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RE: Want $10 STEEM? Let's implement Private Transactions ( Black Pocket Token )
I'm wondering how after the STEEM is burned and the BPT token is created, how the BPT holder would be able to 'cash in' the tokens they received. Would BPT somehow be pegged one-to-one with STEEM tokens?
To be able to 'cash' them in and receive steem, would require a hardfork.
Without that, the idea is burning them would peg them to STEEM 1:1, although there's nothing in place to enforce the peg. The only way to cash them in would be to trade them with someone for STEEM or something else.
I'm hoping perhaps it can be automated with an SMT market maker and oracle contract, that would provide a way to go from black pocket back to STEEM and vice versa. ( Like I said though, no idea if this is possible )