GEMCash ― Towards a Diamond Redeemable Stable-Growth Coin
Conference
Bandara, E, Diamante, D, Saltzman, S et al. (2022). GEMCash ― Towards a Diamond Redeemable Stable-Growth Coin
. 00 104-109. 10.1109/ICCSI55536.2022.9970661
Bandara, E, Diamante, D, Saltzman, S et al. (2022). GEMCash ― Towards a Diamond Redeemable Stable-Growth Coin
. 00 104-109. 10.1109/ICCSI55536.2022.9970661
Blockchain-based cryptocurrencies have enabled secure and trustless transactions between parties. As a result, they have gained widespread adoption and popularity in recent years. As of December 2021, over 11,000 cryptocurrencies with a total market value exceeding USD 1.5 trillion, were in circulation. However, these traditional cryptocurrencies suffer from several issues i) price volatility, ii) no defined governance, iii) no physical attributes, iv) excess energy consumption to reach consensus v) no commercial use case, vi) no sustainability, vii) no loss protection, viii) no predictable transfer cost ix) no widely recognized value etc. With this research, we are proposing a diamond-redeemable/backed stable coin 'GEMCash'. We have introduced physicality to the GEMCash currency with multiple tangible attributes. The GEMX point of sale (P.O.S.) system includes incorporating a novel debit card that can be used as a 'cold' wallet. Further, this approach provides a way for users to acquire and spend their GEMCash Coins at local Retailers around the world. The proposed GEMCash currency is built on top of the GEMCash blockchain that is scalable, lightweight, distributed, as well as a permissioned blockchain system. The GEMCash crypto coins are stored as ERC20 tokens on the ledger. The GEMCash blockchain nodes run embedded-in specialized hardware devices. The blockchain supports sharding-based consensus, real-time transactions, and concurrent smart contracts. The control, of the blockchain nodes, is handled by an elected consortium of known parties authorized by GEMNation. With GEMCash, we designed a non-volatile, asset-backed, loss-protected, and environmentally friendly cryptocurrency that has real-world usage.
