Better to have a gold-backed PRIVACY coin like Monero. Monero is fully open source. I am very confident in it because it's in the debian and arch linux stable depos. That means it's quality.
If you can gold-back moneroes (call them, ahem golderos), then you will have quite literally the ultimate, non CBDC, non-government, 'people's' GLOBAL currency and its backed entirely by either faith in the private institution network that is managing it, or a government or governments (NO!).
The ideal is to have a consortium of independent, private institutions that take minor fees to support the system AND TO AUDIT. Private is better because they can make their own rules and don't have to be subject to every-changing governments' whimsy and regulations.
And if a government makes bad regulations, that institution simply LEAVES THAT COUNTRY.
This is why, I recommend, that GOLDEROS be hosted on SECURITY BARGES, possibly with automation; and this automation is remotely airgappable, as in a robot arm can remove the data cable and then drive to pre-programmed location in the case of an emergency.
Back to audits
The rule is that each private institution MUST NEVER audit itself, when its audit time (say every 100 blocks), a random auditor will go to every institution and check and report their gold holdings.
Their audit is recorded on the chain to every 100th block as memo data. This gold is HODL'd essentially, immutable, untouchable, ever growing. If one institution fails to hold the same amount as last time, then Capn', Sum Ting Wong. Any movements of gold must be reported to ALL institutions by officially recording it to the blockchain memo and there is software that gives all the 'banks' an update. (They don't have to be banks, they can be depositories that simply hold the gold behind some kind of industry standard security facility)
I will never ever participate in making this system. I am saying this so I don't get killed. I will however be glad to consult. You can tell I've thought about this a little bit. I am an expert in IT, full stack web dev / linux admin, and learning crypto, rust, machine learnding
Better to have a gold-backed PRIVACY coin like Monero. Monero is fully open source. I am very confident in it because it's in the debian and arch linux stable depos. That means it's quality.
If you can gold-back moneroes (call them, ahem golderos), then you will have quite literally the ultimate, non CBDC, non-government, 'people's' GLOBAL currency and its backed entirely by either faith in the private institution network that is managing it, or a government or governments (NO!).
The ideal is to have a consortium of independent, private institutions that take minor fees to support the system AND TO AUDIT. Private is better because they can make their own rules and don't have to be subject to every-changing governments' whimsy and regulations.
And if a government makes bad regulations, that institution simply LEAVES THAT COUNTRY.
This is why, I recommend, that GOLDEROS be hosted on SECURITY BARGES, possibly with automation; and this automation is remotely airgappable, as in a robot arm can remove the data cable and then drive to pre-programmed location in the case of an emergency.
Back to audits
The rule is that each private institution MUST NEVER audit itself, when its audit time (say every 100 blocks), a random auditor will go to every institution and check and report their gold holdings.
Their audit is recorded on the chain to every 100th block as memo data. This gold is HODL'd essentially, immutable, untouchable, ever growing. If one institution fails to hold the same amount as last time, then Capn', Sum Ting Wong. Any movements of gold must be reported to ALL institutions by officially recording it to the blockchain memo and there is software that gives all the 'banks' an update. (They don't have to be banks, they can be depositories that simply hold the gold behind some kind of industry standard security facility)
I will never ever participate in making this system. I am saying this so I don't get killed. I will however be glad to consult. You can tell I've thought about this a little bit. I am an expert in IT, full stack web dev / linux admin, and learning crypto, rust, machine learnding