ICHI Docs V2
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Currency for Every Community
ICHI deploys a branded dollar for any cryptocurrency community. This enables retail on-boarding, protocol growth, and ecosystem acceleration.
Problem
Every crypto project has three problems it seeks to solve:
- 1.Getting new users
- 2.Growing protocol value via token scarcity and value locked
- 3.Building an ecosystem of businesses supporting their protocol
Solution
ICHI solves all three problems:
- 1.New users: The biggest friction is comprehending your scarce crypto token. New entrants to crypto are often turned off by mention of scarce tokens. Now you can have a branded dollar (USD equivalent) and users can easily understand that.
- 2.Growing protocol value: Scarce tokens are locked in the protocol as users adopt the branded dollar, minted with your scarce token.
- 3.Building an Ecosystem: These businesses need to operate with USD-denominated balance sheets. You can pay them incentives/grants with your branded dollar. They then use your branded dollar to conduct business as a condition of receiving the incentives.
ICHI deploys a Decentralized Monetary Authority (DMA), a DAO customized to give any community a branded dollar worth $1 (oneToken). It is minted with that community's scarce cryptocurrency. It works just like USDC, but you have to buy that community's crypto to mint their branded dollar.
Money functions as a medium of exchange, a unit of account, and a store of value. It never made sense for one cryptocurrency community to govern store of value and rely on other communities for the other functions of money. With ICHI, every cryptocurrency community can fully govern and benefit from their currency for the first time.
Last modified 3mo ago