After more than 4 years of implementing the protocol in mainnet, of experiences, learning, and creation of contents such as the website, the wiki, and the blog, the Money On Chain ebook is published.
Each of these contents fulfills a specific communication objective that serves users at various times.
The website presents the gateway to the Money On Chain world where you can get information about the full range of possibilities the protocol offers and access to the community and learning resources.
In this sense, the wiki plays the role of a step-by-step guide or tutorial, where you can find information on how to access the protocol, configure software and hardware wallets, and obtain tokens.
The blog contains informative and educational articles on the protocol and topics related to Bitcoin and the DeFi ecosystem on Rootstock.
The Money On Chain ebook reflects these topics. It consolidates the information developed over the years into a living document, as it is not written in stone but in PDF and Kindle format.
You can download the Money On Chain ebook by following this link:
As a preview, below you can see the table of contents:
Download the ebook and then leave your comments below, share it on social media, and/or join the conversation in our communities on Telegram and Discord.
Money On Chain is a protocol created for bitcoiners by bitcoiners. You can say, I’m a bitcoiner so, why should I consider using Money On Chain?
Let's discuss some arguments to answer this question.
At Money On Chain's launch, we wrote:
“When we say Bitcoin-collateralized, we refer to bitcoin as a currency but also to Bitcoin as a network, philosophy, and broader community.” Excerpt from the article bitcoin, the ultimate collateral.
Using bitcoin as collateral, Money On Chain creates another use case for bitcoin increasing utility and perceived value.
Money On Chain contracts run over the Rootstock network. To be able to use rBTC to mint Money On Chain tokens means locking bitcoin in layer 1. Hence, these bitcoins are held out of circulation, which decreases velocity, pushing its price up.
Other stablecoin solutions use fiat money like US dollars or cryptocurrencies such as ETH or USDC as collateral. Using bitcoin means that the collateral is locked in a smart contract, and not in the centralized hands of an enterprise that can be out of operation for many reasons, such as government regulations or prohibitions.
One of the unique characteristics of the protocol is that BPRO holders provide collateral. This means that if you want to mint your stablecoin DOC, you don't need to provide collateral as you do with other stablecoins, but another actor does it for you.
This is a game changer for stablecoins, as its users don’t have to worry about collateral and can operate directly with the protocol to mint DOC using the dapp or a wallet that has it integrated like Defiant, making sure a 1:1 peg to USD.
This other actor is the BPRO holder, this is, a bitcoin hodler that gets really good incentives to offer collateral:
This is one of the main reasons we chose Rootstock to build the Money On Chain protocol, although it is not strictly a Money On Chain feature but a Rootstock feature.
Bitcoin layer 1 does not allow the kind of programmable smart contracts needed by Money On Chain to be a reality, so founders decided to use Rootstock, a Bitcoin sidechain that offers the best of both worlds: Bitcoin, the most secure blockchain network with the only hard money, and Ethereum a blockchain that allows writing smart contracts.
Bitcoin miners using a process called Merged-Mining create blocks with the added security of bitcoin, making Rootstock the most secure Smart Contract Platform and one of the most secure blockchains in the world.
EVM-compatible capabilities make it possible to run any smart contract developed for Ethereum and create models like Money On Chain using bitcoin.
There are more reasons to consider using Money On Chain tokens or you may have another point of view regarding this. Either way, we encourage you to join MOC’s community social networks and express your thoughts.
Every so often in projects, as in life, you have to look back and observe your milestones. This helps us realize how much we have accomplished and how arduous, but rewarding, that path has been.
This is the case of this small exercise through which we, the project team, and the community that has been growing over all these years, pat ourselves on the back.
Let's start at the beginning, actually, the public beginning, since there were many months of design, development, and testing before this.
On October 5, 2019, in Uruguay, the protocol was deployed on the Rootstock mainnet. We celebrated it a few weeks later, holding a first meeting in Buenos Aires in which we made a transaction buying some pizzas with DOC, yes, just like the first known purchase with bitcoin. That's how bitcoiners we are.
On December 12 of the same year, at LABITCONF held in Montevideo, Uruguay, we presented the protocol to the world, sharing access to a Web application. Also on that date, the first phase of the Liquidity Mining program began, which allows BPRO holders to accumulate MOC tokens, based on the liquidity provided.
Throughout this first year (2020), the protocol incorporated liquidity, and at the same time functionalities were developed.
