So you see, Steem backed dollars were needlessly complex. Instead of keeping it needlessly complex concepts in like SBD we simply purged it.
Overtime, we heard some people suggest that A dollar stable coin could actually make things better. One of the ways that they suggested he could make things better is by absorbing so pressure on the blurt coin it's self.
The trouble is, I believe that you can't construct dollars, unless you are the federal reserve.
There are some genuinely interesting developments in stable coins in the Ethereum ecosystem for example. The makerDAO system is interesting and it might actually cook up a useful dollar equivalent stable coin (DAI). The flipside of this is systemic risk. While it is theoretically impossible for DAI To experience a total decoupling of value from the US dollar, crazier things have certainly happened. And with Larimer designed synthetic stable coins, massive decouplings have happened over the years.
In Fact, I believe that steem backed dollars have reached prices of as high as eight dollars. Now let's consider this how can a dollar stable coin have a price of eight dollars? Will I submit to you can do that, only if it is not very stable.
Furthermore, steamboat dollars created a security weakness in the steam block chain. Did you know that the steem blockchain has a dependency? In fact Hive has this very same dependency as well.
This dependency is of course the witness price feed. In steam and hive, witnesses are expected to submit a constant price feed to the blockchain.
Of course, the price feed enables some really cool things.
Steam and Hive are aware of their own market price, and internally, Steem and Hive as distributed systems can make decisions based on external market prices. However this also means that witnesses would be very careful to submit accurate price fees and it makes the priest feed a part of the overall threat model of the block chain.
In Blurt, we are taking moves to reduce the overall attack surface area of the blockchain. Part of this is of course the removal of unnecessary features, like SBD and the internal market.
Another thing that we learned is that the resource credit system is vulnerable in bootstrap situations. We designed and implemented a stopgap fee system that affects all operations. In conjunction with our witnesses, we are now reflecting that fee system into a 0.1 blurt per kilobyte fee. We believe that this is a very fair fee, and still allows for the operation of for example custom JSON applications like splintelands.
Having a synthetic dollars stable coin on blurt increases the attack surface area of blurt. Therefore, we have taken it out.
In fact if we look at the overall history of stable coins, the fact of the matter is that when it comes to maintaining a dollar peg things look pretty grim most stable coins do not maintain their dollar pack if actively, including steam bags dollars.
Synthetic stable coins create systemic risk because they are not the actual underlying asset.
Somewhere, somehow someone may cook up a perfect synthetic stable coin. And that is wonderful! What's the thing is for us, the risk involved in designing and testing that perfect synthetic stable coin was not worth the reward of having a dollar pegged asset.
Do you want to do something super cool?
Steam, hive, and blurt, all have excellent front and interfaces. Over time, it blurt, we will end support for another block chains tokens. Right into the front end.
Many Blockchains have robust JavaScript systems that are easy to integrate into nearly anything. "Nearly anything" could be the condenser front-end. Another example of nearly anything could be a mobile wallet built in flutter.
Out there in the world at this time, there are literally dozens of decent non-synthetic stable coins to choose from or if you'd like, you can choose from a wide range of synthetic stable coins as well. We would like for you to be able to pay vendors or your friends or whomever using blurts friendly social interface and queens that do not necessarily live on the blurt blockchain.
By dropping all pretense of Maximalism around blurt, we believe that we are able to offer a superior product.
This is going to take some time, but as you can surely see that we are builders, when we find problems we build solutions.
If you Hate Blurt, and you can only accept a social block chain that has a synthetic stable coin that's totally all right. Most likely, you have stake on blurt. Please, power down your stake, and sell your blurt on https://ionomy.com.
If you love blurt, and you think that a social chain with per-kilobyte fees determined by the witnesses and no synthetic stable coin, is a viable and interesting concept, well in that case you should head on over to https://ionomy.com and buy blurt from people who hate blurt.
