Hello, We started working on a protocol / standard / software to enable FIAT tokenization by trusted anchors. To be clear trusted anchors are regulated entities that everyone can trust that at any point in time they can redeem their tokens. The idea behind the project is to have one virtual currency like virtual EUR being issued by any anchor that respects the standard and uses the open source software that we provide. We will try to build it from bottom-up, from small regulated entities in europe like Payment Institutions and Electronic Money Institutions and grow up towards the banks. As an example: a small regulated payment institution (even a regulated crypto exchange lile Bitstamp would qualify) would deploy our software and will be able to issue virtual EUR. Basically the anchor (in this example Bitstamp) will enable its users to issue vEUR while they keep the EUR in escrow, visible to public (also insured by the protocol and software). When a new anchor wants to adhere the the protocol it will install the software and it's users will be able to issue the same kind of vEUR (fungible). The goals of the protocol / software are: to create a democratic federation of anchors that can all issue same tokenized currency no private entity like Theter will have total dominance and control over such a token total transparency of the monetary base total transparency of the protocol and governance We will release the specifications of the protocol for public consultations with the stellar community, and we hope to have feedback. We also hope if stellar community will support our idea that also stellar foundation would like to get involved since we believe that if we pull this off and make it very easy for anchors to issue virtual EUR this will help the whole stellar project to scale very fast and to get a lot of traction. Thank you ! PS: we are doing this because we need this software because we will be a regulated anchor to issue vEUR but we think making this part of the software free and open and adding the possibility to create a federation will help adoption and will benefit us all. Even if some of our competitors will benefit from this open/free software if this will spark mass adoption we will be better of with a small slice from a much bigger cake.

And yes, even if this sounds a little bit like WorldWire of IBM is actually the opposite of it because: it is free to join by regulated institutions it is open source all members will participate to governance (not like on WorldWire where IBM takes all the decisions and all the money) this is designed for the many and the small opposed to IBM WorldWire which is designed to server the few and the super rich institutions This solution will co-exists with WorldWire and maybe at the end IBM will adopt the standard will will sell just consultancy or its own version of software but compatible with the open source one.

Hello, it sounds great! Where can we collaborate or audit the code? I think it would be very encouraging if we can work among the entire community to achieve this.

bonjour, est t'il en version beta?

Hi, is it deveoping now? Im really interested in its develop

[unknown] Tu respuesta tiene bastante sentido. En ese caso lo ideal seria que todas las instituciones tengan la posibilidad de accesar a un fondo común de EUR donde puedan disponer de la moneda FIAT para cambiar el token. Por supuesto, todo esto debe regirse por normativas.

Bonjour très intéressé par votre projet. Nous sommes une société de gestion et de prise de participation au Burkina Faso. Nous sommes a la recherche d une solution pour devenir un ancre sur le territoire burkinabé et des les 8 pays de l Afrique de l ouest utilisant le F CFA. Nous sommes en phase de réglementation pour "agreement d émetteur de monnaie électronique" dans l espace UEMOA. Notre filiale offrira des service de paiement et un service d ancrage pour autre banques. dscompanysarl@gmail.com

Open Source Software and open standard for trusted FIAT anchors

morfin_io

Hello,

We started working on a protocol / standard / software to enable FIAT tokenization by trusted anchors.
To be clear trusted anchors are regulated entities that everyone can trust that at any point in time they can redeem their tokens.
The idea behind the project is to have one virtual currency like virtual EUR being issued by any anchor that respects the standard and uses the open source software that we provide.
We will try to build it from bottom-up, from small regulated entities in europe like Payment Institutions and Electronic Money Institutions and grow up towards the banks.
As an example: a small regulated payment institution (even a regulated crypto exchange lile Bitstamp would qualify) would deploy our software and will be able to issue virtual EUR. Basically the anchor (in this example Bitstamp) will enable its users to issue vEUR while they keep the EUR in escrow, visible to public (also insured by the protocol and software). When a new anchor wants to adhere the the protocol it will install the software and it's users will be able to issue the same kind of vEUR (fungible).
The goals of the protocol / software are:

to create a democratic federation of anchors that can all issue same tokenized currency
no private entity like Theter will have total dominance and control over such a token
total transparency of the monetary base
total transparency of the protocol and governance
We will release the specifications of the protocol for public consultations with the stellar community, and we hope to have feedback.
We also hope if stellar community will support our idea that also stellar foundation would like to get involved since we believe that if we pull this off and make it very easy for anchors to issue virtual EUR this will help the whole stellar project to scale very fast and to get a lot of traction.
Thank you !

PS: we are doing this because we need this software because we will be a regulated anchor to issue vEUR but we think making this part of the software free and open and adding the possibility to create a federation will help adoption and will benefit us all. Even if some of our competitors will benefit from this open/free software if this will spark mass adoption we will be better of with a small slice from a much bigger cake.

morfin_io

And yes, even if this sounds a little bit like WorldWire of IBM is actually the opposite of it because:

it is free to join by regulated institutions
it is open source
all members will participate to governance (not like on WorldWire where IBM takes all the decisions and all the money)
this is designed for the many and the small opposed to IBM WorldWire which is designed to server the few and the super rich institutions

This solution will co-exists with WorldWire and maybe at the end IBM will adopt the standard will will sell just consultancy or its own version of software but compatible with the open source one.

dcntroll

Please contact me at Dcntroll@gmail.com for further discussion.

torisamples

Hi @morfin_io, any progress on this? I would be interested to hear more about your protocol approach and if you are thinking beyond EUR in the near future.

makarid

Very interested project. Do you have any news? Thanks

NetworkSkullRipper

This sounds really interesting, I was talking about the need to have something like this in the Stellar ecosystem. One of the questions I have is how do settlement work?

What I mean by that is that the vEUR could be emitted from different institutions and I assume it can be used as a payment instrument by anyone holding it. So, let's say I deposit my EUR in institution A, then pay someone else with the vEUR and now that person goes and redeems those vEUR for EUR in institution B. As long as the movement between institutions is symmetric things are ok, but if it is unbalanced you will have to move funds among those institutions.