Since Money On Chain is a protocol where a user can operate the “primary token market”, that is, where they can directly create (mint) and destroy (redeem) the tokens, it was necessary until another one emerges, to create a secondary market. Reason why we developed, and in November 2020 implemented on mainnet, the TEX for decentralized token exchange.
The next big milestone occurred in April 2021 with the TGE (Token Generation Event) or initial generation of MOC tokens. It was very important for Money On Chain because it meant the first step towards the autonomous governance of the protocol and therefore towards its decentralization.
At the same time that the TGE was carried out, the next phase of the Liquidity Mining program began, in which MOC tokens are accumulated that can be claimed by users to stake them and accrue more value.
In May 2021 we took the next step towards decentralization, implementing protocol governance, which enabled the submission of proposals and the implementation of the corresponding voting process.
The Money On Chain protocol was designed from the beginning to be fully decentralized. Another important step in this direction that allows independence at the same time, was the implementation of the OMOC decentralized oracles.
OMOC oracles are of great importance for the Roostock network because not only can anyone implement an oracle and compete in the publication of the price of bitcoin, but other apps can consult them. At the same time, they are of great importance for the protocol as they present another use case for MOC tokens, in addition to participation in governance and discounting platform fees.
In September 2021, several improvements were introduced to the protocol such as a new frontend of the web app, functionalities for integrators, and the Non-Liquidation feature, which makes the possibility of liquidation of the protocol much more difficult by introducing different mechanisms and incentives in case of an abrupt drop in the price of bitcoin, known as a flash crash.
Toward the end of 2021, we took two more new steps that brought us even closer to decentralization. The protocol starts taking the bitcoin price from the OMOC oracles and the Voting Machine governs the protocol. This means that decisions regarding the protocol, new features, and updates pass through the lens of the community of MOC hodlers through a voting process.
The year 2022 was a year of consolidation for Money On Chain, despite the passing of the bear market, in which the community grew. At the same time, we continue working to achieve another milestone, in February 2023 the front end was no longer on company servers that could eventually cancel the services, but was now hosted on the IPFS network. These acronyms refer to Interplanetary File System, which in English is Interplanetary File System. IPFS is a content-addressable peer-to-peer network and protocol that enables hypermedia storage and sharing.
A long-awaited achievement that became a reality in April 2023 was the first vote that tested the governance system. The proposal presented by community members was to simplify the model, by eliminating the BTCX position.
With this vote, the decentralization designed and pursued since the beginning of this adventure became palpable.
The Money On Chain protocol has been running uninterruptedly and stably for 5 years. Providing the possibility of having a solid and robust stablecoin with a 1:1 parity with the US dollar and with the best existing collateral, bitcoin.
We understand that you are interested in exploring the world of decentralized finance (DeFi) and specifically learning more about Money on Chain's BPRO token, its integration into the Tropykus DeFi platform, and how this exciting project works.
So in this article, we will explore how creating a secondary market with BPRO benefits Money on Chain users and analyze the opportunities that arise when incorporating BPRO into its financial strategies.
Finally, we will guide you through a practical example of how you can take advantage of BPRO in both bullish and bearish bitcoin price situations.
To begin, it is essential to understand what BPRO is and how it works within the Money on Chain protocol.
BPRO is a token that you obtain by providing collateral on the platform that runs on the Rootstock blockchain, a Bitcoin sidechain. This means that operations on Money on Chain are backed by BTC, the most recognized and trusted digital asset.
At its core, BPRO is a token that emulates Bitcoin price action with slight leverage. It works as an essential piece within the Money on Chain ecosystem, as it allows the creation of a stablecoin: Dollar on Chain (DOC), which directly represents the value of a US dollar and can always be minted or redeemed for the value of Bitcoin in the Money on Chain platform.
To maintain the stability of these tokens, BPRO plays a critical role by functioning as collateral. Users lock their rBTC as collateral by issuing BPRO (this represents protocol coverage) which enables the issuance of DOC based on the amount of BPRO in circulation.
The rBTC used to mint the DOCs in circulation transfers their volatility to BPRO. This innovative solution allows users to take advantage of stable tokens within Rootstock.
The creation of a secondary market for BPRO is an important evolution within the ecosystem. This implies that users can trade BPRO on an open market, adding an additional layer of liquidity and flexibility to the platform. Below we will explain how this benefits Money on Chain and users in general:
The integration of BPRO into the Tropykus platform is exciting news for users looking to maximize their opportunities in the market. Tropykus, by incorporating BPRO, adds value to its service offering and creates a more complete and diversified financial environment. Here are some ways Tropykus users can benefit from this integration:
To better understand how you can use BPRO in your DeFi strategies, let's consider a practical example in two different scenarios: one bullish and one bearish of the bitcoin price.
