Solidus Bond
A Solidus Bond is a smart bond on the SwiftCoin blockchain ,a sub-category of smart contract.[1][2] It is a U.S. patented, peer-to-peer digital bearer bond that uses proof of work to perform the functions of interest payments and bond redemption typically carried out by a financial institution.[3][4] It was designed by Daniel Bruno,CMT[5], a Chartered Market Technician and graduate of the Said School of Business at Oxford University.[6] A patent was filed with the USPTO on March 6, 2012.[7][8] The name derives from the gold solidus, which was the primary legal tender of the Roman Empire.[9][10]
In 2015, Daniel Bruno,CMT published a paper proposing the substitution of cryptocurrency bonds for dollars in commodity markets such as oil.[11][12][13]The paper was translated into Farsi, Russian and Spanish. In 2018, Venezuela launched the Petro cryptocurrency in an experiment designed to replace the US dollar as the medium of exchange for Venezuelan oil and gold.
Design and use[edit]
The Solidus Bond utilizes SHA-256 elliptical encryption on a decentralized block chain to create and redeem debt instruments issued in a digital currency. The bonds are brought into existence upon command by any investor via algorithm rather than fiat. Coupon payments and bond redemption are also executed by algorithm, eliminating the need for brokerages and theoretically reducing bond duration to zero, making credit ratings obsolete. Investors choose bond size and bond maturity of seven days to 10 years. Payments are emitted from the block chain to the SwiftCoin wallet chosen by the investor at the time of bond creation. There are no commissions or fees to pay. The only requirement to purchase a Solidus Bond is a SwiftCoin wallet and a sufficient balance of the SwiftCoin digital currency to cover the face value of the bond. Bond ownership is conveyed solely through possession. There are no accounts, records, or user databases and the block chain ledger is not public. Interest rates are set by the market and were 18% in 2016. Holders of Bitcoin and other cryptocurrencies convert to SwiftCoin to access the Solidus Bond block chain, then cash back into their initial currency at bond expiry. Solidus Bonds are not open source.[14][15][16][7] Unlike Bitcoin, Solidus Bonds cannot be mined.[17][2]
The Solidus Bond is kept on any computer hard disc and the bond portfolio can be cloned to another device or backed up using a common pendrive. The proof-of-work block chain prevents double spending such that the bond portfolio clone has a unique position that cannot be duplicated.[18][19] Patrick M. Byrne, the CEO of Overstock.com and an early adapter of bitcoin, made headlines in 2015 with the promotion of "the world's first bitcoin bond" purchased for US$500,000 using concepts laid out by Daniel Bruno in 2010.[20][21] In 2015, Daniel Bruno, CMT, published papers proposing the substitution of cryptocurrency bonds for dollars in commodity markets such as oil.[22][23]
History[edit]
As early as 2014, banking executives were speaking publicly about the ability of blockchain technology to trigger significant "simplification of banking processes and cost structure."[24]
As of 2015[update], UBS was experimenting with smart bonds that use the bitcoin blockchain[25] in which "risk free interest rates and payment streams [could be] fully automated, creating a self-paying instrument."[26] The Huffington Post reports than an announcement of the UBS smartbond service is expected in 2016.[27]
See also[edit]
Other articles of the topics Law AND Business and Economics : Smart contract
Other articles of the topic Law : ©, Smart contract, Anan Foundation, Public figure
Other articles of the topic Business and Economics : Smart contract, Freemium
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- Code and Other Laws of Cyberspace
- Secure multiparty computation
- Ricardian contract (a design pattern to capture the intent of the agreement of parties)
References[edit]
- ↑ "Solidus Bond：数字货币债券悄然问世_资讯_新金融". if.pedaily.cn. Retrieved 19 June 2017.
- ↑ 2.0 2.1 "數字貨幣債券 Solidus Bond". Retrieved 19 June 2017.
- ↑ "System and method for providing debt securities denominated in virtual currencies". Retrieved 19 June 2017.
- ↑ "United States Patent Application: 0130238478 - SYSTEM AND METHOD FOR PROVIDING DEBT SECURITIES DENOMINATED IN VIRTUAL CURRENCIES". Retrieved 19 June 2017.
