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Blockchain Cryptocurrency Backed with Full Faith and Credit

Author

Listed:
  • John P. Conley

    (Vanderbilt University)

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.

Suggested Citation

  • John P. Conley, 2017. "Blockchain Cryptocurrency Backed with Full Faith and Credit," Vanderbilt University Department of Economics Working Papers 17-00007, Vanderbilt University Department of Economics.
    • Handle: RePEc:van:wpaper:vuecon-sub-17-00008
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    File URL: http://www.accessecon.com/pubs/VUECON/VUECON-17-00007.pdf
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    Citations

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    Cited by:

    1. Darcy W E Allen & Alastair Berg & Chris Berg & Brendan Markey-Towler & Jason Potts, 2019. "Some economic consequences of the GDPR," Economics Bulletin, AccessEcon, vol. 39(2), pages 785-797.

    More about this item

    Keywords

    Blockchain; Cryptocurrency; Tokenization; Fiat Currency; AML; KYC; PPK; PKI; Encryption; Bitcoin;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G1 - Financial Economics - - General Financial Markets

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