The Sacred Coin Protocol is an open-source protocol for cryptocurrencies, designed to take cryptocurrencies beyond what the code can do, and into what people can do.
Since the invention of bitcoin 14 years ago, crypto creators have developed a wide array of altcoins. Many of these altcoins brought in new ways to invest and to trade monetary value.
But what if altcoins could also store and share human values?
Here, we introduce the Sacred Coin Protocol, designed to power the next generation of altcoins; Ones that open up the possibility of inviting our more human side to the DeFi table.
WHAT IS A SACRED COIN?
Sacred coins are coins which are built with guidelines of how to use the coin in mind, and whose contract includes the guidelines in question, in word-form. These guidelines are intended for the people who will interact with the coin, and refer to the actions of the token holder that are outside of the scope of the code itself.
For example, a token creator may include a guideline in the contract that states "Whenever someone interacts with this token, they should think about something that they are grateful for." Or a guideline can say "This token should only be bought and sold on decentralized exchanges, to comply with the with the principle of radical decentralization."
The specific guidelines that a sacred coin can include are only limited by the imagination of the developer.
These guidelines are to be stored in word-form within the code of the contract (as detailed on the project GitHub page) so that they are easily retrievable by any third party who interacts with the contract.
WHY WAS THE SACRED COIN PROTOCOL CREATED?
Many blockchain developers support the idea that "code is law" 👨⚖️That is, that the code underlying the cryptocurrency or the decentralized application itself sets the rules and type of interaction that the users will sustain with the underlying contracts, and that code is the only "law-making tool" that is needed.
And indeed, the code is very powerful, allowing decentralized finance to provide financial freedom to many for whom traditional finance was beyond reach, while also allowing for the creation of financial tools that are simply not possible within traditional economics.
But there is also ongoing criticism that decentralized finance seems to promote the same kind of 'numbers go up' mentality 📈 as traditional finance, which arguably leads to scams and other disingenuous practices that are found in traditional finance, perhaps even more so due to the inchoate regulatory oversight.
The Sacred Coin Protocol aims to provide a solution to the 'numbers go up' mentality by allowing crypto developers to address human values. Using the Sacred Coin Protocol, developers can go beyond what the code can do on its own, and into what people can do in combination with the code.
If people agree that the guidelines offered by a particular sacred coin produce value, and they choose to uphold those guidelines as they interact with the coin, then the value of the coin will be found not only in its ability to store and distribute monetary value (which is made possible by the code), but in its ability to store and distribute the actions that those guidelines inspire (which is made possible by the people that use the tokens). This creates a whole new paradigm for what money is, and what it is capable of - one that truly is a departure from traditional finance, and that is only made possible by the blockchain.
Of course, sacred coins are still built using code, so code remains extremely important. But sacred coins are also built using guidelines, so values become extremely important as well. Ultimately, a well-written codebase taken together with a set of well-crafted guidelines will be more powerful than each of them taken separately.
SACRED COIN EXAMPLES
Below you will find examples of sacred coins, designed to showcase the protocol's potential. They are fully functional tokens - you can buy them, trade them, and experience first hand how interaction with a sacred coin feels like.
The Sacred Coin Protocol has just been released. New sacred coins will be delivered periodically to provide further examples, to find out about them!
If you're a developer, the Sacred Coin Protocol contract and instructions on how to use it can be found on Github.
The Sacred Coin Protocol is entirely open-source and free to use. Build your sacred coin today!
It is easy to see how sacred coins challenge the common idea of money. Traditionally, the love of money has often been thought of as 'evil' 😈. But when used according to their guidelines, 'loving' a sacred coin like the Gratitude Coin can, in theory, be taken as something positive, since it encourages fundamentally good behaviours, like being grateful for what you have 😇. The situation would be similar with other sacred coins that encourage fundamentally positive actions, as future sacred coins that we have in plan will aim to show to the newsletter to find out when they get released).
As a result, sacred coins build on the innovations brought on by blockchain and decentralized finance to bring about a wholly new type of money, one that allows space for much more than the intention of investing to make a profit. Be part of the cutting edge of financial innovation by in a sacred coin, by one yourself, or by becoming part of the to share your thoughts!
Ultimately, the Sacred Coin Protocol offers a playground for experimenting with our sense of mutual trust in an economic forum, with the kind of conscience that we have or would like to have for DeFi, with what kind of economic moral sentiment exists and could be developed. And as some of the tools we build in this playground matures, we might come to see DeFi truly decouple from the realm of traditional finance, into a mindful sort of economy that holds certain values and knows how to respect them.
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