Suppose you believe that the Bitcoin market is about to experience a significant increase in its price. In this case, you can use BPRO as follows:
If your prediction is correct and Bitcoin goes up, you can sell your assets and make a profit. In addition, you will have a guarantee tied to that revaluation.
Let's say you anticipate a bear market on the horizon. In this case, you can take advantage of BPRO in the following way:
Money on Chain's BPRO token and its integration into the Tropykus platform represents an exciting step forward in the ecosystem. BPRO, backed by Bitcoin, provides flexibility to users, allowing them to make the most of their digital assets. Creating a secondary market with BPRO benefits Money on Chain by adding liquidity and encouraging innovation.
The addition of BPRO to Tropykus creates exciting opportunities for users by offering a variety of collateral options, reducing risks, expanding DeFi strategies, and diversifying income. Additionally, practical examples illustrate how BPRO can be used in bullish and bearish market situations.
In short, BPRO and its integration into Tropykus open up a world of possibilities, giving you the tools necessary to make informed financial decisions and adapt to changing market conditions. Whether you are an experienced investor or someone just starting out in the world of cryptocurrencies.
Author: @BTCLegosi
Investing money has been a fundamental part of wealth-building and financial planning for decades. However, this process was plagued by barriers that made access difficult for a large part of the population for a long time. Decentralized Finance, or DeFi, has emerged as a catalyst to democratize the world of investments and overcome many of these barriers.
In this article, we will explore the characteristics of investing in the old financial model (Traditional Finance or TradFi) and how Decentralized Finance (DeFi) is transforming this sector. We will analyze how DeFi has removed obstacles such as bureaucracy, the need for identification, the dependence on bank accounts and brokers, and the age restriction. We will also delve into how DeFi is opening the doors to unbanked societies facing high tax rates and similar problems. We will highlight the importance of financial education in this new digital era. However, we will also discuss the latent risks in the DeFi industry today.
One of the biggest obstacles to investing in the traditional financial model is the overwhelming bureaucracy involved. Opening a bank account requires a large number of documents, and identity verifications which often involve lengthy procedures at the bank branch. This process is not only slow but also excludes those who do not have access to valid identification documents.
Most investments require complete identity verification. This excludes those who, for various reasons, cannot provide valid identity documents, either due to their immigration status or lack of proper records.
Another significant obstacle is the need to have a bank account. For many, especially those living in rural areas or developing countries, access to traditional banking services is limited or non-existent. This leaves them outside the financial system and without access to investment opportunities.
Once the initial barriers are overcome, investors face dependence on brokers and the associated commissions. Hiring the services of a broker is usually expensive, and commissions for buying and selling assets can significantly reduce investors' profits. Not to mention that after commissions, every State has tax rates on the returns and dividends obtained, which further liquefies people's opportunities when investing.
Finally, age restrictions are also a deterrent for many aspiring investors. In many, if not all, countries, you are required to be over 18 years of age to participate in certain financial products, which excludes young people from the opportunity to invest and learn about finances from an early age.
Decentralized Finance, or DeFi, is radically transforming investment and access to financial services. Instead of relying on intermediaries, DeFi uses blockchain technology to allow anyone to participate in the global financial system directly and without arbitrary age, location, or documentation restrictions.
One of the most notable features of DeFi is its ability to provide financial services to unbanked people. Around the world, millions of people do not have access to traditional bank accounts due to various reasons, such as a lack of banking infrastructure in rural areas or the inability to provide valid identification documents. DeFi opens the doors to these people, allowing them to participate in a variety of financial services using just an internet connection.
The crypto industry continues to mature, DeFi has become a fundamental pillar of this ecosystem. DeFi platforms offer innovative ways to earn interest, exchange assets, and participate in the governance of crypto projects. This not only democratizes cryptocurrencies but also drives innovation in the space. With DeFi, the crypto industry becomes more accessible and diverse.
In the old paradigm, the individual was rarely the custodian of his or her “own” assets. Bitcoin, DeFi, and in particular Money on Chain shed light on this change in trend.
Bitcoin allows us to access unspeakable value, a value of which we are true owners in this era of digitalization. DeFi provides accessibility to those tools that would otherwise only be available to a few. And, Money on Chain unites these concepts to allow people to be custodians of their own assets and access the world of finance with hard assets, backed by uncensorable value, such as Bitcoin.
