.".

PCIM is a monetary issuance system that issues Bitcurrency through mortgage based assets such as Bitgold and the participation of the entire population. We can also call it the "New Gold Standard System". PCIM has several key points:

• The whole people can participate, and any individual with standard assets can participate in competitive issuance;
• Mortgage based assets to produce Bitcurrency; When returning Bitcurrency, the base asset bitgold shall be released in the original amount;
• Be ready to participate in competitive issuance activities;
• High frequency, competitive issuance based on block cycle;

We can make an analogy by mortgaging real estate to a bank, and the bank prints a brand new currency (M0, not just a loan, which is M1). When we pay back, the real estate is released from the mortgage, and the repayment currency is destroyed.

PCIM allows participants to have the power to mint Bitcurrency, which can be used in commercial and economic life just as legal currencies are used in daily life. At the same time, participants still have the value-added space of Bitgold, as in the above analogy, mortgagers still have the value-added return of real estate.

The public issuance system will, to a certain extent, affect the monetary issuance policies of central banks in various countries, and may even trigger the phenomenon of "national level legal currency competition" and "good currency drives out bad currency". We sincerely hope that all sectors of society, including the government, will embrace it with a mindset of experimentation and practice.

Bitcurrency protection mechanism

1. Currency creation stage: The community should fully consider the laws and systems of the country's government and vote for or against it in governance voting;

2. Currency issuance stage: When there is a black swan event in the currency issuance volume, such as an abnormal increase of several times in the 3-day issuance volume, the community should bid for blockchain hard branching;

3. The founding team reserves the right to have one vote for extremely unreasonable situations and conduct hard fork upgrades;

4. When Bitcurrency reaches a certain level of scale, it should actively coordinate with the local government to protect the entire financial system and avoid systemic risk sharing;

5. Based on the above hard fork protection and the advantages of PCIM itself (which can destroy bitcurrencies and return them to Bitgold), the end of the bitcurrencies' life can be achieved by public opinion.

Similarity theory

F.A. Hayek, also called Friedrich A. Hayek, in full Friedrich August von Hayek, (born May 8, 1899, Vienna, Austria—died March 23, 1992, Freiburg, Germany), Austrian-born British economist noted for his criticisms of the Keynesian welfare state and of totalitarian socialism. In 1974 he shared the Nobel Prize for Economics with Swedish economist Gunnar Myrdal.

Bitcurrency image norms

Category name: Currency/currencies. When there is a conflict with a legal currency, please use Bitcurrency/bitcurrencies.

Specific currencies, such as USD:Priority is given to the use of USD as the symbol, and $as the unit of "Dollar", which is the original unit of "Dollar" in the sovereign legal currency of various countries.

Alternative solution: When you need digital currency recognition or value square recognition, please use USD, with the upper-right corner being ⓥ, which is a regular special character. In document editing software such as Microsoft Word, you can find it in the Insert Special Character function (you can also directly copy it on this page), and set its format to "superscript". (ⓥ is also an ecological symbol of openverse digital assets in public, similar to ® Is an identifier for a registered trademark and © Is a copyright identifier).

Bitcurrency visual resources