Grid founder explains why the etherfront needs stable currency


nnnTrail: Alex Miller is ConsenSys Software Development Manager, Grid founder. He firmly believes that the development of a stable currency is the future, at least in the short term is the case. The world economy will not abandon its currency overnight, and if it is necessary to change the existing financial system, it will build the relevant infrastructure under the existing rules.n
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nReporter: pencil leadn
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nWhy does the etherfront need a stable currency?n
nAlex Miller is ConsenSys Software Development Manager, Grid Founder.n
nIn 2015, Alex Miller worked for a financial technology company in Austin, Texas. At that time the company’s main business is a small transaction for dynamic discount promotions, with the traditional means of payment to customers about one dollar return. The cost of each transaction is $ 0.5, and most of the company’s members are busy dealing with the company’s development and ignore the cost, but for Alex Miller, it can not stop thinking about this disturbing fact. He has heard of Bitcoin and then returns to the book trying to see if it can help optimize the work efficiency.n
nAt that time he thought that the idea could not be achieved. Not only because the encryption technology is still in the early stages of adopting the innovation curve, and Bitcoin is not yet mature enough. In addition, the only accounting unit – Bitcoin – is not stable enough for the exchange of dollars.n
nn”The dollar is equivalent to $ 0.50, which is likely to be worth $ 0.50 next week, so the Bitcoin does not work, but in the process I’ve accidentally discovered that it is launching a public chain That is the moment, I figured out the direction, and then fell into the rabbit hole no longer back. “Alex Miller described this.n
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nEthernet Square can change the current traden
nAlex Miller firmly believes that the development of a stable currency is the future, at least in the short term is the case. The world economy will not abandon its currency overnight, and if it is necessary to change the existing financial system, it will build the relevant infrastructure under the existing rules. In this regard, he said:n
nn”We need to stabilize the currency, and today we can immediately create in the ether square, but now, everyone is developing APP tokens.”n
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nWhat is “APP tokens”?n
nWhile stabilizing coins in the early stages of the tower is attracting a lot of attention, the attention of the ecosystem now seems to have largely turned to the “APP tokens”. Alex Miller argues that there are many other ways to motivate customers to use their software platform to make initial participant earnings (for example, GRID tokens available in the Grid white paper).n
nThere are now a lot of decentralized applications, each of which requires its specific tokens as an internal use tool. This is what he calls “APP tokens” – each user must get a token to use the application simply. And the above token can not be easily realized, and there is no 99.9% of the mainstream user transactions using a stable currency linked (domestic currency), in his view, this is a key point for its failure.n
nAlex Miller is not optimistic about the prospect of APP tokens. Some may survive in the network, but he worries about its inefficiency, especially in terms of pay. But he also said,n
nn”Of course, every APP token is not the same, I also think there are many great projects in this area – but I think APP tokens as the development of the preferred days have been numbered.” He continued, This will be an interesting experiment, but I think that as a community is adopted on a large scale, we will eventually focus on the use of stable currency.n
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nBOLT, Grid’s stable currencyn
nIt is understood that Grid is committed to the establishment of a mainstream customer base to solve practical problems of the product, the use of the tower as a technical support, but does not require ordinary customers to understand its specific operational theory. The euphorans can use tees to pay for electricity, but the elderly at home do not need to use the coin – they can use dollars instead.n
nWhen a user uses a credit card to purchase a service on the Grid, the Grid stores the same amount of BOLT tokens as the payment amount (after deducting the transaction fee) to the customer’s account. These tokens are compatible with ERC-20, and each BOLT has a corresponding dollar in the bank. Any Grid user can redeem these unused tokens in any way at any time.n
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nGrid’s overall plann
nThe advantage of a stable currency is that it can achieve interoperability between different platforms.n
nn”With the development of our company, the increase in customer base makes the BOLT pool more mobile, we will create the Raiden Center to use the ether-square technology to promote the trust between the general trade market, while reducing transaction fees. The answer I need is also what the world needs today, “Alex Miller said with confidence.n
nnBOLT can use the Ether Square Distributed Application (Dapps). The use of BOLT long-term expected bet is not affected by money market currency risk, can also outsource some estimates.n
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nChange world traden
nAbout improving the customer experience

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