I have been thinking a lot lately about scrip and cryptotokens and how they are very similar to one another. Back in the old days' banks and even mining towns would issue their own scrip as a form of payment or 'currency'. Sometimes it worked out, other times the scrip producers overproduced their scrip and saturated the market with useless paper-backed promises. Yes, that kind of sounds a lot like our current Federal Reserve's Fractional Reserve Banking system and the United States Dollar. The United States Dollar is backed by thin air (some might say it is backed by US Debt). So, I thought why not families create their own tokens?
Tokenization is a major thing these days in the cryptocurrency world; Yet, I haven't seen families take advantage of it by establishing their own coins or even stable currencies backed by family members. Imagine having a Family Token, or "FamilyCoin". I've talked about this before, but I'm really more interested in having an actual concept for my own family.
We'd like to create a family stable currency (USD) that all family members agree one of these "FamilyDollar" equals one United States Dollar. Having this token available publicly can help people get into the market, but that wouldn't be the main purpose of the coin. The coin could be used as a UBI for family members, maybe it can be represented as an IOU. Perhaps, it could just be a regular form of payment between family members, or it can be used as a form of debt collection between families. The possibilities are endless for this concept.
Yes, It does seem like I'm repeating myself (I guess I am from a similar post a week or two ago), but this is a concept I truly want to expand and learn about. The perks of going the cryptocurrency route instead of the physical paperback, or coinage route, is that you can see the total mintage amount and there is no evil family member saturating the market with newly minted 'currency' in secret. The transactions between family wallets are public and it's easily saved so that family members can keep tabs on their funds with ease. I've got to expand my research but this concept will come to the public soon enough.
Would you start your own token or your own stable currency for your family?