The team of decentralized oracle solution Tellor, has announced the launch of Chorus, a community currency protocol. Chorus is being built to empower communities through customizable semi-stable coins that can be tailored to fit their specific needs.
Chorus will be using Tellor as its oracle, providing flexibility when creating the Anthem (the customizable currency smart contract), as users will be able to choose any ERC-20 pairing as their collateral. Each Anthem will consist of a series of configurable components, and once set, unlocks the new currency, called Notes. The Notes can then be used as a currency as the community sees fit.
Chorus can be utilized by any community that wishes to create stable money with an inflation policy catered specifically to their target needs. Some of the envisioned uses include:
- Crypto Communities — adding more use-cases and stability to their native token.
- Local Governments — giving immediate access to a digital currency using their physical assets.
- Traditional Corporations — similar to rewards cards, without the intermediation and fees.
Chorus aims to address the problems not yet resolved in the cryptocurrency world, namely, stability and real-world adoption. Between the volatility, the expense of transferring, lack of standardized tools for interacting, as well as the propensity to ‘HODL,’ most tokens are a poor choice for a money unit.