Consider this scenario:
- CoolVideo lets artists post videos and earn money from viewers
- Viewers buy VidTokens with ETH & BTC and pay artists with VidTokens
- We store the ETH & BTC. Never touching it except to extract our transaction fees.
- Artists can take their earned VidTokens and redeem them for BTC/ETH (we pay out through the holding fund)
- VidTokens will only be usable in CoolVideo (not on any exchanges)
I see a few ways of doing this with Stellar, but I can use help picking the right one.
Idea #1 Offers
- We (the app) continuously create Offers as needed: ie 1000 VidToken for 0.005 BTC
- We create the front-end that only shows those offers so users can take the offer and pay BTC/ETH
- When a user wants to withdraw funds, we create an offer for them, and then we automatically take the offer
Idea #2: Use Bifrost
It seems like Bifrost can do what we need, but I'm not 100% certain
Idea #3: Become an Anchor
Go through the whole process of becoming an anchor and setting trust lines acting as a holding institution.
This seems like overkill, but at least I know it will do what we need where as the other ideas im not 100% certain.
What do you think?