We built social money on the Ethereum blockchain. Philosophically, it is important to us that the issuers of social money - artists, creators, brands, etc. are the ones that ultimately own their "crypto-economy" that is enabled by their social money. This means that issuers, and not Roll, are always in control.
Some immediate benefits of building social money on the Ethereum blockchain include -
- Issuers don't have to trust Roll to keep our promises. All promises that Roll makes, such as a vesting period or maximum supply, are publicly auditable by anyone on the Ethereum blockchain.
- The economic parameters of social money, including the current supply and the maximum possible supply is set in stone and cannot be altered arbitrarily even by the creators, and not even by Roll. This gives the issuers and their supporters strong guarantees on the future supply of social money.
- Once issued, social money can exist independently of Roll - even if Roll were to cease to exist.
- Because social money exists on the blockchain, it can natively interact with existing smart contracts and decentralized applications (DApps) that others build.
- Social money provides a way for the issuer and their community to unlock value that was not previously possible. As such, social money is a base layer value protocol for communities. We are long-term bullish on different DApps and smart contracts that can add other layers (such as decentralized finance type applications) on top of social money. This is only possible because social money exists on the blockchain, independent of the control of any one company or entity.