As a young trader who began investing in the stock market at age of 13, I've always been intrigued by economic problems and finding solutions for them. Since the creation of Bitcoin, we've been studying the design and acceptance of newly monetary policies and private currencies.
Why currencies are hyperinflated and completely lose their value? how would the world be if we had a timeless store of value? Something that can have an objective value, relevant 100 years from our time?
Historically, currencies have a lifespan of about 30 years. The US Dollar has been serving as a global reserve currency for over 90 years, 40 of which as a global fiat. The main reason why currencies fail is due to their subjective value and absence of broad market acceptance.
Our inspiration is creating a prosperous world where finance is available to everyone. We want to solve the economic problem with currency depreciation and subjectivity, so we created Vera.
''The goal isn't to live forever but to create something that will'' Chuck Palahniuk
What it does
VERA is a synthetic currency that tracks, in real-time, an external and dynamic metric, Total Global Market Capitalization weighted in proportion to their relative market values. Asset tokenization starts with the process of taking a data metric, such as Total Market Capitalization. This metric is then set to a divisor x. The new, nominal currency basket value trades in parallel with the underlying data metric it tracks. The creation of VERA involves full collateralization to mint it. The smart contract ensures transparency and security that VERA is fully backed.
How we built it
We built by thinking of the broad and big and bringing the best talent we could find together.
Challenges we ran into
Solana is a new and innovative chain. Being able to deploy smart contracts and new applications can be quite a challenge. We had to test things and adjust calculations numerous times to make sure all was well for the demo. a self-learning experience.
Accomplishments that we're proud of
We are proud of being able to learn and develop this Dapp in such a short period of time with the great team we built. Our connection and admiration for one another grew so much during this project.
What we learned
We learn that committing 100% to something we believe in as a team is one of the most enjoyable things in life. It's hard but worth every effort.
What's next for Vera Currency
Replace the US Dollar, if that's not the goal why even bother trying
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