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“We don’t need a Fed. I have, for many years, been in favor of replacing the Fed with a computer, which would print out a specified number of paper dollars… Same number, month after month, week after week, year after year.”

- Milton Friedman
What's Wrong With Bitcoin?

Bitcoin is great, and the use of blockchain could be one of the most innovative and disrupting technology to the financial industry in this century. However, Bitcoin, Ethereum, and many other cryptocurrencies, most cryptocurrencies contradicts the economics principle of money. Most cryptocurrencies have flaws in fulfilling a money’s function in economics.

Money, to serve as a medium of exchange, no matter if it is fiat money or cryptocurrencies, should be:

  • adequate in supply to fulfill its needs in transactions
  • able to preserve purchasing power with an inherent value of its own
  • Our Solution - eFiat

    We propose a brand-new cryptocurrency called "eFiat". eFiat is issued by utilizing smart contracts which are implemented from Ethereum Blockchain.

    The goals of eFiat are:
  • Eliminate the role of central banks
  • Minimize volatility
  • Maintain purchasing power
  • Act as a medium of exchange in the daily transactions

  • How eFiat Works?
    The Currency Board System

    eFiat is, in essence, a Currency Board system, which requires both the money stock issued and the flow of the monetary base to be fully backed by reserves. In eFiat’s case, it’s the basket of commodities approximated by a portfolio of long positions in futures contracts.

    Anchoring to a Basket of Commodities

    The basket of commodities will be represented as a portfolio of the futures contract of commodities which can be traded in worldwide commodities and futures exchanges like Chicago Mercantile Exchange. The futures contracts will be automatically renewed before expiration so as to approximate the holding of commodities.

    Our Basket of Commodities

    Click HERE to see eFiat's basket of commodities - its composition and weighting
    A Decentralized and Democratic Cryptocurrency

    eFiat is targeted to be a decentralized and democratic cryptocurrency based on the Ethereum Blockchain. We allow the holder of eFiat to vote for the choice and weighting of eFiat’s Basket of Commodities. The way this democracy works is that eFiat Inc will grant the holder of eFiat the voting right according to the amount of eFiat he/she owns. We propose a holder of 0.01 unit of eFiat will be granted 1 vote.

    To achieve true democracy, any holder of eFiat can make a basket of commodities proposal, which consists of a proposed choice of commodities and weightings of each commodity. The proposal is in the form of blockchain transaction, and other members can vote in support or against the proposal.
    eFiat Inc decides to organize two voting campaigns each year, and an adoption of a new basket of commodities proposal only occurs if:
  • the basket of commodities proposal has received the highest number of votes in a voting campaign, and
  • more than 50% of the holders participate in the voting campaign.
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