Creation of a NEXT GENERATION NFT BACKED TOKEN: $BACK Genesys and Core Values
Notes from the BACKISTAN Economic Ministry Assembly, the Moon, 2022
This is the third part of the discussions in the BACKISTAN Economic Ministry Assembly about the plan to launch our national currency, the $BACK token. If you missed the first and second parts you can read them here on medium: https://backistan.medium.com/the-glorious-nation-of-backistan-will-rise-through-back-95227023a214
These discussions at the highest levels of government will be published each week so citizens can stay informed with the progress we make in the BACKSITAN Economic Ministry Assembly. The devs are working hard on this and we feel it’s important the citizens of BACKISTAN know about what is being done and more importantly why it’s being done this way.
This is one of the cases where the why is more important than the how and we want people to understand why. Let’s get on the the third part of the notes from the BACKSITAN Economic Ministry Assembly.
In the previous instalment of this series we’ve established that our currency should be backed by assets. Centuries of economic history have shown that currencies backed by assets perform the best. The aim is to create a strong national currency for a strong economy. The first economy on the MOON deserves it and that is what we want to deliver. That’s why we proposed that our currency, the $BACK token, will be backed by real NFTs stored on the Solana blockchain with real world value. No more creating value out of thin air, it’s time to back the promises with assets.
As stated previously, the national currency of BACKISTAN has been democratically elected to be $BACK and as a result of our economic studies we decided it will be backed by NFTs. This is a next generation token, built for the future of our glorious republic and it will be the first national currency backed by NFTs. BACKISTAN is a meme state but we take its economy very seriously. This is why we want to design the next generation token, and a tokenomics the world has never seen before. At its core the token will be aligned with BACKISTAN values and future goals. That is why the $BACK token will have uses at all economic levels inside and outside the BACKISTAN republic.
Let’s go over the values that should be instilled in our $BACK token so we can obtain a guiding set of priniciples.
The first core value of $BACK is that it needs to be a custodial token that can be tradable everywhere. It will be emitted on the Solana blockchain as an SPL token. That means that it will be possible to trade it on Serum DEX through Raydium permissionless pools with any equivalent, even the antiquated $SOL or, if fiat is what you prefer, USDC. People need to be able to trade it by swapping in a liquidity pool or right on the market with makret orders or limit orders for those who have more advanced trading strategies.
Another core value of BACKISTAN we need to instill in $BACK is security and trust. All back emissions will be done through audited emission protocols and strictly on the Solana blockchain. This means that no one will be able to copy or create coins out of thin air. Of course backing the $BACK token with BACKS will ensure that no one can emit more coins to influence our economy. One can’t create a coin out of thin air if said coin is backed by something but we will come back to that point a bit later.
One of the most important core values of the $BACK token will be one of the core values of BACKISTAN and that is decentralization. No other state or entity will be able to control our token but BACKISTAN citizens will have full control over it starting from its genesis. It’s the first time any entity (meme state or crypto project) takes this approach and gives full power to its citizens. This will empower citizens with the ability to control their own economy, helping them to make the most of all opportunities.
By far the most important core value that will be aligned with a core value of BACKISTAN is the $BACK token will be backed by BackDAO NFTs. Not only will it be the first currency backed by NFTs but it will be backed by the NFTs on which BACKISTAN is built. In one sentence the real innovation is that:
In BACKISTAN, $BACK is backed by BACKS.
Ever since our financial researchers have discovered that idea they gaze in awe of its simple beauty. This is the true financial innovation. There is a finite number of 8333 backs NFTs. The vast majority of NFTs is already in the hands of the BACKISTAN citizens so distribution is already decentralized. The more a citizen has invested in BACKISTAN, the more backs they own and the more $BACK they will be able to get. But we will get back to that a bit later.
We have 766 BACKS NFTs sitting in our BACKISTAN treasury that have been locked by democratic vote. We consider these backs as stored value and they will never be on the secondary market. But, alas, here is our opportunity to transform our resources into something useful for the citizens of BACKISTAN. It’s time to put our BACKS to work. This way, our currency, the $BACK token will be BACKED BY BACKS.
We will put those backs in a basket, a new technology developed by the FRAKT team for the fraktion.art protocol and we will get 100,000,000 $BACK tokens. These tokens will be at first put in the DAO treasury and will represent 100M fractions of the 766 backs safely locked away in the fraktion.art vault representing the backing pool of assets. The fact that our $BACK token will be fraktions of our asset pool is a wonderful way to shine a new light on one of the ideas that founded the BACKISTAN Republic.
The BACKISTAN Economic Ministry Assembly is still working on the backonomics of this so some numbers might be subject to change. In the next article we will discuss more about how these tokens are going to be distributed and which will be the most productive activities. Citizens of BACKISTAN rejoice! The revolution is upon us and we’re getting closer to the launch of $BACK.
Disclaimer: The content covered in this document is not to be considered as investment advice. This is an experiment and the BACKISTAN Economic Ministry is a meme, certainly not a financial adviser. These are our own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product or NFT. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice