MultiCurrency in Ethererum/RSK (1)

In my post serie about connecting blockchains, I’m writing about exchange (value one to one, without change of value) between two popular heterogeneous blockchains (BitCoint and Ethereum/RKS). I’m a member of the development team of @RSKSmart, but those posts are personal opinions: the real work by the team was not published yet.

Another path to explore, is to have, in the SAME blockchain, many cryptocurrencies. My thought is that it could be done in Ethereum/RSK.

In Ethereum, there are accounts with state, and the account state includes the cryptocurrency balance for the account. There is a “default” currency, the Ether. But I think this model could be easily extended.

Each account has a currency, too. The “default” cryptocurrency should be the Ether, but some accounts could be created with ANOTHER cryptocurrency as default currencty. Then, they form a separated set of accounts. One account with currency X, can transfer and can borrow value from another account with THE SAME CURRENCY X. In this way, the new set of account could leverage all the infrastructure of Ethereum, to have a pool of accounts that manage a “coloured” currency value, separated from the default/main one.

In the next post, I want to write about:

– How to define a new currency
– How to create an account with a new currency
– How to transfer between accounts with the same currency
– How to transfer between accounts with different currencies

Stay tuned!

Angel “Java” Lopez

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