What do you think of an idea of creating something like a mega-token to include info about all cryptocurrencies that you possess and instantly convert them to each other and pay with them?


Back


Let me explain that – the number of different tokens (coins) is growing and that trend may continue, so at one point when i.e. there’d be hundreds of them, with every separate service using their own i.e. to get financing by Initial Coin Offering, it will be more problematic to use them all to pay for goods and services and convert from one to other.

A mega coin (token) that I am talking about includes information of all of your token possessions. You need to link all your coins, let’s imagine them – cryptcoin, mycoin, easycoin, nomatterwhatcoin to your Megatoken.

1. You can spend your coins directly – the information about possessing them will change in Megatoken.
2. You can pay or transfer with Megatoken – this way it will identify which type of coin is requested, and if you don’t have it – it will automatically convert it from any of your other coins that will have the best conversion rate based on market price (you could also use settings to prevent some type or/and amount of coins to be converted)
3. It should also be like association, in which all the issuers of new type of coins should participate. So, when you create a new coin – you can enter the organisation and let it include your coins in megatoken. That should also lighten the investment gaining process for new companies, on the one hand – it will be more easy to invest – just to pay with a secure Megatoken, on the other – the price of their new coins will be more easily evaluated.


    This won’t fly. However, creating an “ETF” type token which would combine a few selected tokens, or even doing CryptoIndex Fund token, would be a super great idea.

    Look, there is no need to invent anything. Just take something that already works and copy to a new environment.

    The idea sounds great, but wreaks of centralization which would bring us back to the present problems of nation states manipulating currencies and markets to strengthen or weaken their currencies. I completely agree with your identification of the problem in switching currency though.

    While I don’t foresee us needing that many different currencies as the market will likely decide on just a few eventually. Until then, tell me more about these indexes for switching, that would be wonderful.