11-15, 12:25–12:45 (America/El_Salvador), Galoy Stage
Language: English
One problem that persists for people in a Bitcoin economy is the short-term volatility of the bitcoin exchange rate. When the bitcoin price drops, it can lessen the purchasing power of sats and make it harder to pay for dollar-priced goods and services. This creates friction and uncertainty, causing merchants and consumers to frequently consider selling bitcoin for dollars to ensure they can meet their financial obligations. This problem led Galoy to create a feature called Stablesats, a USD account that people can use to hold “dollar equivalent” balances in their Lightning wallet, thus protect themselves from fluctuations in the bitcoin exchange rate while preserving their ability to transact over Lightning.
In this talk we will look at what led Galoy to create stablesats. We will dive into stablesats as an independent module and how it works under the hood, and we'll look at some potential applications of stablesats outside of the basic synthetic-USD initial use-case.
Youtube:
https://youtu.be/9nWLuCQ6D8I
Bitcoin TV:
https://bitcointv.com/w/egAui6NKuKBkqXokSZsZ3e
Arvin has been working with Bitcoin in various capacities for a number of years. Most recently, he has been part of the backend engineering effort at Galoy working generally on their API and application-level code.