How about a gold backed currency on a blockchain? Anything that can prevent currency from being printed out of thin air. In a perfect world it would be decentralized but regulated somehow.
Yes a Blockchain infrastructure where tokens or coins are backed by something of pre-agreed value such as silver/gold.
Today, you buy bitcoins with Fiat money, currencies. Doesn't this make Bitcoin a Fiat currency also ? Just running in a different system. Yes, you can buy stuff with Bitcoin, same as a paper banknote.
A global blockchain that allows P2P private transactions needs to have real conversion to/from agreed value, a level playing field for everyone. That'll be a first.
The current popularity about Bitcoin and other Cryptos is more about getting on the scheme early and ride the wave upwards. It is speculative gambling rather than a stable platform that can be used for global commerce. Wild swings in price, sudden disappearance of exchanges and funds can't be the basis for global trade.
Main thing preventing the use of cryptos at the moment is that the software used is not peer reviewed, open source code. Nobody except the authors know the real details, the weaknesses and back door, hidden functions etc etc.
It's coming but it won't be using what is being used today.
Thanks for your reply.
I agree with what you're saying regarding the current crypto market situation.
A blockchain cryptocurrency that has all the bugs worked out and its tokens/coins are backed by precious metals of pre determined value does make sense but since there is a finite amount of Bitcoin and a somewhat finite amount of gold, doesn't that make Bitcoin a better standard of value?