As DeFi expands, financial education becomes a fundamental pillar. Unlike traditional investments, where intermediaries often provide guidance, in DeFi, users are responsible for their own financial decisions. Financial education has become a powerful tool to empower people to make informed decisions and avoid unnecessary risks.
Despite its advantages, DeFi has its own risks. Decentralization and lack of regulation can lead to security issues, scams, and financial losses. DeFi projects are susceptible to hacks and exploits, which have resulted in the loss of millions of dollars in crypto assets.
Additionally, the lack of regulation means that investors must be extremely cautious and conduct extensive due diligence before participating in DeFi projects. The inherent volatility of cryptocurrencies can also result in significant losses, and it is crucial that investors understand the associated risks.
Investing in the old financial model is often uncharted territory for many, with significant barriers that exclude a large part of the population. Decentralized Finance has revolutionized the model by eliminating many of these barriers and allowing broader and more democratic access to financial services. DeFi is debanking, driving crypto adoption, and emphasizing the importance of financial education.
Technology is transforming the way we invest and access financial services. It represents a fundamental change in the way we think about investments, its impact on society, and the global economy will continue to grow in the coming years. Money on chain definitely contributes to this by providing simple and powerful tools to use.
Ultimately, financial education becomes an essential skill for navigating this new financial world, where opportunities and risks coexist. Technology has become indispensable to empower people and provide universal access to financial opportunities.
Author: @BTCLegosi
Due to their mechanism and way of operating, wallets are the closest thing to electronic banking of any bank.
These wallets are the interface between the user and the record in the Blockchain, in fact, the wallets do not store your cryptocurrencies, they are only the means to organize and review the balance in quantity and in dollars.
The most common wallets are Software wallets otherwise called Hot Wallets and through them, you can store, send, and receive cryptocurrencies without intermediaries.
There is another type of wallet built based on Hardware, they are referred to as Cold Wallets, in this article we will only focus on Software wallets.
This works as an introduction to the definition of Wallets if you are new here. Now let's talk a little about the token in question.
MOC, Money On Chain's governance token that even goes beyond this single feature, is a voting, veto, staking, and fee discount token when you operate within the protocol.
Now let's go directly to knowing the wallets that you can use to operate with MOC.
The wallet created with the Rootstock chain in mind which already has the token natively integrated.
This mobile wallet has a great user interface and is also self-custodial so that your assets will always be under your protection.
This wallet is compatible with Android and IOS.
Another interesting feature is that it integrates more blockchains so as not to be enrolled only with Rootstock, among these you can find:
The proposal of having 2 blockchains that we usually do not see in multichain wallets, such as Moonriver and Moonbeam, is interesting.
In terms of security, Defiant does not store or back up the keys and seed phrase, therefore it is impossible to recover the assets if you lose any of these security elements.
Within Defiant you will be able to make swaps of all the tokens in the Rootstock chain among themselves, and it is likely that of some other blockchains, as long as this operation is integrated with those networks, it is just a matter of testing.
The purchase of cryptocurrencies is also possible, taking into account that it is done through an external company which represents taking you to a site outside of Defiant with a trusted third party.
Returning to the main token of this article, MOC, we already saw that one of its characteristics is staking, over time obtaining more tokens, without having to leave Defiant you can do it in the same wallet.
This wallet is web-based and runs through an extension that can be installed in the browser.
Liquality, unlike its similar Metamask, cared about a pleasant user interface and it is not as flat as the one already mentioned. This has nothing to do with its operation and user experience, it just presents itself with a friendlier interface.
The registration process is practically like all the others, they give you the 12 words that make up your seed phrase, which by the way you must save very well, and later they will ask you to assign a password to start operating.
Unlike Defiant, the process of adding MOCs takes a few extra steps.
After connecting, you have to select the Manage Assets option.
Then you have to select Add Custom Token.
Now you would have to enter token values that are stated below, so you can copy and paste.
TOKEN CONTRACT ADDRESS
0x9aC7Fe28967b30e3a4E6E03286D715B42B453d10
NAME
This value is indistinct so you can associate it with the name that seems best to you, I would simply name it MOC.
TOKEN SYMBOL
MOC
DECIMALS
8
Finally, you select Add Token. You can find it on the Rootstock network by expanding the list of tokens.
From here you can Receive, Send and Swap with other tokens in the Rootstock network.
