Dear Internet,
I had this idea, and could not put it down. Please tear it to bits or share it with skilled people that can make it happen. I don't have a means to take this idea beyond this draft, but it's a product I want to use, so I'm hoping the internet can take it from here.
I am a US resident that can't deposit USD onto a lot of exchanges. It's annoying, and this concept came to me as a way to make that go away.
The US Dollar used to be backed by gold via the federal reserve. To help society make the mental shift between methods of stored value again, this concept is similar. This would be a cryptocurrency that's backed by USD via a crypto central reserve. The central reserve would potentially hire managers and representatives democratically via token voting.
The reserve would act as both a legal guarantor of cryptocurrency value in USD, as well as a decentralized bank on the fiat side using the USD collateral in the reserve.
Crypto holders would earn/mint more crypto via proof of work and proof of deposit, resulting from calculated interest earnings generated by the central reserve in USD as well as by newly integrated bank notes hashed via specialized ATMs.
A fixed value and exchange guarantee by the central reserve along with automated inflation control would help tie the value, and eventually the quantity in circulation, of the cryptocurrency to the value and quantity in circulation of the USD.
If you know anyone that's a blockchain developer, a banking regulator or manager, a banking law professional, securities professional, or economist, shoot this idea their way, and hopefully this thing can evolve into a community project if it has any merit.
I labored over the draft below on Inkscape, and the .svg file is available upon request.
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STOPthanks for upvote . pls follow me.