Strategy for Sonr's Stablecoin

Objective

To issue a stablecoin that serves as a decentralized, secure, and efficient medium of exchange within the Sonr ecosystem, enhancing user experience and driving platform adoption.

Components

1. Universal Stablecoin Module: A core extension to x/service that handles minting, transferring, and burning of stablecoins.
2. Service Records: Enhanced to store stablecoin balances and transaction history.
3. Payment Handler API: Integrated into Service Worker for seamless UX and transaction management.

Phases

1. Development & Testing
   • Extend x/service to add the stablecoin module.
   • Update Service Records schema.
   • Integrate Payment Handler API.
2. Security Audit
   • Conduct a comprehensive security audit to identify vulnerabilities.
   • Address any issues found to ensure robustness.
3. Private Sale (Testnet)
   • Invite-only sale to a select group of early adopters.
   • Gauge the system's performance and iron out any issues.
4. Public Launch
   • Full-scale launch of the stablecoin.
   • Roll out to all users and apps within the Sonr ecosystem.
5. Monitoring & Analytics
   • Real-time tracking of transactions, usage, and performance.
   • Periodic audits for security and compliance.
6. Partnerships & Ecosystem Growth
   • Integrate with other platforms and services via IBC or other interoperability protocols.
   • Incentive programs for developers to integrate the stablecoin into their services.

Key Metrics

1. Transaction Volume: A measure of adoption and utility.
2. User Engagement: Number of active wallets, transaction frequency.
3. Security Incidents: Tracking of any security issues, successful or otherwise.
4. Performance Metrics: Latency, throughput, and other system performance indicators.

Risks & Mitigations