Digital assets, token ecosystem, and transaction memos

As far as I can tell there are currently no plans for digital assets to ride on top of MobileCoin:

  1. MobileCoin does not have an implementation of a stablecoin like USDC: Will MobileCoin eventually launch a stablecoin? If not, wouldn't its volatility make it a speculative asset rather than a payments token?

  2. MobileCoin does not have the capability to include Memo information in a transaction so we can’t make use of Bitcoin-style OP_RETURN appended data: What is Payment Request and where is address? - #4 by Josh That means the standards like SLP and ERC-20 which enable token ecosystems are not currently supported.

  3. NFTs have recently become more popular in the crypto community, however most are implemented in bad ways that likely won’t last over time: On Ethereum transaction fees are too expensive to mint and transfer NFTs. To alleviate some data storage, some NFTs are built to include a link to external data on regular internet server rather than writing the content data to the blockchain. But that means there is a high likelihood that the data will be lost at some point in the future. For example, I have seen NFTs that use Google Drive or IPFS to host the content of the NFT. The record of ownership is kept on the ledger but the content is not.

What are your thoughts about all of this? Does MobileCoin need a way of transferring digital assets aside from the native MOB currency?

MobileCoin already supports transactions sending 0 MOB, so maybe a 0 MOB transaction could transfer some other digital asset. But for that to work, there probably needs to be a Memo field in transactions.

I understand that the focus for MobileCoin is to achieve the UX goal of fast, cheap, and private transactions. I am curious though to hear people’s thoughts about transferring digital assets while utilizing the privacy of MobileCoin transactions.

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