Main concepts
A bucket (MoCBucket struct) is a Tokens/RBTC grouping abstraction that represents certain state and follows certain rules. It's identified by a name (currently
C0). It has a "balance" of RBTC, DoC, and BitPro. Balance accounting between buckets is articulated by a series of Smart Contracts that constitute the MoC ecosystem.Is the ratio between the RBTC locked (backing DoCs) and the total amount of RBTC, be it in a particular bucket or the whole system (usually referred as global). Locked RBTC amount is a result of the amount of DoCs and their price in BTC (BTC/USD rate).
Its value is pegged to one dollar, in the sense that the SC (using Oracle's btc/usd price) will always[^1] return the equivalent amount of Bitcoin to satisfy that convertibility. It's targeted towards users seeking to avoid crypto's market volatility. It's implemented as an ERC20 token, it can be traded freely, but minted/burned only by the MoC system.
It's targeted towards users seeking to hodl Bitcoins and also receive a passive income from it. It's implemented as an ERC20 token, it can be traded freely, but minted/burned only by the MoC system. The more BitPros minted (introducing RBTC to the system), the more coverage the system has, since they add value to the system without locking any.
The MoC token is designed to govern a decentralized autonomous organization (DAO), and can also be used to pay fees for the use of the platform at a lower rate than those to be paid with BTC. MoC holders will also be able to get a reward for staking and providing services to the platform. MoC token holders will vote on contract modifications and new features. On a basic level, the DAO decides whether or not to update the code of the smart contract.
It's crucial to the system workflow to have an up to date BTC-USD rate price feed to relay on. This is currently achieved by a separate contract so that it can be easily replaced in the future without affecting the MoC system. See PriceProvider.
Last modified 5mo ago