(Note: this is currently just a draft of my thoughts in a pros and cons format)
“Making crypto products easier so anyone can use them.”
This is the current driving force behind FIO, and we do not currently control whether or not we will succeed. The reason for this is there are many usability challenges involved with using cryptocurrency that are caused by the chains the tokens exist on. High gas fees on Ethereum, high transaction fees on Bitcoin, long delays in the mempool, needing ETH to send a stable coin like USDT/USDC, etc. These limitations may be overcome with second layer solutions like the Lightning Network or Loop Ring. Until they are, what are we to do to achieve our goal?
If the experience of sending and receiving cryptocurrency using FIO is not joyful because of these native chain limitations, should we consider wrapping these tokens on the FIO chain? Should we possibly consider providing a derivative mechanism to represent these tokens (via locking up FIO as collateral in order to mint the derived tokens)? Derivatives could be priced via an oracle system with incentivized real time conversions to keep the peg or just through open market price discovery (requiring some kind of onchain DEX). We could review Pegnet for inspiration and on the token wrapping side we could explore pBTC which is already live on the EOS network.
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