Recast1 are we looking at the world’s first non-fiat stable coin?
Imagine a world where you don’t pay charges for trading currency. Now picture a world where you’re actually paid to do it. Nope, this isn’t some backstreet unregulated Youtube get-rich-quick-scheme, it’s the core concept of a brand new altcoin called Recast1.
“When we came up with the idea of R1, we got out of the box. Then we jumped about on it for a while before finally making a fort out of it. I’m joking, but only just. The concept of R1 came from looking at fiat currencies and non-fiat currencies and what makes them work. Obviously, fiat currency comes with certain guarantees and this is a huge part of what gives them value, but there are a lot of strings attached to that value and even the best guarantees can fail. Defi by contrast gets its value by being an open book, but the lack of guarantees and the frontier law in which they are forced to operate cause problems too. So, we came up with Recast1, and we gave it a wholly new modus operandi.” Imran Tariq, CEO Recast1.
In the future, there are no guarantees
Traditionally fiat currencies are underpinned by underlying collateral whereas cryptocurrency holds its value due to public trust and shared ownership. Recast1 then could be considered an obvious next stage in the evolution of the concept. It works like this. Airdrops are a universally accepted way to promote and grow the value of any given coin. People value things they own. Therefore, instead of charging fees for making transactions with Recast1, the team has devised a rewards system in place of taxing traders. In theory, the more tokens a trader buys or sells, the more tokens they receive. In some ways, the system works a bit like store card credit. Every transaction the consumer makes racks up more points and encourages them to return to said store. With Recast1, this is in essence how the system works.
The team’s new concept needed a new system, and this is where things get interesting. Creation Proof of Stake, or CPoS for short, is a hybrid of traditional Proof of Stake and Delegated Proof of Stake, but the upshot is traders can earn coins by making transactions instead of paying gas fees. The system protects itself by capping token creation in line with inflation, but the developers claim it could save a commercial currency trader between 2–5% per year.