Stable Toman coin on Aryacoin Blockchain


Stable coins based on fiat currencies have existed for a long time on blockchains like Bitcoin , Ethererum , Tron and Binance Chain for a long time. These coins provide a link between the real fiat currencies and the blockchain and allow these currencies to be transferred and enforce decentralization. Previously this has been done for some major currencies like USD , EUR etc . Aryacoin is bringing a similar stable token for Toman currency , which would be attached to the fiat currency Toman and would allow more platforms and users to interact with the currency. Along with this as Aryacoin team is the issuer for this token , the team would maintain a 1:1 ratio in reserve to keep the value of Toman stable.

Implementation :

The implementation of Toman on Aryacoin is assisted by a token Layer which has been proven to be secure and efficient and has been used on Bitcoin blockchain for a long time. Aryacoin token layer implementation would be similar to standard token layer implementation on Bitcoin which would contain 3 layers , the layers being as follows :

  1. Aryacoin Layer :

This layer exists at the base and the other two layers depend completely on Aryacoin for functionality and integrity. Aryacoin blockchain has proven to be secure and has been operating for a long time. Aryacoin also provides transactions with lower fees and faster confirmation times from other currencies like Bitcoin and Ethereum thus providing an ideal base for creation of stable coins.

2. Token Layer:

This layer operates over Aryacoin blockchain to facilitate the following actions:

  1. Issuance
  2. Burning
  3. Transfers
  4. Trades

3. Aryacoin Team:

Unlike the 1st and 2nd technical layers , the third layer defines the responsibilities of the Aryacoin team which is responsible for issuance and maintenance of both Aryacoin blockchain and the Stable coin.

The team has the following responsibilities:

  1. Issuing the stable coins and keeping a track of the issued coins
  2. Maintaining reserves of real fiat currencies , which should always be more than or equal to the circulating supply of the stable token.
  3. Facilitating deposits and withdrawals of the fiat currencies along with issuance and locking of the extra currency reserves.

Why use Stable on coins on blockchains?

Fiat currencies have been used for a long time and provide a interfaces and applications to interact with crypto currencies but fiat currencies being real currencies which are regulated by Governments and along with regulations comes a lot of restrictions which limits the use of fiat currencies with cryptocurrencies and along with restrictions it also affects the privacy and all the other benefits which come along with the use of cryptocurrencies.

Wide adoption of Fiat currencies comes with a wide range of issues which are as follows :

  1. Region based restrictions
  2. KYC restrictions
  3. Accounting and tax restrictions
  4. High transaction fees
  5. Long transaction times

Usage of stable coins allow these issues to be resolved by a single entity (in our case Aryacoin Team) which would handle all the KYC and other restrictions which come with Fiat deposits and withdrawals and issue the stable coin to users which can transact freely without any fiat based restrictions with the same stability and guarantee as the fiat counterpart and anytime they wish they can swap back to the fiat counterpart easily.

Features and Limitations

The stable coin ecosystem coins with its challenges, limitations and features. The challenges include development challenges which require to keep the interface and the ecosystem secure ,more challenges include integration and acceptance of the new stable coins. Along with the regular audits are required to provide proof of reserves to keep the currency stable.

The limitations include the following :

  1. The stable coins do not completely act like Aryacoin , but instead operates over the chain and thus not all standard functionalities are included in the newly generated tokens.
  2. The value of the coins is dependent on the reserves held by the team, so the team needs to always have reserves equal to more than the circulating supply.
  3. The value still is dependent on applications/exchanges accepting the coins without any restrictions.

The features include the following:

  1. The Aryacoin blockchain allows fast and easy transactions with low fees and low confirmation times.
  2. Introduces decentralization in the fiat like system and allows transparency . security and reliability in transactions.
  3. Allows multisig transactions for multiple use cases allowing trustless transactions and opens up the coins for a lot of different use cases.
  4. Allows transactions without restrictions of standard fiat transactions.

The risks and challenges include:

  1. KYC/AML requirements must be fulfilled by users and the Aryacoin team should make sure to keep the process integrity.
  2. The reserve funds are stored in banks and thus pose traditional risks included with traditional banks and fiat funds. The Aryacoin Team has measures to protect the funds and accounts from any such risks.
  3. For the coins to have real usage and value the coins must be accepted with a wide range of applications and exchanges. The Aryacoin team will be working with leading exchanges and wallets for integration of the coin to provide users with a wide range of uses for the coin.
  4. The process of issuance and redemption should be as transparent as possible to maintain the integrity of the ecosystem.
  5. The implementation incurs a single point of failure , which is being tackled already and the funds along with the resources for the whole ecosystem will be as distributed as possible.

Integration of Token Layer

Token layer is an integral part of this ecosystem and would work over Aryacoin layer to provide the functionalities for tokens and other related features.

Token layer has been working on bitcoin blockchain stably for a long time and has proven that it is secure and reliable for such deployment. Tokenlayer will allow creation , transfer and trading of tokens over traditional blockchains like bitcoin and in our case Aryacoin.

Tokenlayer comes with a lot of new features which are best suited for our use case:

  1. Allows creation of fixed and dynamic supply tokens.
  2. Allows crowdsales
  3. Tokenlayer comes with an integrated DEX, which would allow users to trade the tokens created on chain as well.

As Tokenlayer works over the current Aryacoin Blockchain , users are not required to upgrade their applications if they are not interacting with the Tokenlayer and only the users and applications who require to use the tokenlayer and the tokens need to run the Tokenlayer based clients and nodes.



Aryacoin works to build a better cryptocurrency ecosystem by upholding the core principles of crypto.

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Aryacoin works to build a better cryptocurrency ecosystem by upholding the core principles of crypto.