- ↑ "Daniel Bruno Approved Academic Papers". SSRN. 19 January 2019. Retrieved 19 January 2019.
- ↑ Wang, Ace (2014-12-16). "数字货币债券 Solidus Bond". 36kr. Retrieved 2017-03-30.
- ↑ 7.0 7.1 Lombardo, Hans (2014-12-10). "[Update] Swiftcoin Team Announces Launch of Digital Bearer Bonds". All Coins News. Retrieved 2017-03-28.
- ↑ "System and method for providing debt securities denominated in virtual currencies". AllPatents. Retrieved 2017-03-30.
- ↑ Porteous, John (1969). "The Imperial Foundations". Coins in history : a survey of coinage from the reform of Diocletian to the Latin Monetary Union. Weidenfeld and Nicolson. pp. 14–33. ISBN 0-297-17854-7. Search this book on
- ↑ Spufford, Peter (1993). Money and its use in medieval Europe. Cambridge University Press. pp. 7–9, 18–19, 25, 33–35, 37, 50–52, 397, 400. ISBN 978-0-521-37590-0. Search this book on
- ↑ "พบกับ CryptaMail อีเมลล์แบบใหม่ที่ทำงานบนระบบบล็อกเชน". Siam Blockchain. 2016-12-30. Retrieved 2017-04-02.
- ↑ "数字钱币债券 Solidus Bond". 29 April 2017. Retrieved 19 June 2017.
- ↑ "【中/英】比特幣債券悄然問世". 16 December 2014. Retrieved 19 June 2017.
- ↑ "System and method for providing debt securities denominated in virtual currencies". Google. Retrieved 2017-03-30.
- ↑ "The John McAfee $10,000 SwiftCoin & SwiftMail Hack Challenge". The Business Journals. 2016-03-07. Retrieved 2017-03-30.
- ↑ "数字货币债券 Solidus Bond". Guangzhou News. 2015-04-17. Retrieved 2017-03-30.
- ↑ Leung, Angus (2016-12-30). "John McAfee to Make Email Systems Great Again With Blockchain". The Cointelegraph. Retrieved 2017-04-02.
- ↑ Fletcher, Katherine (2015-08-21). "John McAfee SwiftMail using blockchain to replace email". CoinReport. Retrieved 2017-04-02.
- ↑ Scott, Allen (2014-05-14). "World's First Bitcoin Brick and Mortar Swap Point to Open in Uruguay". The Cointelegraph. Retrieved 2017-04-02.
- ↑ Santos, Maria (2015-06-09). "CEO of Overstock.com buys world's first Bitcoin bond for $500,000". Bitcoins. Retrieved 2017-04-02.
- ↑ Lunn, Bernard (2015-06-15). "The Overstock crypto-currency bond: a TIGRcub to settle and clear on TØ.com". Bank Innovation. Retrieved 2017-04-02.
- ↑ Jenn, Sarah (2015-06-09). "Bitcoin Revolution to Pose Regulatory Challenges for SEC". NEWSBTC. Retrieved 2019-01-19.
- ↑ "Swiftcoin: We Are Talking to Chinese VCs on Our Bitcoin Bonds". 15 June 2015. Retrieved 19 January 2019.
- ↑ Irrera, Anna (2014-10-27). "UBS CIO: Blockchain Technology Can Massively Simplify Banking". Wall Street Journal. Retrieved 2016-05-27.
- ↑ Ross, Rory (2015-09-12). "Smart Money: Blockchains Are the Future of the Internet". Newsweek. Retrieved 2016-05-27.
- ↑ Wigan, David (2015-06-11). "Bitcoin technology will disrupt derivatives, says banker". IFR Asia. Retrieved 2016-05-27.
- ↑ Seaman, David (2016-08-10). "Ethereum: Here Come The Big Banks". Huffington Post. Retrieved 2016-08-11.
External links[edit]
- Official Website
- SwiftCoin Alternative Finance - Solidus Bonds
- Introduction to Solidus Bonds
- Making the Banks and Credit Agencies Obsolete - SwiftCoin for Oil
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