No Cap or 'Secret Cap', I laughed a lot.
The NXT monetary system has allowed token issuers to back their tokens with a reserve of NXT since 2015.
https://nxtwiki.org/wiki/Monetary_SystemReservable If Reservable is checked, two extra fields appear:
UNITS TO RESERVE: This is the total amount of the currency to reserve, the reserve supply...
MINIMUM AMOUNT OF NXT PER WHOLE UNIT NEEDED TO ACTIVATE CURRENCY: Assuming the ....
Claimable: Claimable currencies are reservable currencies that allow the locked NXT reserves that back them to be claimed, meaning that a current holder of a claimable currency can exchange it for the locked NXT that backs it, in doing so reducing the Current Supply shown on the All Currencies Screen.
New tokens backed by the more larger and liquid NXT token did not appear to provide any greater liquidity or achieve much traction in the marketplace as evidenced by their lack of popularity today. So I can't see an ETH/other reserve token being much different. (The tokens were simply worth whatever the market valued the token at anyway + the amount of reserve currency the token was redeemable for or backed by with no/low liquidity/volume advantage.)
I will read up on the CRR mechanism and how it plans it to do the job better.
The interesting part for me is the ability to diversify one token as multiple tokens. ETFs for coins.
Those already exist too I believe and aren't just limited to ERC20 tokens. The BitShares Bit20 has been running since last year...
https://s6.postimg.org/nohmmh7pd/Bit20.pngOn the 21st day of every month, Bit20 runs an algorithm that creates its new composition. By this process, it always includes the most promising coins. Some coins appear in the index and others disappear. Some of them gain weight and other lose some of it. This new composition swap with the previous one without any disturbance of the index price.
We have run this operation yesterday. Here is the new composition of the Bit20 Index Fund:BTC / 20065294344 USD / 10 % / 0.87291578470716 coins / 1232.16 USD
ETH / 4514306085 USD / 10 % / 21.657976132206 coins / 49.6617 USD
LTC / 521706945 USD / 10 % / 104.60319704396 coins / 10.2824 USD
DASH / 518522510 USD / 10 % / 15.024283279737 coins / 71.5889 USD
ETC / 299964083 USD / 10 % / 325.8380683335 coins / 3.30094 USD
XMR / 284572267 USD / 9.7381502379009 % / 52.737191583632 coins / 19.8609 USD
XEM / 258080400 USD / 8.8315904257022 % / 33125.76061711 coins / 0.0286756 USD
REP / 124573900 USD / 4.2629570573061 % / 40.487040754245 coins / 11.3249 USD
MAID / 96360175 USD / 3.2974747363573 % / 1665.6825428515 coins / 0.212926 USD
PIVX / 90309478 USD / 3.0904180296332 % / 195.32638948038 coins / 1.70175 USD
GNT / 82415740 USD / 2.8202918947396 % / 3018.1248562256 coins / 0.100507 USD
ZEC / 76101209 USD / 2.6042067076336 % / 4.1610326198034 coins / 67.3153 USD
DCR / 67929548 USD / 2.3245699624577 % / 17.367134575901 coins / 14.3964 USD
STRAT / 66212668 USD / 2.2658178023941 % / 362.00496263059 coins / 0.673209 USD
BCC / 61536964 USD / 2.1058137777575 % / 22.487853870314 coins / 10.0719 USD
FCT / 57496920 USD / 1.9675622332396 % / 32.217448851248 coins / 6.56866 USD
STEEM / 52623698 USD / 1.8007990820761 % / 864.60149456975 coins / 0.224021 USD
GAME / 48655793 USD / 1.6650161562589 % / 228.63519536375 coins / 0.783276 USD
DOGE / 48023587 USD / 1.6433818730794 % / 401328.55895373 coins / 0.000440431 USD
WAVES / 46228400 USD / 1.5819500234637 % / 368.06400685678 coins / 0.462284 USD
The composition is sent in the BitShares Blockchain so the witnesses can read it and publish the price in the decentralised exchange. This system guarantees decentralisation and prevent any market manipulation. Here it is:
http://cryptofresh.com/u/bittwenty.feedYou will find on the website the composition with the updated price of each coin and the total value of the indexhttp://www.bittwenty.com 