Really interesting thought about digital fungibility and wondering if they provide an opportunity to recast ada into a new form but maintaining the value similar to what you can do with gold
I read this quote that Max Keiser said:
*“The one attribute that gold has that Bitcoin doesn’t at the moment is fungibility. Gold is fungible to an extent that Bitcoin is not. Fungibility meaning you can melt down your gold and recast it in some other different form and it maintains its integrity as gold and it’s completely anonymous. It’s completely fungible. Bitcoin, because it is digital, because it is a public blockchain, because it’s transparent, you don’t have the same fungibility.”*
Could ADA smart contracts potentially provide this type of functionality where you can "melt" your ada, meaning set aside your ada into ownership of some type of digital object/asset where once you might have had 300ada and now you have per say a digital 3d model that is backed to always be able to give you back your 300ada? Idk what the reason would be that someone might want to do this, but I guess I'm wondering if ada/smart contract blockchains are closer to gold than bitcoin for this reason?
Maybe it's to make money more enjoyable? Like I could have a bank account with a number showing its value, or I can have a collection of digital paintings that I can display that will always represent the number that would otherwise be presented in my bank account written into a smart contract.
NFTs don't qualify for this because they become too subjective and in most cases could lose value. Yet it'd be really interesting to see if you could give a digital asset a hard backing so it could never lose a base amount of value, yet maybe increase in value? Or just be more fun to swap in consistent units of ada?
. . . what do you all think of Keiser's comment applied to ADA/smart contract platforms?
The Cardano Foundation announced the live release of a unique supply chain traceability and anti-counterfeit solution together with Scantrust—a connected goods and products platform that provides digi...