Abstract.
Maât is a stable coin, backed by fiat currencies & gold, that provides individuals and organizations a robust and decentralized
method of exchanging assets while using a familiar accounting unit.
The innovation of blockchain is an auditable and cryptographically secured global ledger. Asset backed token issuers and
other market participants can take advantage of blockchain technology, along with embedded consensus systems, to transact
in familiar, less volatile currencies and assets.
In order to maintain accountability and to ensure stability in exchange price, we propose a method to maintain a one to one
reserve ratio between a digital coin, called Maât (Maât coin), and its associated real world asset, fiat currency.
We provide a solution to using Blockchain technology, Cardano blockchain to be more accurate.
Cardano is a third generation blockchain platform with more advanced features than any protocol yet developed, and the first to evolve out
of a scientific philosophy. Their large team of expert engineers and researchers drawn from around the world started by
deconstructing the concept of a cryptocurrency.
Then, incorporating their groundbreaking Proof of Stake algorithm,
Ouroboros, the IOHK team employed a first principles approach driven by peer reviewed academic research
to build Cardano from the ground up.
1. MAÂT
Maât is a stable coin issued by TheBHub on the Cardano blockchain via a proof of stake algorithm called Ouroboros.
It is a non-collateralized stable coin, where each Maât in circulation is meant to be backed by fiat currencies & gold held in deposit
by TheBHub Foundation, a foundation registered in Africa.
Most Maâts (Maât coins) are in the form of MAT, backed by various fiat currencies & gold. From here on I will use the words MAT and tethers interchangeably.
In a liquidity crisis Maât is safe, and any crash, no matter how deep, will be temporary.
2. DIGITAL COIN: WHAT IS IT?
A Digital Coin is a form of digital currency that uses cryptography to manipulate value. Cryptography provides a way to generate proof of genuine authenticity of any kind of information.
This is called digital signing. In cryptocurrencies we generate a ledger (a database which provides information on how much money each address has) by signing and sending transactions to the network and receiving blocks of confirmed transactions.
Coins are normally decentralized, meaning that many people from all over the globe participate in ledger generation by running cryptocurrency nodes. Thus, a consensus about the state of the ledger has to be achieved.
Two most significant approaches for achieving such consensus are discussed in the next section.
3. BLOCKCHAIN: WHAT IS IT?
Blockchain is the name of a whole new technology. As the name states, it is a sequence of blocks or groups of transactions that are chained together and
distributed among the users.
In the end, it works as an immutable record of transactions that do not require to rely on an external authority to validate the authenticity and
integrity of the data. Transactions are typically economic, but we can store any kind of information in the blocks.
Even when we call it ‘new technology’, its origins are accepted to date from 1991 when Scott and Stornetta published “How to Time-Stamp a Digital
Document” in the Journal of Cryptography. However, it is now when its popularity has increased thanks to the success of Bitcoin and other
cryptocurrencies.
“Bitcoin: A Peer-to-Peer Electronic Cash System” was published by Satoshi Nakamoto back in 2009, and the value of the currency reached its highest
historic maximum of $19,783.21 on Dec. 17, 2017.
Since that moment, Blockchain has been in the scope of everybody.
CARDANO BLOCKCHAIN
Cardano is a blockchain platform with more advanced features than any protocol yet developed, and the first to evolve out of a scientific philosophy.
Our large team of expert engineers and researchers drawn from around the world started by deconstructing the concept of a cryptocurrency. Then,
incorporating our groundbreaking Proof of Stake algorithm, Ouroboros, the IOHK team employed a first principles approach driven by peer reviewed
academic research to build Cardano from the ground up.
This uniquely collaborative effort steadily constructed the most precisely engineered cryptocurrency yet, a product that brings together such
disciplines as distributed systems, mechanism design and cryptography. The result is the first cryptocurrency to be based in Haskell code, an
industrial strength product that delivers the resilience necessary for mission-critical systems, in this case securing investment.
Cardano’s multi layer protocol performs advanced functions, and has at its foundation a settlement layer that is elegantly linked to a control layer.
The settlement layer will have a unit of account, while the control layer will run smart contracts. The control layer will be programmed to recognise
identity, assisting compliance and allowing blacklisting for instance.
As a whole, the protocol’s design is geared towards protecting privacy rights of users, while also taking into account the needs of regulators. In
doing so, Cardano is the first protocol to balance these requirements in a nuanced and effective way, pioneering a new approach for cryptocurrencies.
In addition, while the platform has been solidly composed, we also recognise the need for it to evolve and adapt to changing needs. Consequently we have designed
a system that can be upgraded by way of soft forks, and are installing a treasury system that will ensure the sustainability of the protocol.
Completely open source and patent-free, Cardano was built in a spirit of collaboration. And engineered for efficiency and scalability, the Cardano
ecosystem is developing the most complete and most useful cryptocurrency ever constructed.
4. WHY BLOCKCHAIN?
We believe that our diversity is our source of beauty, power and wisdom; but it also comes with downsides, and trust is something extremely
valuable in this context.
Therefore, the usage of blockchain is very handful and efficient; as a trustworthy technology, we can easily create, deploy & improve services
that couldn’t be possible without blockchain.
A new source of opportunities has just been created.
5. USAGE OF MAT
MAT can be used anywhere in the world within Lilenek’s services ecosystem.
Lilenek means The Art of Entrepreneurship in Bassa dialect
Lilenek is a full services ecosystem specifically designed for a market in need of innovative trustworthy solutions.
6. DATA PRIVACY
Any data stored is highly encrypted using various cyphers and modern encryption solutions, isolated and safely backuped.
For any usage of data from a user for commercial purposes, the user will be informed and rewarded.
7. CONCLUSION: GIVE BACK
We have proposed a system for electronic transactions without relying on trust. We started with the usual framework of coins made from
digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending.
To solve this, we proposed a blockchain with a new proof of stake algorithm called Ouroboros, which determines how individual nodes
reach consensus about the network. The algorithm is a crucial part of the infrastructure that supports the Ada cryptocurrency and is
a major innovation in blockchain technology. Ouroboros eliminates the need for an energy-hungry proof of work protocol, which stands
as a barrier to blockchain scaling up for much wider use.
We believe in the “give back” duty that every human being has to do for his community.
Service is rent for any individual living on Earth.
