The blockchain needs to have an intuitive, sleek interface that performs straightforward functions. It should allow for the trustless transfer of value. But then, what is ‘value’? Value is usually stored in depreciating currencies. A few, like Bitcoin, appreciate against others. However, this introduces volatility - a trait undesirable for almost everyone. So, what’s the need of the hour? A stable currency that aligns with the value of goods.
This then begs the question, what is this stable currency? How do we define the value of goods? How can we implement this on a small scale and for whom?
Many individuals are now attempting to implement blockchain in countries with rudimentary financial infrastructure, using mobile networks and more. As methods of payment evolve, I believe there’s scope for research within the Polkadot ecosystem. While I don’t claim to have all the answers, I can offer an example of a potential solution:
a) Collect a resource that people require.
b) Allow it to appreciate in value.
c) Trade it exclusively against a stable currency backed by this resource and built on DOT → thereby creating demand for blockspace
This might be a simplified view, but it’s an effective one. The resource could be anything from office space, or creative space, to commodities like rice, metal, or grains. It could be represented by financial instruments, or even be land.
The idea is to then build stablecoins against each of these commodities, thereby stimulating blockspace demand on Polkadot. Your thoughts are welcome.