As a feature that may be interesting if you are a fan of NFTs, is the fact that you can save them in this wallet as long as you have purchased them from OpenSea or Stratos.
And that's it with this wallet.
The most well-known and used wallet by crypto users, there is no doubt about its great presence and that users have adopted it well despite some details that have generated some controversy.
Like Liquality, by default it does not have the token configured, therefore we must add it manually, although particularly in this wallet the Rootstock network is not added either, so let's start with the first.
As a first step we will select the drop-down list, marked by the arrow.
Then choose Add network.
Select Add network manually.
In Configuration, it will ask for a series of values that are listed below.
NETWORK NAME
Rootstock, although the name is up to each user, the ideal is to call it Rootstock.
NEW RPC URL
STRING IDENTIFIER
30
CURRENCY SYMBOL
RBTC
BLOCK EXPLORER URL
With this data you have already configured the Rootstock network and now the next step is to add the token. These next steps are similar to the ones we performed when adding the token to the Liquality wallet.
Although we have added Rootstock as a network, the only token that loads automatically is RBTC because it is the native one.
We return to the list of networks and you will be able to see Rootstock's, you just have to select it.
Select Import tokens.
Here it already asks for exactly the same data that also appears below. When finished, select Add Custom Token and it will be added to the Rootstock token list.
TOKEN CONTRACT ADDRESS
0x9aC7Fe28967b30e3a4E6E03286D715B42B453d10
NAME
This value is indistinct so you can associate it with the name that seems best to you, I would simply name it MOC.
TOKEN SYMBOL
MOC
DECIMALS
8
We have reached the end of this article where we review the wallets that you can use to operate with the Money On Chain MOC token. Also, in summary, we told you some characteristics and in the cases of Liquality and Metamask, we gave you the step by step to add the token, which unlike Defiant, is not listed by default.
Money On Chain is a DeFi protocol created for bitcoiners by bitcoiners.
Yes, that is what we always say because we believe that Bitcoin is the best collateral to create a stablecoin.
When the Money On Chain protocol was designed, there was no possibility of developing a model using Smart Contracts nor having Bitcoin as collateral but in a layer 2 solution, and these were enough reasons to build over Rootstock.
In this article, we will look into why DOC and BPRO are an excellent option in your portfolio if you already use Ethereum, Polygon, or other blockchains EVM Compatible with Smart Contracts capabilities.
There are several benefits of using DOC as a stablecoin like minting your own tokens, or having them secure in your wallet, but as Ethereum user or developer you can also consider:
Despite its volatility, Bitcoin is the best collateral because, due to its limited supply, it tends to appreciate with respect to other currencies. Plus is the most secure blockchain, the most decentralized and censorship-resistant network.
Money On Chain’s model takes advantage of these features to build a stablecoin that can keep the peg to the US dollar even in market crashes and bear market situations. For more details read “What if Bitcoin had a flash crash?”
Unlike other stablecoins, the collateral is provided by BPRO holders which have incentives as leverage, percentage of transaction fees, and MOC token rewards.
Money On Chain developed decentralized oracles to serve dApps the bitcoin price data for BTC/USD pair, among other pairs, inside the blockchain. Since this data cannot be directly accessed from the blockchain, external agents, called Oracles, must provide the necessary prices. Having decentralized oracles accessible for any dApp is a great deal because oracles compete with each other to provide the most accurate information and anyone can run a MOC oracle. Here’s an article explaining this subject in detail: MOC Decentralized Oracles.
The bridge with Ethereum makes it easy to send forth and back several tokens to interact with dApps in the other network. You can bring USDT or USDC to rootstock and swap them for DOC to hold a really decentralized stablecoin or for Bitcoin to mint BPRO to seize the leverage and earn MOC tokens. You can also trade bitcoin pairs, earn fees providing liquidity, lending, and even take loans at Sovryn or Tropykus. The most important thing here is that you can choose a better network for any situation at any time.
There’s always the option to swap any token for bitcoin and then cross it to Rootstock blockchain through the Pow Peg o using FastBTC either at Sovryn or at the integration on Money On Chain dApp.
Another characteristic of Rootstock is being EVM compatible which makes it easy to fork Ethereum dApps and implement them in Rootstock, You can take advantage of a bitcoin sidechain secured by Bitcoin miners through the merged mining. Besides this, the gas paid in Rootstock for transactions is cheaper than Ethereum making it an excellent incentive for users to operate with dApps. You can check RSK Gas Station for further information.
