The ICHI team has built businesses and products for large multinational businesses as well as early crypto start ups including: Lending services for sellers in the Amazon marketplace, enterprise blockchain as a service at IBM, artificial intelligence offerings at spx.ai, public cryptocurrency software at Hedera Hashgraph.
The team’s expertise covers smart contract architecture and security, distributed application development, front end development, and product management.
The core team formed as a community to create ICHI, a protocol for issuing stable and secure stablecoins for any cryptocurrency community. V2 of the platform was rewritten for scale and stability in under 6 months including audits by Quantstamp and Solidified. Since its launch, it has supported the launch of about one community stablecoin a week while empowering each community to fully govern its own community.
Today, the stablecoin market is dominated by tokens managed by financial institutions. This requires (1) users to sell their crypto to get a stablecoin and (2) the financial institution to centrally manage collateral behind the stablecoin. As a result, value continues to accrue in large centralized institutions responsible for managing their balance sheets while putting the entire crypto economy at risk.
The current stablecoin market now exceeds $100 billion as traders turn to USDC and Tether as a way to reduce exposure amid declines in the prices of Bitcoin, Ethereum and other cryptocurrencies. Yet, these stablecoins actually put the crypto economy at greater risk by independently governing their collateral with their own profit motives in mind.
We believe that each community should be able to fully govern their own currency: both a long term store of value and a stable medium of exchange. The demand is evidenced in the financial and launch support received from projects including: Bancor, Balancer, Sushiswap, 1inch, Filecoin, Ren, Perl, 88mph, Fuse, Loopring, Moonbeam, Solana
ICHI’s Decentralized Monetary Authority (DMA) protocol solves this parasitic stablecoin relationship for the first time by enabling any crypto community to create a stablecoin, oneZEC, that is backed by a blend of fiat-backed stablecoins and ZEC. This increases the demand for ZEC and increases value locked in the community treasury.
In addition to enabling any crypto project to create an in-house stablecoin, ICHI’s protocol, audited by Quantstamp and Solidified, provides Zcash with the tools needed to operate their own economy by managing the collateral in the oneZEC treasury. The treasury backing oneZEC ensures a stable offramp fo fiat, generates yield for the community through use in DeFi, and can incentivize usage across payments and any other community prioritized use case.
ICHI would deploy a Decentralized Monetary Authority (DMA), a DAO-like set of smart contracts customized for the purpose of managing community currency, to create. oneZEC on Ethereum. The oneZEC asset would be accessible by any Ethereum wallet or application, including the ICHI Application (app.ichi.org).
ICHI would incentivize the initial minting of oneZEC, and create AMM pools to support liquidity for the stablecoin.
The ICHI platform can be explored here: docs.ichi.farm
Budget request: $250,000 in the form of renZEC or ZEC.
Use: $50,000 to mint the initial oneZEC. $200,000 deposit to the oneZEC community treasury (governed by oneZEC holders).
This will be matched by at least $200,000 in liquidity rewards from the ICHI community distributed to oneZEC users.