First of all, think about how important it is to always have the next “rebase=0” moment
Based on the rules of AMPL, AMPL achieves that there must be the next rebase=0. So, we will establish a mechanism and define a token called Xcoin to assign a value to Xcoin only when rebase=0. This will make any Xcoin equal to the 2019 purchasing power of 1 USD. In fact, we will carry out the time and space transformation and extract all the rebase=0 points to filter out all the fluctuations.This would result in an absolutely stable stablecoin.
Xcoin protocol will be based on the following three rules:
- Only when rebase=0, Xcoin and AMPL exchange will be started, at 1:1 exchange rate.
- Xcoin circulation should never exceed AMPL inventory.
- The Xcoin protocol itself does not bear any risk of economic boom or bust.
If AMPL inventory goes through a period of negative rebase during the recession, and AMPL inventory is less than Xcoin issuance, the Xcoin protocol will suspend Xcoin conversions to AMPL, and Xcoin to be converted to AMPL will enter the interest accrual phase, with interest being paid linearly using FORTH. Start the exchange until the next rebase=0 and AMPL inventory is greater than Xcoin’s issuance.
Xcoin is not available yet, but it is definitely not based on collateral.Xcoin is just a continuous mapping of AMPL (rebase=0 time point), refining and aggregating all the rebase=0, through AMPL fluctuations to the next rebase=0, Xcoin is just a continuous expression of this stable state.
The value or price of everything in the world is generated through exchange. Any exchange of Xcoin is priced at USD2019. From the underlying logic, Xcoin is truly absolutely stable.
1.Xcoin is automatically destroyed when Xcoin is converted to AMPL.
2.The exchange fee will be paid using FORTH, which is also Xcoin’s governance token.
3.There is no gain or loss from owning Xcoin, but the Xcoin protocol has fee income and can capture value.
4.The initial amount of Xcoin issued is 0, unless someone exchanges AMPL for Xcoin when rebase=0.