You can go in a very trust-minimized way and without KYC, from Ethereum to Rootstock and back. And while in Rootstock, keep a decentralized stablecoin like DOC to quickly redeem for bitcoin (rBTC), take a loan, or mint a liquidity token like BPRO to enjoy its benefits.
If you want to learn more about Money On Chain, visit our website https://moneyonchain.com/
Sometimes it can be stressful and complicated to enter a crypto ecosystem like Rootstock without knowing all the tools available. That is why it is important to know how to enter and exit at hand, that is, how to obtain smart bitcoin to mint DOC and BPRO.
We are going to analyze some gateways to the Rootstock ecosystem so that you can bring your BTC and transform it to rBTC in the easiest way possible.
Undoubtedly, having this information available to any user can mean an incredible experience, which is why we will describe them in detail, explaining their characteristics, and considering their particular aspects.
The Rootstock Pow Peg, a tool developed by the Rootstock team available to the ecosystem, is an MIT-licensed Bridge that will allow you to easily cross your BTC into rBTC and out of rBTC into BTC. When you use the Rootstock PowPeg you are using the main gateway to the ecosystem and the most decentralized one.
To start go to the 2-Way Peg App, there you will find this interface.
As you can see, it will appear to transfer your BTC to rBTC and vice versa, you can also check the status of your transactions while they are confirmed.
Important: Peg-in (bitcoin to smart bitcoin) and peg-out (smart bitcoin to bitcoin) transactions require a large number of block confirmations. Connections require 100 Bitcoin blocks (approximately 2,000 RSK blocks) and outputs require 4,000 RSK blocks (approximately 200 Bitcoin blocks). So you should not worry if your transaction takes time to execute in both chains, it is the logical process for the level of security you are looking for (we will explore faster alternatives).
+info: https://dev.rootstock.io/rsk/architecture/powpeg/
As an example, imagine that you want to send BTC from your Trezor Hardware Wallet to the Rootstock network. Click on the desired option and follow the steps:
The next option is Fast BTC, developed by Sovryn, which allows access to the ecosystem in a faster but less decentralized way than the PowPeg. With this Bridge you can enter and exit the ecosystem, even go from local currency (FIAT) to rBTC in a few simple steps.
If you already have your BTC in the Bitcoin on-chain network, you could use Fast BTC integrated into the new version of the Money On Chain dApp as explained in the wiki.
In the event that you want to access rBTC from local currency (FIAT) go to https://alpha.sovryn.app/fast-btc/transak using the Transak payment engine you can purchase it.
Connect your web3 wallet within the Rootstock network.
Generate a BTC address by clicking the button.
Here you will see that a BTC address is generated. Deposit FIAT to convert it to Bitcoin and later send it to Fast BTC to convert it to rBTC, all this automatically. You will only see that you receive the rBTC.
(It must be clear that this interface is outdated to the legacy version of Fast BTC. In this version, it was only possible to peg-in. Therefore, it must be verified that the team continues to support it).
In case you use Defiant, the experience of exchanging your BTC to rBTC will be nothing more than the experience of making a simple swap. Defiant provides a more comfortable day-to-day user experience, using the Rootstock PowPeg anyway. Here’s an example:
We assume that you already have BTC in your Defiant wallet.
Go to “Swap”.
Then choose the destination token, in this case, rBTC.
Choose the amount you want to exchange, in this case, through PowPeg. There you will see that it shows the details of the network commissions and how much you will receive. To finish, you just click on continue.
Liquality is another self-custodial web3 wallet that features an interface to connect your Bitcoin to Smart Bitcoin on Rootstock. Here’s a tweet from AndresBTC interacting directly with this wallet and using the Money on Chain protocol.
Krypton Market is a platform that works as a marketplace where you can buy products through this feature, but it also has the option of making exchanges through your local currency (Argentine, Colombian, Uruguayan pesos, Peruvian soles, bolivars, dollars, among others).
Go to https://www.kriptonmarket.com/broker?operation=cash-in&medium=Bank
Create your account in a few simple steps. Choose your local currency, and the amount, select the rBTC option, select the Rootstock network, and paste your destination address (remember to be positioned within the Rootstock network).
In the case that you want to convert your rBTC to FIAT money. Access this link https://www.kriptonmarket.com/broker?operation=cash-out&medium=Banco and you must complete the same fields as in the previous procedure. Only that you must add the number of your bank account in which you will receive your money.
Important: You will see that the platform has a commission for its service since it is duly regulated. It does not have the need to inform governments of user movements, it only uses a database for the purpose of justifying its services.
