Could another chain be like POA/xDai, but backed by ETH?


#1

(Not sure if this is the best subforum for this - apologies if it isn’t)

Hi, small-time dApp game developer here, new to POA and absolutely loving the project. The blockchains, the tooling, the ethos, even the forum software, and the helpful community, this feels perfect. :slight_smile:

I’m wondering if there’s ever been talk of rolling out a blockchain similar to POA and xDai, using a token backed by ETH at a 1:1000 ratio or somesuch?

Here’s my rationale: many dApp gamers like playing dApps to do something with their ETH. They would rather not trade it. dApps are seen as a fun way to gamble a little with the ETH they’re sitting on, maybe get a little extra reward out of it, all without losing exposure to ETH.

But mainnet ETH transaction speeds and costs obviously limit usecases. Lately Tron has taken the lion’s share of the dApp gaming community, even beyond pure gambling apps, simply by virtue of offering fast and free(ish) transactions.

All of that, despite Tron being a hacky mess, with nodes going up and down, users losing their funds when contract transactions revert, and other “interesting” quirks…

It seems to me a Proof of Autonomy chain backed by ETH at a 1:1000 ratio would solve all these problems at once, offering a technically superior alternative with reasonable transaction costs.

Has this been considered before? Is this a stupid idea?

(Frankly, I’m curious, excited about POA and perhaps overly eager for discussion. :wink: )


#2

We actually thought about this idea. Thank you for bringing it up.

Why would you select ETH over xDai?


#3

I think a token backed by ETH at a 1:1000 ratio would allow people who want to keep their exposure to ETH and use dApps with low cost to do so.

There’s also a visibility advantage: everyone in the dApp world knows about ETH, whereas DAI is still a curiosity to many. People are learning about it, but it takes time!

In all honesty, xDai is awesome too, and I’ll do my best to nudge users towards it in what little part I can. :smile: There’s incredible value proposition in gaming dApps with low transaction costs where your capital isn’t exposed to crypto volatility.


#4

Makes sense, a mETH Chain where the native token is mETH and it equals to 10^-3 ETH.


#5

@SnailKing your idea made it into Week in Ethereum https://weekinethereumnews.com/february-8-2019/

A proposed POA sidechain like xDAI for mili-Eth. The mEth chain.


#6

xDai linked with both Ethereum network and Fiat USD, is perfect place to deploy real world application,