NAME: Sound Money Coin
Sound Money Coin (SOV Coin) is an autonomous monetary system that represents a sound money and a secure store of value. It’s also the hardest money in existence — even harder than gold which is physically indestructible. As the hardest money, Sound Money Coin is on an unstoppable trajectory to become a global reserve currency used by the poor and wealthy alike.
In SOV Coin, the monetary policy is encoded into an Ethereum smart contract. It thus obtains the property of true immutability: There is no way to change or update the code of the smart contract, ever. Thus, code is law and the danger of governance, by whatever group, is eliminated.
Government-controlled fiat money is the most devastating force in the Universe.
By constantly printing money out of thin air, governments inflate the money supply which leads to high time preference in the population, world wars, Justin Bieber, the breeding of inexcusable aberrations like the Sphinx and Pekingese, and ultimately the demise of mankind.
For something to be sound money, it’s monetary policy must not be subject to any form governance. In Bitcoin, the inflation rate is determined by block rewards, which are given by code. Code that can be changed if consensus changes in the future.
When implementing a truly hard currency on the blockchain, it is important to decouple monetary policy from the incentive system that keeps the system going. This is where Sound Money Coin (SOV Coin) comes in.
SOV Coin is the Kryptonite to the gold that is Bitcoin. In SOV Coin, the monetary policy is encoded into an Ethereum smart contract. It thus obtains the property of true immutability: There is no way to change or update the code of the smart contract, ever. Thus, code is law and the danger of governance is eliminated.
Supply is capped at 21 million, which is mathematically proven to be optimal supply for sound money.
In contrast to competing SOVs, mining of SOV coins is not restricted to the confines of Chinese factories. Anyone in the world can mint SOV at the cost of an Ethereum transaction. New coins can be minted only once per block and the minter receives 0.05 SOV. Each time new SOV are minted, 0.001 SOV go into a fund for further development of the Sound Money Coin ecosystem.
An important factor is that SOV Coin is emitted very slowly. The rate of generating SOV Coin is tied to the rate of Ethereum block generation. At current block times, a maximum of 320 SOV Coin can be generated every 24 hours. At this rate, it will take 122 years until the full supply is available.
Fair distribution is one of the key factors in establishing a sound monetary system. Therefore, SOV Coin has no pre-mine and can be mined by anyone for the cost of an Ethereum transaction fee. As of now, 0.0003% of the maximum supply have been minted. Currently, the cost of mining 1 SOV at a gas price of 2 Gwei is 10 cents.
Minting is free - but you have to be first to mint.
Minting new coins is not resource intensive but the cost of production manifests itself in gas fees. If you have two competing transactions, Ethereum miners will tend to prioritize the transaction with the higher gas price. If user A calls the mint function with as gas price of 2 Gwei and user B sets gas price to 4 Gwei, user A transaction will likely end up second in the block and user A will receive the coins.
There are also automated miners that can send transactions at a rapid pace. Yes, this will get you a lot of SOV - but it will also clog the Ethereum network and diminish the value of SOV. We recommend doing a maximum of 1 transaction per 5 minutes. Remember, you'll be better off holding 1 SOV that's worth $10,000 than holding 10,000 SOV worth $0 because of your actions.
• Hardest money possible
• Immutable issuance rate & hard cap.
• No ICO or premine
• No energy expenditure for PoW mining
• Secured on the Ethereum blockchain
• Code is open source and can be verified on the Ethereum blockchain
1. Get Metamask for Chrome or Brave Browser 2. Set up your Metamask wallet and fund it with a little ETH 3. Visit Sound Money Coin Website and click on the "Mint" button 4. In the Metamask popup window click "edit" int GAS FEE tab. Click "advanced" and set the price to something a little above average (7-10 Gwei are fine at this moment but it depends). 5. Confirm the transaction.Mint here
SOV Coin is represented by an Ethereum address. There is no way to change or update the code of the smart contract, ever. Code is law and the danger of governance, by whatever group, is eliminated
There is no premine and SOV Coin can be generated for free by anybody. Even users with no technical skills can mint new coins at the click of a button.
There will never be more than 21,000,000 SOV in existence. The size of the global gold market is estimated at $7 trillion. Do the math.
On this historic day, Saifedeous von Mises deploys the SOV Coin smart contract. It is widely ignored and even mocked by the cryptocurrency community. For the first few weeks, anyone can mint SOV for near-free.
An increasing number of users mint SOV Coin. Some smart users figure out ways of automating the mining process. As demand for SOV Coin increase, miners compete to get their minting transaction executed first into the next block. The gas price set my miners increases continually in lock step with the SOV market price.
SOV coin gets listed on a centralized exchange. Liquidity and trading volume increases. The crypto community slowly wakes up to the SOV coin's value proposition, driving up prices. The Ethereum community realizes that it is necessary to split the computation fee and store-of-value use-cases into separate assets.
Miners decide - with the support of the Ethereum community - to automatically insert a SOV coin minting transaction as the first transaction in every block. From this point on, SOV will be paid as a secondary block reward. This also takes unnecessary load off the Ethereum network.
The Ethereum community recognizes SOV coin as a primary store of value of the decentralized finance infrastructure. Market cap appreciates heavily. Bitcoin and Sound Money Coin are fighting for the position of global crypto reserve currency. Bitcoin mining power decreases after the 2024 halvening, causing initial discussions about changing the monetary policy.
The 2028 halvening causes serious unrest in the Bitcoin community and a sizeable part of BTC miners and community demand the supply cap being lifted. At this point, public confidence into Bitcoin's monetary policy is irreparably damaged, and value increasingly flows from Bitcoin into Sound Money Coin.
LBy 2035, the Ethereum blockchain will be the basis of the world's financial infrastructure and SOV Coin will play the role of gold. At this point, SOV Coin marketcap will be around $7 trillion = $700k per 1 SOV. It will be commonplace for banks and governments to buy SOV Coin reserves.