New currency backed by Bitcoin on top of Ethereum.

Hello

At the very beginning one us dollar was fully convertible to 1.5 grams of gold.

Let’s say that now the new gold is the Bitcoin.

Would it be logic for me to create a new currency (or contracts) backed by the bitcoin on top of ethereum blockchain.

This new currency would be much faster and more agile to transfer then the standard bitcoin and it would have the trust of 2 blockchains.

My question is, if this could be implemented one day on the ethereum blockchain and if yes how would it be possible one day to convert back the new currency to the corresponding “grams” of bitcoin.

Would it be possible to encrypt the private keys and public addresses of the corresponding “grams” of bitcoin inside the new currency (contract)?

Thanks for any answers/ideas on the subject.

Comments

  • StephanTualStephanTual London, EnglandMember, Moderator Posts: 1,282 mod
    It's completely possible. There are various ways to do this - contracts for differences with trusted datafeeds, or having bitcoin SPV clients implemented as contracts. I think we have a few threads on the topic around the forums.
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