Meter
About Meter
Meter is not pegged to the U.S. dollar at all. We believe that cryptocurrencies which are pegged to USD (or other fiat currencies) always have a much better alternative, which is USD itself. The goal of Meter is to create a decentralized, universal standard for value; it also provides a solution to John Nash’s Ideal Money by creating a money that is stable over long periods of time. Meter may be thought of as a token for an amount of electricity consumed by a miner. We are aiming to have 1 Meter = 10 kWh, based on the most energy efficient and publicly available mining hardware. The process is driven by Meter's internal feedback alogrithm instead of external oracles.
If the price of Meter was to rise above the production cost, miners would deploy more computing power into mining, increasing the production and driving down the price of Meter. When the price of Meter drops, mining becomes less profitable, and miners stop mining Meter in favor of using their computing power for other purpose including mining other cryptocurrencies. Miners’ profit-maximizing behavior would drive the price of Meter to a purchasing power stable long run equilibrium, determined by the global competition for the lowest price of electricity.
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