Ampleforth - An Ideal Money
Authors: Evan Kuo, Brandon Iles
Too many of today’s stablecoins are focused on filling the gaps left by Tether,
but bringing fiat to the blockchain does not mean we have created better
money. Tomorrow’s stablecoins, will focus on filling the gaps left by Bitcoin.
Ampleforth is a decentralized store of value protocol that is volatile in price and supply at launch, but is strictly better than Bitcoin at steady state because it converges on a stable unit of account. Like Bitcoin, Ampleforth is decentralized, enforces a strict supply policy, and is resistant to the devaluing effects of inflation. However unlike Bitcoin, the currency is capable of evolving from a store of value, to a unit of account, to a medium of exchange over time.
In this paper we 1) introduce a framework for evaluating the quality of money, 2) apply this framework to Bitcoin and stablecoin approaches today, and 3) describe the Ampleforth protocol for creating an Ideal Money.