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Blockchain Cryptocurrency Backed with Full Faith and Credit

John Conley ()

No 17-00007, Vanderbilt University Department of Economics Working Papers from Vanderbilt University Department of Economics

Abstract: The major advantages of blockchain based cryptocurrencies are the independent verifiability of transactions and the anonymity that they allow. Blockchains can also process transactions at much lower cost than banks and credit card companies. On the other hand, the value of cryptocurrencies is quite volatile. In addition, the crypto-ecosystem is not easy to access for many less technologically savvy consumers and it is especially difficult to make financial connections to the outside world. These factors limit the utility of cryptocurrencies as a store of value and a medium of exchange, respectively. This paper proposes the creation of CryptoBucks, a cryptocurrency backed 100% by dollars. CryptoBucks solve the problem of volatility and offer various levels of privacy and anonymity depending on how the system is implemented.

Keywords: Blockchain; Cryptocurrency; Tokenization; Fiat Currency; AML; KYC; PPK; PKI; Encryption; Bitcoin (search for similar items in EconPapers)
JEL-codes: E5 G1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-mac and nep-pay
Date: 2017-06-06
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