Crypto Bank of El Salvador

Inspiration

As traditional fiat currency's inflation is due to uncontrollable money printing, blockchain and smart contracts can bring back the same gold to money with true value as it cannot be tampered.

What it does

A new decentralized application is created where the backed BTCs are kept as reserve funds and a smart contract is deployed in such a way that it can mint a stable coin for El Salvador with a current holding of Bitcoin with respect to All-Time-High. Whenever the Bitcoin price index moves greater than 5% of the last known ATH, the smart contract mints the difference value in stable coin for BTC holding and its value.

The decentralized application should be built on mobile apps and a considerable amount of stable coin should be added to the secondary reserve smart contract for liquidity so that El Salvador citizens can deposit, withdraw, and transfer the stable coin without any fee. El Salvador can open up the newly applied stock companies to create their own token and connect the share market with blockchain and open the trading possibilities which will generate revenue directly for the government.

How we built it

Initially, we need to build a smart contract with an application that can mint a stable coin with respect to Bitcoin price. Next, add liquidity inside the application to remove the deposit, withdrawal, and transfer fee.

Next, we can scale up the application and bring in all data and resources to a single application that can be directly managed by the government.