Ardana? No need! Bitshares' smartcoin tech has you sorted!
Issues competing with Bitshares!
I've read recently that Cardano's Ardana project had planned to recreate long established Bitshares functionality on the Cardano blockchain, however plans dramatically fell through with key community figures writing off their investment in Ardana as a total loss.
Why not use Bitshares instead?
Rather than try reinvent the wheel, risking total risk of substantial investment doing so, why not just use the existing smartcoin technology on the Bitshares blockchain?
Anyone can create a "smartcoin" aka "market pegged asset" on the Bitshares DEX using any backing collateral (with nested collateral limitations) for a relatively small amount of BTS. Check the fees for create_asset
| FEE TYPE | STANDARD FEE | LIFETIME MEMBER FEE |
|---|---|---|
| Symbols with 3 Characters | 1,206,523.55825 BTS | 723,914.13495 BTS |
| Symbols with 4 Characters | 241,304.71165 BTS | 144,782.82699 BTS |
| Longer Symbols | 24,130.47116 BTS | 14,478.28270 BTS |
| SubAsset e.g. xbtsx.USDT | 965.21884 BTS | 193.04377 BTS |
So at the moment creating a cardano backed USD token would cost just $130 , or $2 if it's a subasset like cardano.usdt for example.
Assuming you've created a main asset for sub-asset MPA creation, you could create dozens of FIAT pegged tokens using your altcoin as backing for significantly less than developing your own solution.
How to maintain a peg?
You will need to create a price feed script for price feed producers to run periodically.
There are several open source tools which you can introduce your price feed into, after doing so your price feed producers can easily maintain the price feed.
https://github.com/pch957/btsprice
https://github.com/wackou/bts_tools/
https://github.com/xeroc/bitshares-pricefeed/
https://github.com/BTS-CM/BTS-QRCodes/blob/main/ops/019_asset_publish_feed.js
https://github.com/BTS-CM/beet-deeplinks/blob/main/examples/BTS/019_asset_publish_feed.js
How to get cardano backing collateral on Bitshares?
Either get cardano accepted on a gateway, or create your own gateway.
Once the token exists on the Bitshares blockchain, you'll be able to create the smartcoin using the cardano exchange backed asset, effectively issuing FIAT tokens using your altcoin's backing collateral.
Some gateways which list altcoins:
https://btwty.com/contact
https://xbts.io/
https://iobanker.com/
What if backing collateral is insufficient?
There are multiple backing collateral settlement strategies available to try on the Bitshares blockchain, ranging from strict to controlled and stable settlement solutions.
You can tweak the settlement settings/strategy based on your ideal use case and planned disaster recovery strategies, such a decision will have significant impact so research this well.
How about some examples?
There are many smartcoins issued on the Bitshares blockchain, go try the collateralized debt position tool in the Bitshares spotlight, also check out the 'HONEST' branded smartcoins and try borrowing/settling them via the exchange view.
Here's some whitepapers:
https://github.com/BTS-CM/Hertz-Whitepaper/blob/master/hertz_whitepaper.md
https://github.com/BTS-CM/Norns/blob/master/about.md