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Pillar
Impact
One of the largest barriers to using cryptocurrencies is the volatility. This volatility leads to two problems. First, this leads to over-speculation, and second, the upside of using cryptocurrencies just isn't worth the risk for most people. Stablecoins are the answer to the volatility problem. They have all the decentralized properties of normal cryptocurrencies, with much less volatility.
Take the example of Venezuela: The Bolivar (the official currency of Venezuela) is also extremely volatile and has been decreasing in value due to the government printing money. Stablecoins would allow Venezuelans to store their wealth in a decentralized and stable currency.
What it does
This cryptocurrency will be pegged against the dollar, 1 token for 1 dollar. Our implementation also allows developers to peg their own cryptocurrencies against any desired asset or index they want. Pillar tokens can of course be sent between wallets like any other cryptocurrency. When the price is too low compared to the dollar, users can buy bonds in exchange for coins, which decreases the supply of coins. Bonds will be redeemed for more than they cost. When the price becomes too high, Pillar pays back these bonds which increases the total supply. Then if Pillar still needs to increase the supply and the bonds run out, users are "airdropped" tokens.
How we built it
Frontend: Electron, Semantic-UI, ReactJS Backend: Node, LotionJS
Challenges we ran into
We used LotionJS, a JavaScript library in Beta release that has a talented but small team of developers contributing to its source code and documentation. The limited documentation and early stage of the project was challenging, but we turned this challenge into an amazing opportunity by collaborating with the LotionJS team of developers. Special thanks to Judd and Matt for sticking around on a Saturday and helping out.
Accomplishments
We wrote a decentralized, self-adjusting cryptocurrency. It allows features such as peer to peer payments, airdrops, and the creation, sale, and redemption of bonds.
What's next
As of now, the implementation for Pillar is available publicly on GitHub and can be cloned to create other stablecoins on LotionJS. Our next step is converting Pillar into a plug and play library so that any LotionJS project can benefit from the stability mechanisms, and eventually have it be a part of the coins module on npm.
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