Related to p2p bots (person to person) we will find options such as @lnp2pbot and @p2p_rsk_bot to trade satoshis on the Lightning Network against satoshis within the Rootstock network. Keep in mind that you must have a wallet for each case.
To do this, you can go to this user within Telegram https://t.me/lnp2pBot write the command "/start" and then "/help" so that the bot can give you all the instructions to buy or sell and configure your offer to your liking.
For example: You want to sell your satoshis (rSats). The correct syntax to write it is:
/sell <amount of sats> <amount of rsats> rsat “rsk”
/sell 1000 1000 rsat “rsk”
Here you can see an example of making a purchase offer: https://t.me/P2PbtcLNrbtc/278 . In addition, in this group, you will find other useful videos that will help you understand the step-by-step.
If you want to see your order, you can find it on this Telegram channel: https://t.me/p2plightning . If you have questions about how the bot works, you can go to this channel: https://t.me/consultasp2p
The bot will notify you when someone is taking your order and you will have a period of 15 minutes to continue with the order process, otherwise, the order will fail and you will have to place it again.
Going through some more centralized alternatives that provide good services, we found OKU Trade and BuenBit which will allow you to access rBTC by trading within their platform. If you are a resident of Uruguay, you can buy your rBTC through Criptala.
It is worth mentioning that all these alternatives have a KYC process that you must go through to trade there.
OKU Trade is a platform based on Uniswap v3 that allows users to swap several tokens from the Rootstock ecosystem, DOC and MOC among them.
In the case of BuenBit, you can buy rBTC through a simple exchange, either in local currency or cryptocurrencies. You can also deposit and withdraw rBTC very easily, let's see some examples:
Here you will see how you can exchange ARS/rBTC.
You can also deposit and withdraw rBTC.
Mt. Pelerin ( https://www.mtpelerin.com/es ) can be another centralized alternative through which you could access rBTC, whether you want to swap between tokens from different chains, as in the case of the following example:
Or for example, if you want to buy rBTC through your local currency.
As you will see, there is a wide variety of possibilities to transfer your Bitcoin to Smart Bitcoin within the Rootstock network. This article is intended to be a simple guide so that you can easily find all the available options in one place.
In most of the tools available, the user experience is pleasant, you may encounter some delays in the confirmation of a Bitcoin on-chain transaction but don't worry, this will depend on how congested the blockchain is at that moment.
In the Money On Chain wiki you have detailed guides on this topic and others related to the protocol and the dApp.
If you have any questions or need help step by step on your way to Rootstock, don't forget that you can always join our Telegram community, where we will help you and welcome you if you are new.
Note: This list is often growing or changing so this article will probably be edited accordingly.
Disclaimer: Money On Chain does not make recommendations, just enumerates possibilities of getting rBTC.
Author: @BTCLegosi
The DOC, or Dollar on Chain, is one of the most secure stablecoins out there. Not only because the collateral is bitcoin, but also because it lives in the most secure Bitcoin sidechain, Rootstock.
DOC is also unique given these characteristics:
In this post though, we are not going to focus on DOC qualities but on how to acquire DOC.
There are two ways to have DOC, the primary market or a secondary market.
The difference between these two markets is that the primary market is where the magic happens, and the DOC tokens are created or destroyed. The secondary market instead, is where you can buy or sell tokens. We will see some examples, but if you want to read a little further about this difference, you can read our blog’s article “What’s the difference between buy/sell and mint/redeem?”.
In the case of Money On Chain’s DOC, the Primary Market is the protocol. And the first obvious option to interact with it is the Money On Chain dApp.
Remember that by definition of Primary Market, the value of the DOC token either you mint it or redeem it is always 1 USD.
Another way to operate directly with the protocol is through applications that integrate it. This is the case of Defiant and Beexo. These wallets have the MOC protocol integrated, so when you swap from rBTC to DOC or from DOC to rBTC they interact with the protocol.
For most of the other stablecoins, such as DAI, USDT, and USDC, the easiest way to get them is buying, this is, through Secondary Markets.
There are several possibilities to get DOC:
Brokers are third parties that manage their own liquidity to help you buy and sell your tokens. Among these you can find:
Exchanges give you access to order lists and liquidity other users provide.
The peer-to-peer market is where you operate directly with another person mostly through platforms such as:
These are different ways to get DOC depending on the use case, trading, lending, savings, or buying products. It is very easy to mint your DOC tokens in the protocol to be sure 1DOC is 1USD.
