Is it possible to create a platform by writing smart contracts on the Ethereum blockchain in which anyone can transact using any cryptocurrency and/or fiat? Perhaps the fiat can be converted internally into ether.
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Related: ethereum.stackexchange.com/questions/2739/…– eth ♦Jun 22, 2016 at 10:30
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Thanks @eth , but that question didn't answer my question . Mine one is very simple from them. I just want to know a way using which we can convert the real money to ether internally. :)– AniketJun 23, 2016 at 5:29
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2 Answers
There are only three ways for ether to be created: (1) during the genesis block, (2) at each block as part of the block reward, and (3) at each block as part of the uncle reward (potentially).
Everything else is a transfer of ether from one account to another. The exchange of fiat for ether necessarily must take place outside of the chain.
For this reason I would say that it is impossible to build a smart contract system that deals with fiat in a fully trustless way. In other words, there will always have to be some sort of outside (outside of the blockchain) confirmation that the fiat was received and the ether is being transferred as a result of that transfer.
Think about the genesis block. The system itself could not have confirmed the genesis block. The genesis block is a bootstrap. How could the system itself possibly know which accounts should be assigned how many initial ether?
answered May 30, 2017 at 11:43
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Is there any Solidity function to convert fiat to Ether? For example, your rent is $500/month. ETH is too volatile to sign a rent contract. So it would be nice to make a smart contract based on the fiat, even if payment is made in Ethereum. Jul 24, 2017 at 17:34
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@NealWalters No. There is no Solidity function to convert from Ether to Fiat. You are looking for an idea called an Oracle or a Peg or Stable Coin. If you search around for those words, you've find stuff to read which may help you better understand. Jul 25, 2017 at 18:03
you could check https://limepay.io ; Helping dapps users execute Ethereum transactions with credit card. It is not the exact thing you are asking for, but could be helpful if you have dapp running on ethereum.