[Seeking feedback]Bitcoin Standard Era stable Coin (BSEC)

Grant Proposals DeFi
1

Proposal details

Project Name

[ChainStallion]

Project Type

[ Dapp ]

Proposal Description

[ We had raised so many concerns on the transparency of centralized stable coins issuers and lost billions of dollars in stable coins de-pegging and millions in liquidations. As Bitcoin Standard Era Foundation (BSEF) we are striving to create a decentralized financial system as sound as the Gold Standard Era financial system through developing a platform for minting a decentralized stable coin Bitcoin Standard Era Coin (BSEC) with high ROI, no liquidation risk, no massive de-pegging loses which is backed by Bitcoin Standard Era Gold (BSEG) which has a fixed price and backed by WBTC. BSEC will be launched on all fast and cheap blockchains. A cross-chain bridge will be designed to allow BSEC to gallop from one chain to another with ease.

Our mission is to decentralize stable coin minting providing high ROI with no risk, no liquidation and no de-pegging loss.

Competitive advantage:
No liquidations – deposited WBTC is not a collateral.
No de-pegging loss - Holders can burn BSEC and redeem WBTC, even in extreme case of project failure.
Stability - BSEG which has a fixed price theoretically increases the stability of BSEC.
Scalability – 21 million BTC is the limit
Transparency - Everything can be viewed by anyone on blockchain
Decentralized – No centralized finance fiat currency is used, the asset backing is the most decentralized asset BTC.
High ROI - Users can mint BSEC and earn minting rewards of up to 17.4% in the first year.

Why on IoTeX ecosystem.
Every blockchain should have a sustainable decentralized stable-coin that is risk free and has high ROI, this drives adoption. IoTeX has faster transactions and ultra-low fees which allows stablecoins to be used in everyday payments and remittances. Currently remittances cost can be as high as 20% by providing fast and cheap cross border payments can be a game changer.

Apart from funding, we are looking for IoTeX mentorship, product development, fundraising, and talent recruitment.

Milestones

[ Split your project into milestones: each one must have its own verifiable deliverables]

  • Milestone 1:
    • Milestone 1: Deploy BSEF protocol on the IoTeX Testnet
    o Duration (weeks): 1 week
    o Deliverables: The Dapp on IoTeX Testnet
    o Funds request (USD): 10000 USD
    • Milestone 2: Deploy BSEF protocol on the IoTeX mainnet
    o Duration (weeks): 4 weeks after finishing audit of BSEF smart contracts
    o Deliverables: The Dapp on IoTeX Mainnet
    o Funds request (USD): 50000 USD
    • Milestone 3: Designing website.
    o Duration (weeks): 10 weeks after deploying Dapp on IoTeX mainnet
    o Deliverables: Website
    o Funds request (USD): 20000 USD

Total funds requested

[ 80000 USD ]

Please checkmark the following if you agree

Although these options are not mandatory, please consider committing to them for the greater benefit of the IoTeX ecosystem.

  • We commit to open source the project: [ YES ]

  • We commit to stake [ 5000 ] IOTX on the IoTeX Blockchain: [ YES ]

  • We commit to donate [ 0% ] of [ OUR TOKEN ] to the IoTeX Foundation: [ YES ]

About your Team

[ AG
Founder, 10+ years as a developer, done projects in Kenya, South Africa, Zambia and Zimbabwe. Found a new love in blockchain and mobile apps and dapps.
]

Metrics

[1million+ transactions in the first year]

Links

[If applicable, please provide relevant links about your project]

=== Do not change this section ===

By posting a proposal, you accept the rules below:

https://community.iotex.io/t/grant-issuance-rules/3839

Community voting

Community members can vote on grant proposals to facilitate grants assignments to their favorite projects. Please vote on this proposal:
  • I Like this proposal
  • I Don’t like this proposal
0 voters

=== When you are ready, please edit this post and fill out mileston reports below below. ===

Milestone Report: #1
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Title: …
Proof: …Please provide a link to resources and/or a demo video
Note: …
Payment tx: …please leave this empty

Milestone Report: #2
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Title: …
Proof: …Please provide a link to resources and/or a demo video
Note: …
Payment tx: …please leave this empty

Milestone Report: #3
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Title: …
Proof: …Please provide a link to resources and/or a demo video
Note: …
Payment tx: …please leave this empty

2

Thanks for submitting the IoTex halo grant application, we are reviewing it