Dollar on Chain
Crypto Overview
Overview
Dollar On Chain (DOC) is a stablecoin that operates on the RSK network, which is a Bitcoin sidechain. It is designed to maintain a 1:1 peg with the US Dollar through a collateralization mechanism using Bitcoin (in the form of RBTC on the RSK network).
Purpose and Utility
The primary purpose of DOC is to serve as a stable medium of exchange and store of value pegged to the US Dollar. The token is part of the Money On Chain protocol, which aims to create a Bitcoin-collateralized financial system.
Business Model
The system works by users depositing RBTC as collateral to mint DOC tokens. The protocol maintains stability through various mechanisms including over-collateralization and algorithmic adjustments. The business model is transparent and does not involve interest-bearing activities or prohibited elements.
Real-World Adoption
Current adoption appears limited primarily to the RSK ecosystem. The token serves its intended purpose as a stablecoin, though usage metrics indicate relatively modest adoption compared to major stablecoins.
Development Activity
The project maintains active development on the Money On Chain protocol, with regular updates and improvements to the system. The team continues to work on expanding functionality and integration within the RSK ecosystem.
Token Distribution
The token is created through a collateralization process rather than having a fixed supply distributed to founders or investors, which aligns with its utility-focused design.
Crypto Impact
To assign a comfort level investing in Dollar on Chain from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Dollar on Chain.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.