Openverse VRC-10 Bit Currency Protocol and PCIM New Gold Standard System

Author: Sam Information Observation

Openverse Layer0 blockchain network, through the VRC10 Bitcurrency protocol, will lead a great global monetary system reform. Under the condition of controllable risks and partial government participation, gradually open up leverage and control rights to give people the opportunity to participate in this practice.

Against the backdrop of global economic turmoil and frequent fluctuations in currency values, the traditional gold standard and central bank fiat currency system are losing their former glory. Faced with this challenge, the Openverse network has proposed an innovative solution - the Public Currency Issuance System (PCIM), and its core digital asset VRC-10 Bitcurrency (Bitcurrency). This new solution not only absorbs the advantages of past systems, but also adds the efficiency and transparency of modern digital technology. Let us explore how Openverse reshapes the global financial landscape through PCIM.

Historical Review: Gold Standard and Bretton Woods System:

The gold standard is a monetary system whose cornerstone is gold. The gold standard once provided relative stability for the global economy, but due to the limitation of gold reserves and the complexity of international trade, it gradually lost its effectiveness. The Bretton Woods system, on the other hand, is centered on the US dollar, and other countries' currencies are pegged to the US dollar, which to a certain extent safeguards the international financial order. However, with the increasing economic pressure on the United States and the imbalance of international payments, the Bretton Woods system collapsed in 1971, and the world entered the era of floating exchange rates.

Innovation and Breakthrough: Openverse VRC-10 Bit Currency and PCIMNew Gold Standard System:

After deeply analyzing the deficiencies of the gold standard system and the central bank's legal currency issuance mechanism, the Openverse network proposed a new currency issuance mechanism - the Public Currency Issuance System (PCIM). This system not only utilizes the decentralized nature of blockchain, but also introduces digital assets of constant value in the form of Bitcurrency.

What is Bitcurrency?

VRC-10 Bit Currency is a completely decentralized digital asset that runs on the Openverse network. It is a constant currency, which is different from traditional stablecoins and is designed as a substitute for legal tender rather than a competitor. In terms of naming, Ethereum's ERC-20 standard is referenced to ensure its universality and technical compatibility.

1. VRC-10 Bit currency is issued in an open and transparent manner, and any individual who owns Bitgold can participate in the competitive issuance process. This means that the right to issue currency is no longer concentrated in the government or central bank, but is dispersed in the hands of the global public.

2. VRC-10 Bit currency is a constant currency, an issuance protocol for sovereign legal tender in the Openverse ecosystem. It is M0 (M0 refers to cash in circulation, which is the sum of cash reserves of various units outside the banking system and cash held by residents, and is the narrowest currency). It can be used not only as a medium of exchange, but also as a tool for storing value, providing a new stable option for the global financial market.

3. The Openverse network plans to support the issuance of more than 200 legal tenders worldwide. Especially in cross-border payments and international trade, VRC-10 Bitcoin seamlessly connects to different payment systems (such as Apple Pay and Paypal), providing great convenience.

PCIM: Operation of the new gold standard system:

PCIM (Public Currency Issuance Mechanism), also known as the new gold standard system, issues Bitcoin through asset mortgage. It has several key points:

1. All people participate. Any individual who owns Bitgold can participate in PCIM and become a minter of Bitcoin. By mortgaging assets such as Bitgold, individuals can obtain the right to mint Bitcoin.

2. Mortgage and minting. Similar to the process of mortgaging real estate to a bank to obtain a loan, individuals mortgage Bitgold to mint Bitcoin. When repayment is made, the mortgaged Bitgold is returned at the original amount, and the repaid Bitcoin is destroyed to ensure the balance of currency supply and demand.

3. Competitive issuance. The high-frequency, competitive issuance mechanism based on the block cycle ensures the dynamic adjustment of Bitcoin and the timely response to market demand. This high-frequency mechanism improves currency liquidity and market transparency.

PCIM system protection mechanism:

1. When creating a new currency, the community should fully consider the laws and systems of the government of the country and decide whether to support the issuance of the new currency through governance voting.

2. When a black swan event occurs in which the amount of additional issuance increases abnormally, the community can vote to hard fork the blockchain to stabilize the market.

3. To prevent extremely unreasonable situations, the founding team retains a veto power and can perform hard fork upgrades to ensure system stability.

4. When the scale of Bitcoin reaches a certain level, actively coordinate with local governments to protect the entire financial system and prevent systemic risks.

PCIM progress control (DAO organization voting is required):

1. 2025Q1, starting from USD, the pledge casting ratio is 14.6%, that is, BTG worth 1 million USD can be pledged to cast 146,000.

According to the issuance of USD on the Openverse chain, the ratio will be increased by community referendum.

A referendum is triggered when the USD circulation reaches 1 million, with a ratio of 23.6% (0.382*0.618);

A referendum is triggered when the USD circulation reaches 10 million, with a ratio of 38.2%;

A referendum is triggered when the USD circulation reaches 100 million, with a ratio of 50%;

A referendum is triggered when the USD circulation reaches 1 billion, with a ratio of 61.8%;

Under the leadership of other sovereign states or voting initiated by the civil community, other bitcoin currencies will be gradually opened up

Airdrops will be launched

Airdrops will be launched when the ratio increases

Through PCIM and VRC-10, the Openverse network not only breaks the limitations of the traditional currency issuance mechanism through decentralization and universal participation, but is also about to revolutionize the global financial system. This new gold standard system will provide the world with a more stable, transparent and efficient financial environment. Join the Openverse network, witness this historic transformation together, promote the global financial revolution, and make the future more stable and prosperous.