BitShares Forum
Other => Graveyard => MemoryCoin => Topic started by: FreeTrade on January 09, 2014, 04:51:07 am
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I think a major initiative we should undertake is technology that allows users to spend MemoryCoin whereever Bitcoin is accepted. This process should be as transparent to the user as possible.
It requires a Wallet/Exchange hybrid I think.
The process is thus -
1. User receives a Bitcoin payment request - say a QR code.
2. The bitcoin protocol is associated with the MemoryCoin wallet.
3. The wallet sends the appropriate amount to the exchange.
4. The exchange converts to Bitcoin and makes the BTC payment.
For a simple, quick version, the user might need to have funds deposited at the exchange, but later versions could allow the user to retain complete control over the funds, only giving the exchange access to the funds required for a transaction.
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That may be good to speed individual adoption.
Mid-term, I think we should be looking at merchants, other exchanges, etc and be "behind-the-scenes" because of our intended low volatility / stable price...a reserve currency that merchants keep their operating budgets in / etc to escape volatility...but that's a chicken-egg problem.
For the most part, this seems to be FTC right now...but fast transaction times wouldn't be so necessary.
If we actually got there, it would eliminate risk-exposure from time / volatility. I could even see MMC being used for credit and/or futures options, etc...
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+1 this would be a great feature!