Apply HN: Gresham Dollar – Viral Currency for Basic Income

Gresham Dollar (GD) is a currency designed for the purpose of providing people a basic income (i.e. regular income independent of the labor market) without the need for government funding. Gresham Dollar is backed by the United States Dollar (USD). It is pegged to USD at par (one-to-one) using a novel mechanism such that it requires far fewer USD reserves than a central bank would normally need in order to sustain a new USD-backed currency. Gresham's Law is an economic principle describing the observation that "bad money drives out good." For example, when the United States discontinued minting silver quarters, people held onto their old silver quarters, preferring to spend the new less-valuable quarters. Thusly, the old silver quarters were quickly driven from circulation. Gresham Dollar's core mechanism uses a hack on Gresham's Law that causes people similarly

Kind

startup

Status

Shut down

Inventor

Suncho

Ended

2016

Source

hackernews