The Tellor team is excited to present Chorus, a community currency protocol. Chorus is being built to empower communities through customizable semi-stable coins that can be tailored to fit their specific needs.
Throughout history, nations have used currency and monetary policy to further the unique goals of their economy. Chorus makes this toolkit available to localities within the economy to tackles problems that a more general currency might not be able to address.
Chorus will be using Tellor as its oracle, providing flexibility when creating the Anthem (the customizable currency smart contract), as users will be able to choose any ERC-20 pairing as their collateral. Each anthem will consist of a series of configurable components, and once set, unlocks the new currency, called Notes.
The Notes can now be used as a currency as the community sees fit.
Chorus can be utilized by any community that wishes to create a stable money with an inflation policy catered specifically to their target needs. Some of the envisioned uses include:
- crypto communities — adding more use-cases and stability to their native token.
- local governments — giving immediate access to a digital currency using their physical assets.
- traditional corporations — similar to rewards cards, without the intermediation and fees.
Chorus aims to address the problems not yet resolved in the cryptocurrency world, namely, stability and real-world adoption. Between the volatility, expense of transferring, lack of standardized tools for interacting, as well as propensity to HODL, most tokens make a poor choice for a money.
Having a currency designed for flexibility and the ability to encourage certain activity is key to both gaining adoption for crypto, but also unlocking the potential of the underlying communities.