As you may already know, the one issue most have with cryptocurrencies is the overall volatility of most networks.
For example, Bitcoin, mostly due to surrounding hype and a positive relationship between investors and miners, spiked in prices, reaching $20,000 back in December, but then “normalizing” down to its current price of around $8,000.
These increasingly different prices, often with no correlation to any conventional market trends to the average user, provide for a marketplace not useful for many cases in which a static amount of value may need to be stored. This is the case with Delphus as the researcher -> participant payments cannot change in value throughout the duration of the study.
There are many viable options for addressing this issue, with new stablecoins appearing every so often. The stablecoin most prominent, trusted and well supported by developers as of now is MakerDao’s Dai. It is tied 1:1 with the US dollar with very few deviations of non-discernible value (>.01 cents). It is collateralize using valuable assets in the open-source Maker contract.
For this reason, it is far easier for researchers to set static payments that can be distributed through smart contracts, rather than relying on the rise and fall of a cryptocurrency. Since we rely on the Ethereum Blockchain, we can use the ERC20 token, Dai, in order to keep stable prices and allow both researchers and patients an easy way to receive non-volatile payments.
This allows us to garner better communication between the researcher and the patient, while reducing the risk of patients not receiving their specified payment or complaining about how what could be $1,000 the first day, is $5 the next day (they probably won’t be complaining if the price increases). Further, as Dai is being continuously developed and scaled with them introducing more collaterals to their system, it is ideal for the ever-expanding field of medicine and clinical trials.
Thus, we arrived at the logical conclusion of incorporating Dai into our project and we’d like to share with any interested parties, the entire process of its integration.
edited product name from reblock to Delphus