Use Cases
Last updated
Last updated
Chorus can be utilized by any community that wishes to create a stable money with an inflation policy catered specifically to their target needs. Some of the envisioned uses include.
Utility tokens such as layer 1 native tokens or governance tokens are often very volatile and act more as securities or stores-of-value rather than a money. By allowing for these communities to create a stablecoin backed by their own coin, they can a) create a novel payment method for their community to use to show support, b) create a new use case for their token as a backing for the Notes, and c) utilize a monetary policy to incentivize development, security, and/or adoption of their network.
Local governments have a long history using community currencies. This framework will allow governments to lock fiat backed tokens, claims to real estate in the community, tokenized financial instruments that they own, or even just an unbacked fiat stablecoin which will allow them to have a digital fiat dollar currency ready for use. The flexibility in this protocol and standardization will create a digital reach for communities that local, paper-based currencies do not have.
In addition to crypto based governance tokens, the eventual tokenization of securities could create a world where companies have their own currency and policies for spending their currency. It is commonplace that companies have their own credit card with rewards for spending in a certain manner; Chorus allows companies to create a similar structure without the intermediation and fees of a credit card or financial service company.