I am creating my own Ethereum ERC20 Token for our canteen (internal). That is the easy part, we will use a wallet app like Trust to have own own token and trade on.
My question to pros here, how can i link a South African Rands (or a USD) to my ERC20 token.
Day1 = if ZAR to USD is R14.26 ( which mean pay R14.26 for 1 USD), then for R14.26. I need to pay R14.26 for 1 BC (my own erc20 token)
Example: if you want to R50 worth of BC (own token). He would receive based on day1 price rate = R50 / 14.26 = 3.50 BC
if price change on Day 2 = if ZAR to USD is R15.56 ( which mean pay R15.56 for 1 USD), then for R15.56. I need to pay R15.56 for 1 BC (my own erc20 token)
Example: if you want to R50 worth of BC (own token). He would receive based on day2 price rate = R50 / 14.26 = 3.21 BC
Above just an example. However can if be done. Can this be done only on Ethereum Live Network or can it work on rinkby or ropsten