SHI — The global exchange of value for plebs. SHI is an algo-stable coin that always pegs to 1c. We imagine this will want to be launched after the Shibarium has established but can also launch before on ETH network and bridge over of course. The exact structure for SHI is still up for debate. The most direct way is to make it a synth, like done at UMA,SNX or with DAI in which some colleterial is locked up in order to Mint SHI that always pushes it back to 1c. The other way to go about it is to study the FRAX model which is fractional reserve and has a “catcher coin” to absorb the fluxuations in value to help maintain the peg.
Which way is better or is there another way, I am not sure. These are just starting seeds of ideas. Whatever it is, it needs to be built with care not to rely on 3rd party oracles, they need to be built to be fully contained, perpetual and autonomous. My feeling about chainlink is about the same as my feelings on matic.
The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment.
This is a challenge, that I don’t know the exact answer for but with the big brain power of the Shiba Army, the answer will be revealed, built, donated to the community and properly decentralized. If someone wants to put together a group with big brain power to work out the process of SHI, feel free to start a group and add me.
Shi - The global exchange of value: Shi pegs to $.01 and allows for “plebs” to have a fully decentralized token that can be used for exchanging goods without a concern of the change in value day to day, or even minute to minute. This is especially important when dealing with businesses that have invoices that get paid 30 days out, or when dealing with transactions aren’t instantly settleable (credit cards). We are working on finding the perfect methodology to implement this token. Ryoshi says this: “The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment.” In Ryoshi’s vision, “LEASH governs Shi specifically.” We are investigating how exact this portion of his vision while granting more power and utility to one of my favorite tokens, LEASH.