Stablecoin Concept [x-post from r/ethdev]

Quick preface: first-time poster here, please let me know if there’s anything I should change.

One of the biggest factors preventing crypto from widespread adaptation is volatility. Plenty of stablecoins have tried to solve this, but they’ve all had some sort of issue. They’re either centralized, can’t hold a peg, insanely vulnerable to external financial shock, or some combination. I have what I think is a new idea for a stablecoin, and I’d like some feedback.

The basic concept of relatively simple: instead of using oracles or collateral to maintain a peg, we fix the cost of creating a new coin to $1.

The coin would be mineable. According to Moore’s law, computing power increases at a relatively stable rate, so the mining difficulty could be adjusted daily by a contract to ensure that the price of mining a new coin is always $1.

I’m not entirely sure if this makes sense, and it’s definitely a very early idea that certainly has numerous issues. I’d appreciate any feedback I can get.