The concept of a stablecoins in crypto currency has been around since its inception. But there were many technical problems to deal with. The US dollar itself is not stable and has experienced massive inflation since 2021. USDC and USDT claim to be stable coins but still to this day there is not enough honest auditing to really know what is going on with these coins. Everything has taken away the original vision of Satoshi when centralized platforms and ETFs started to take over the crypto space and larger organizations suppressed the idea of self custody of crypto. Several years ago we had a lot of stable coin crashes because of uncertainty. People in the crypto space really can not believe these coins are backed by real dollars somewhere in a bank because they simply are not. The entire supply increased at such a rapid rate it was just not possible this could be true. It was a race to use social media to literally engineer a stable coin out of thin air. When the masses start to wake up to the reality that the stable coins we have today basically mimic the unlimited printing of US dollars its going to be a crash and burn scenario in the crypto space.
GalaxyCoin has been around since 2016. The founder has been involved with various projects in the crypto space since then. Mining cryptos, decentralized consulting and writing decentralized applications. The founder experimented with various tokenization platforms over the years. First attempts were with a permission-ed based blockchain. The code existed in 2016 but it was difficult to use, hard to manage, very little in terms of a GUI and the ability to trade was virtually impossible. In addition there was really no community mining the chain and auditing the code. GalaxyCoin really wanted to build a platform of privacy focused fully decentralized tokenized assets. So the project was halted and no tokens were ever distributed.
According to the founder the technology in the last 8 years has never met the expectations of hosting a real stable coin. The blockchains were public with very few private options, transaction fees were high, transactions per second were slow and chain analysis has been flagging addresses incorrectly making almost all cryptos non-fungible. Bitcoin today is very close to useless and ethereum fees and complexity make inexperienced users turn away. The invention of side chains helped solve some problems but for the most part it is like a patch to a problem that really needs to abandon the old technology and replace it with a whole new solution. These were just some of the problems that started to show up as more people started to use cryptos.
Everyone in the crypto space has always dreamed of having a stable coin that actually was backed by real assets. Today technology has changed and in 2023 a lot of development has gone towards tokenized assets and digital privacy. Today the big banks and corporations are planning to tokenize every part of your life from real estate to cars and they will use centralized permission-ed based platforms which will limit your ability to trade your assets and will not allow any private peer to peer transactions.
It is understandable that holding tokenized assets in a blockchain is still not 100% decentralized because of the overhead and risks of real asset storage but today we have blockchains that are decentralized, completely private and asset based. This is one of the core problems that has recently been solved getting us one step closer to sustainable real stable coins with utility. We will work on decentralizing the storage part in the coming years but the community at some point has to trust at least one asset manager in order to ever make a stable coin work.
The vision is real precious metal stable coins with GalaxyCoin leading the industry in decentralized asset management. These are just some of the core features we will provide.
- Fungible because they are held in a privacy focused blockchain and cannot be flagged as bad assets
- Always exchangeable using a decentralized exchange (dex) no centralized exchange involved
- Redeemable because you can trade in your crypto for the actual asset
- Transferable under any circumstance no censorship
- No banks and no restrictions on who you can share your assets with
- Self custody holding and transfers, no ETFs no investment firms no third parties
- Unique identification of assets so you know who you are doing business with
The community will have to get used to a few new ideas and concepts. First there is no such thing as a tokenized asset going to the moon. Its an asset with a stable value but people may want to trade it for reasonable higher prices because of utility. But when it comes to acquiring the asset the weight or amount will not change.
There is still opportunity to add value to GalaxyCoin services when buying GXY which will exist and trade just like a normal cryptocurrency. But it will be used solely for operational expenses just like a corporate stock. The backing will be the project behind it which is described above. But the project will not just need to manage physical assets. We will eventually be looking at new wallet features, integrations with vendors, redemption options and many other things that will eventually need more code, more applications and potential physical locations and partners. Keep in mind the blockchain itself is an open source project where we may decide to add some custom features.
Its a summary and a concept but the idea of tokenizing everything is going to go two ways in the next few years. Large corporate banking will basically centralize and monitor all your assets posing transaction restrictions based on social credit scores and online censorship. Regardless of how real assets will be stored and the debate on how decentralized it is if the decentralized community does not tokenize real assets in privacy based asset chains the central banking system will end up with every asset on the planet. Smaller decentralized communities of people who believe in decentralized private asset based blockchains will need to continue to build the more sustainable system. In the next few years we will provide and manage a decentralized private asset chain to promote truly peer to peer technologies and continue to work on ways to decentralize physical storage and redemption through the right partners and like minded people.
Note: The availability of assets may be slow. This is not like USDT stable coin created out of thin air. You will have to check on a daily basis what is actually available. What is for sale will depend on markets, storage and logistics and it is not going to be anything like printing US dollars or creating massive amounts of USDT tokens to keep a centralized exchange in business. We highly appreciate those who will help fund this project by purchasing GalaxyCoin GXY. We look forward to building a great community of real asset chain holders.