Redeemable Token -in Dollars (RTD)
The Famacoin.org team is developing a Token for financial assistance under emergency conditions. The token is called RTD. Here are some beta test releases (RTDB1, RTDB2) that run with smart contracts on the Ethereum Testnet.
RTD is an ERC20 token that can be redeemed in US Dollars, designed for support institution authorities who use economic assistance when a social, environmental, climatic or economic crisis prevails. A private or non-governmental entity can use it to operate financial programs that are working under adverse socioeconomic conditions.
An example of these applications is the current venezuelan situation, or the deep poverty that plagues several countries in Africa for long periods of time. In these cases it happens that the inhabitants can not make payments or access the financial system either because the currency is destroyed (as the venezuelan bolivar) or because the traditional financial system, of the region, is inaccessible.
The Token, has the following characteristics:
- A total stock of money (expressed in dollars) is expected to be used during the crisis. This stock is deposited in a bank account that provide a full dollar backing for the issued token. The total stock is the monetary base with which it is intended to manage the crisis situation. For example, in an economic aid aimed at Venezuelan citizens oppressed by the ruling regime of that country, the monetary base could be about 10 billion dollars.
- The token issuance is made at a rate of 1 to 1 (1 rtd per dollar) with fully centralized mining, which allows the issuing entity to address direct aid (without intermediaries) to those people who actually need it: it is issued only for those who need it, without intermediation costs.
- The distributed token can circulate as currency to the extent that the beneficiaries (users) use it to make payments while exchanging their economic goods.
- Once the crisis is over, the issuing entity may stop token issuing to open a rescue process at the effective nominal rate of 1 to 1 (1 dollar per rtd) using the dollars deposited in the bank account. The rescue is made by the entity that manages the bank account who guarantees that the total circulating tokens does not exceed the balance in this bank account.
- Stopping the token issuance means that the issuing entity can not issue more tokens.
- The rescued tokens will be stored in a single wallet, called "rescue". The balance of rescue wallet plus the balance of the bank account will never be less than the total of issued tokens: rescue balance + bank balance ≥ issued tokens.
- The rescue wallet is neutral since it only allows receiving but not making token payments.
- Once the rescue is complete, the balance of the rescue wallet is equal to the token issued: rescue balance = token issued.
Smart contract address beta1 Ropsten: 0xe4a71558fe3004ce9b9f713c882fb3b12f94a10e
Smart contract address beta2 Rinkeby: 0x8ea992775e3bd789a8db0b945c82592eaa81d0c7
To perform the token test on a mobile device, it is recommended to use MetaMAsk wallet for android. After installing this application on the mobile device, you must start it, to activate the Ropsten (or Rinkeby) network and finally instantiate its own smart contract. With this, the token is already enabled to be used. It only remains to contact someone who will transfer a few RTDs to test it.
Sincerely, The FamaCoin.org Team.