Subchain

treve01treve01 Posts: 3Member
edited December 2016 in Projects
hallo,

For a project i am working on i would need to set up a private blockchain, but some smart contracts on my private chain would need to be connected to smart contracts on the main ethereum network, containing real ether.

is it possible to build an app that is using both networks at the same time?

i want to give some contracts on my own private chain some real value in ethereum, based on virtual assets on my private chain. some sort of proof of value concept.

(lets say its a coin. i want to be able to say that 1 coin on my private chain has a value of X-ethereum on the public chain.)

my users would need to have a wallet on each network, to be able to exchange ether for tokens, and tokens for ether and hold both assets.


The ether that my private subchain would produce, would be sold on my network as gas for internal transactions on my blockchain. users can buy the gas from the miners, in exchange for tokens. they need to do that to be able to send transactions and use the tokens.

Tokens (currency used on my private subchain) would not be mined, but gets created when real value is added to an Ethereum contract on the real main network.
When someone would change his tokens on the private network to get ether on the main network, the smart contract on the main network would send that user ether, and the tokens on the private chain would get destroyed.

I don't know how i can check that a user is in fact paid on the other network, and that the tokens are destroyed. i would use a middleman contract that will hold the assets for a short time, until confirmation of both networks have arrived. (so send ether from main smart contract, to holding smart contract, and do the same for the tokens. when both assets on both networks are in the middleman contract, they cannot be double spent by the user on any network, and the final destruction of the tokens and transfer of the ether can be competed.


(a small game on my blockchain would activate and motivate "players" to become a miner as well. they can use the "gas" as ingame currency, but would infact expand my private chain and make it more secure thanks to more nodes. those "gamers" would also be able to buy and sell the gas. it should make gas very cheap without loosing to much miners that only mine for the currency. )


Why:

I want to create a currency that is not a "fiat" currency. (however the value of it is in fact based on fiat currency ether, at least for now)
The value of the coin (tokens). will not be based on free market law alone (bid and ask), but on real value that is underlying on it. (the ether on the main smart contract).

A transaction in my tokens would not only cost cheap gas, but would also cost a small fee in tokens. so if you transfer 1000 tokens, 1 token will be destroyed. (amount can be a variable based on market). this will in fact make the value (in ether) for each token in the ecosystem rise in time. so my coins would gain in value when they are getting used more and more and more...

The supply is limited to the supply of foreign currency, because the tokens get created when a deposit of foreign currency is made.

Because every added coin will add its value to the main underlying value, there will be no effect on the value of the tokens that are in circulation.


in far future, i hope i can switch from ether as underlying assets, to a wide range of foreign currency's, stock market assets, gold, silver, oil, etc. these would also produce some "dividends" that get added to the value of the tokens.
I want a token based on deflation, because i think products should get cheaper in time, because we humans get more productive over time, and time is our most valuable asset, limited for everyone, and decreasing in amount. (when youre done reading this, you have less time to live then before).
My new coins would be "timecoins". and would express the value of 1 hour work. if 1 hour work for joe sixpack is worth 50 dollars, and 50 dollar is worth 6 ether, then 1 timecoin on introduction would cost 6 ether, or 50 dollar. the value of 1 hour work will change, based on the change in dollar and ether. (should be linked to economy, and how productive we are).

timecoins can appear in different coins: 1-year coins, 1 month coins, 1 week coins, 1 day coins, 1 hour coins, 1 min coin, 1 sec coins, 1ms coins, 1µs coins and maybe nano and pico secondes as well. we can go as low as the computer can calculate correctly.
We need to be able to go to very small coins, because the value is rising in time.

Because of the deflation, loans should not have interests that are positive, but should add productivity as reward. if the value of the coin is rising in time, the taker of the loan would have to give more in time, so there is no need to ask for an extra interest! (no money creation in lending! its evil, because the amount of debt in circulation + interest to be paid is always more then money in circulation. for this reason we will never be able to pay the debt, and only make the problem worse for the next generations, by adding more debt to pay for old debt.)

total amount of money = total value of assets. this is my basic law.

Who can help me? (i am very beginning programmer but got intrigued by the blockchain and Ethereum).






Post edited by treve01 on

Comments

  • o0ragman0oo0ragman0o Posts: 1,252Member, Moderator mod
    edited December 2016
    @treve01 Have you looked at Chronobank? They are doing a time coin type DAPP.
  • treve01treve01 Posts: 3Member
    no i did not. i did take a very quick look now, (have not much time). but it looks almost like what i want to do, but little different. they are miles ahead of me for sure :). Its good to see alternatives pop up. we should be free to choose what coin we want to use, no matter what location. we want freedom no? so why not freedom of currency.... we pick the coin that "fits" us the most.
  • td6778td6778 Posts: 10Member
    @treve01, did you ever get an answer regarding the interaction between the tokens on a private network and ether on the main network? I have the same question and didn't want to post it twice.
    Thank you in advance for your reply!
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