Why the Name Coil?
I was recently doing an AMA, and one of the questions that came across was why did you choose the name COIL? There are two reasons:
Firstly, Coil is an elastic supply cryptocurrency which has a target price of $1 USD adjusted for CPI inflation. Because it is elastic it “coils and recoils” around $1. It can be higher and it can be lower, but over time it adjusts itself to work its way back to $1. If demand is high and price pushes high, Coil adds supply creating sell pressure to recoil itself back down. If demand is too low, or supply is too high, Coil burns supply stimulating demand to coil itself back to $1. So although Coil has a target of $1, it still can go higher or lower, but it is built to coil and recoil itself back around its target.
Secondly, and the deeper meaning has to do with the current global economy and OIL. Currently, and for the past 50–70 years oil has been the backbone of the global economy and the USD. Many even call it the Petrodollar. The world economy runs on oil and oil prices play a huge rule in all parts of our economies. Coil or C(rypto)-OIL is built to be a hedge asset and backbone of DeFi and all of cryptocurrency. It is designed to fulfill the same roles that OIL does, but in the crypto world economy. So there is no more fitting name than COIL or Crypto OIL. Just like oil, all of crypto can be backed and hedged to coil. It will fuel DeFi lending, allowing for a stable unit of account for borrowing and it will be a less correlated collateral asset to hedge some of the systemic risk in crypto. It will also help stop reliance on many of these centralized stablecoins. Coil is designed to be the backbone of the whole crypto economy as a DeFi collateral, hedge asset, and stable medium of exchange of tomorrow replacing the oil of yesterday’s economy.