Ampleforth - An Ideal Money
Authors: Evan Kuo, Brandon Iles
Abstract
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.
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