Note: This list is often growing or changing so this article will probably be edited accordingly.
Disclaimer: Money On Chain does not make recommendations, just enumerates possibilities of getting DOC.
This article is a re-post from the original published in Money On Chain's Medium.
Stablecoins reside at the intersection of cryptocurrencies and traditional finance. They simplify the transfer of funds between crypto exchanges. Stablecoins make purchases faster and less expensive and are used as a medium of exchange, a means of storing value, and a unit of account. In 2012, Mastercoin proposed a stable-value cryptocurrency, which was later renamed as Omni.
A collateralized stablecoin is pegged to assets such as national currencies, commodities, and even cryptocurrencies. In centralized models, the stablecoin issuers back the value of their coin by holding the asset.
A Stablecoin’s value is pegged, for instance, to the USD at a 1:1 fixed exchange rate. Other stablecoins are pegged to the price of crypto assets, such as Bitcoin and Ether, with algorithms that manage the supply and demand of the coin and the reserves. Regardless of how a stablecoin is backed, its value is in its price stability.
In a crypto-collateralized arrangement, a cryptocurrency backs a stablecoin, while seigniorage tokens are not collateralized by anything other than software, which maintains the price stability. A hybrid stablecoin might blend the three above approaches.
Fiat-backed Stablecoin
Fiat-backed stablecoins are backed by fiat currencies at a 1:1 ratio. Custodians manage the fiat in such an arrangement by holding the proper amount of backing currency in an account. Fiat-backed tokens can be issued or destroyed by the custodian as needed to maintain the peg. Stablecoins today are backed by the euro, Japanese yen, and other fiat currencies. Of course, stablecoins, where funds are held in bank accounts or by third parties, are susceptible to fraud.
A problem with fiat-backed stablecoins is their centralization.
Commodity-Backed Stablecoin
Commodity-backed stablecoins are pegged to a commodity, such as gold or silver. A token could be backed by one gram of gold stored in a third-party custodian’s vaults.
These stablecoins are backed by one or more commodities. The backing commodity must reflect the circulating supply of the stablecoin.
Cryptocurrency-Backed Stablecoin
A Crypto-collateralized stablecoin is backed by a cryptocurrency and sometimes a basket thereof. Certain mathematical innovations were needed in order to make such a stablecoin possible. These stablecoins are considered a more decentralized alternative to other stablecoins.
A major difference between this type of stablecoin and the abovementioned types is the former is handled on blockchain, with smart contracts, where the latter are done in the physical world through bank accounts or gold custodians.
These stablecoins are oftentimes more complex and require more collateral, due to the volatile nature of the backing cryptocurrencies themselves, than the abovementioned stablecoins.
Seigniorage-Style Stablecoin
A seigniorage-Style stablecoin is stabilized by an algorithm. The algorithm could, for instance, control the supply of the seigniorage-style stablecoin. New stablecoins can be minted to stabilize prices if demand for the stablecoin increases.
Libra, JPMorgan Coin & The Stablecoin Market
Big institutions have shown interest in creating their own stablecoins. Facebook’s Libra is a stablecoin, because the social networking site sees stablecoins as a potential bridge between the existing world of government-issued money and a crypto-based future.
Stablecoins are also gaining attention from the likes of JPMorgan Chase Inc. According to Facebook, Libra will be backed by “a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks.” Libra’s value will fluctuate in the same manner that the US dollar varies compared with the euro or yen from day-to-day. Exchanges will be established so that users can convert fiat for Libra.
JP Morgan says its JPM coin will enable fast money transfers between its corporate customers on an internal, private blockchain. JPM Coin is backed by the U.S. dollars held by the bank.
The Federal Reserve has been advised to consider stablecoins, and the central bank of Sweden is planning a pilot project with an “e-krona” later this year.
Money on Chain: A Bitcoin-Backed Stablecoin
Money on Chain foresees big things for stablecoins, too. That’s why in 2015 we started to work on a stablecoin for the Bitcoin ecosystem.
We chose to design a stablecoin on top of Bitcoin because it allowed us to build a truly decentralized stablecoin. We believe Bitcoin’s decentralization and censorship resistance is crucial to a stablecoin.
We’ve created a stablecoin pegged to the American Dollar (Dollar On Chain) that incentivizes various participants in the Bitcoin systems.
Money On Chain is made by Bitcoiners for Bitcoiners.
Article written by: Justin O’Conell