A Solidus Bond is a smart bond on the SwiftCoin blockchain ,a sub-category of smart contract. 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. It was designed by Daniel Bruno,CMT, a Chartered Market Technician and graduate of the Said School of Business at Oxford University. A patent was filed with the USPTO on March 6, 2012. The name derives from the gold solidus, which was the primary legal tender of the Roman Empire. In 2015, Daniel Bruno,CMT published a paper proposing the substitution of cryptocurrency bonds for dollars in commodity markets such as oil.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 | edit source]
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. Unlike Bitcoin, Solidus Bonds cannot be mined.
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. 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. In 2015, Daniel Bruno, CMT, published papers proposing the substitution of cryptocurrency bonds for dollars in commodity markets such as oil.
History[edit | edit source]
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."
As of 2015[update], UBS was experimenting with smart bonds that use the bitcoin blockchain in which "risk free interest rates and payment streams [could be] fully automated, creating a self-paying instrument." The Huffington Post reports than an announcement of the UBS smartbond service is expected in 2016.
See also[edit | edit source]
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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 | edit source]
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