Tag: Cryptocurrency

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Crypto Economy News

Marshall Islands Ditched The US Dollar To Adopt Sovereign (SOV) Cryptocurrency

The sovereign country of the Marshall Islands has decided to ditch the US Dollar as its official currency and adopt the Sovereign (SOV) cryptocurrency, a crypto coin created by the Island’s inhabitants that promises, among other things, to be a more secure and efficient way of conducting transactions than the USD. Definitely, this a historical decision, as Marshall Island is now the first country in the world to choose an official cryptocurrency over a fiat currency.

The Marshall Islands chose its own Sovereign cryptocurrency over the USD

The proposal was made in February 2018 and was made official just one month later, in March.

However, this has come back in the news these days, once again, due to the implication this movement has for international banking systems which normally point to the lack of support from an international authority as the reason for criticising or not accepting cryptocurrency.

The Marshall Islands’ decision to ditch the United States Dollar and adopt its own Sovereign (SOV) cryptocurrency drew the attention of cryptocurrencies market investors and the crypto-related publications who used Twitter to draw more attention to the event.

At the moment of this article, the Sovereign (SOV) cryptocurrency is in full process of implementation which will commence with an ICO (Initial Coin Offering).

Cryptocurrencies are still frequently undermined by international banking systems and governments

This follows multiple international attempts to lower the profile of cryptocurrencies, including an executive order from U.S. President Donald Trump to veto investments in Venezuelan Petro cryptocurrency, as well as the problems in regulating these digital assets in countries like Chile.

In certain territories such as Germany and Japan, cryptocurrencies are accepted and considered under the law, although there are still problems in places like Venezuela, where the state seeks to dominate with its own currency called Petro, or China, where crypto coins are still seen as competing for the country’s traditional money.

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Crypto

Monero (XMR) CEO, Riccardo Spagni, Announced Tari Project, A Decentralized Ecosystem For Cryptocurrency

This week, Monero (XMR)’s Tari project, written and running on Monero (XMR) blockchain, that will focus on creating a new decentralized ecosystem for cryptocurrency has been released. Recently, Riccardo Spagni, CEO of Monero, posted on Reddit more details regarding the operation of the Tari project.

The founders of the Tari project, namely, Riccardo Spagni, Naveen Jain (Sparkart), and Dan Teere (ex-leader of Ticketfly), believe that “due to the many concessions involved, it is more difficult to build a protocol focused on decentralized and scalable applications than a protocol that focuses only on digital assets.”

The needed funds for the Tari project, according to Spagni, will be obtained from venture capital firms such as Trinity Ventures, Redpoint, Slow Ventures, Aspect Ventures, and Canaan Partners.

No Initial Currency Offering (ICO) will be made to finance Tari

For this program to develop, the Tari Labs will also be developed and will be headquartered in South Africa. Tari Labs will function “on a Lightning Network implementation that is compatible with Bitcoin (BTC) and Monero (XMR), allowing XMR to benefit from privacy outside the aggregated chain provided by the Lightning Network”.

Tari project has been designed as a Monero (XMR) extra blockchain, therefore, Merged Mining could be applied which, according to the developers, will help the project be extra scalable since it won’t utilize an integrated consensus system.

Tari coin can be earned by mining XMR

Once it’s generated, Tari coin can be obtained through mining Monero (XMR). This system, applied for Monero (XMR) and Tari coin, would apply a hash generated in Monero mining to solve out a block in the Tari blockchain.

Tari Labs and the Tari Organization, of which Spagni is a member, are intended to work together for the administration and development of the project. For this reason, Riccardo Spagni will resign as CEO of MyMonero, leaving Paul Shapiro in charge.

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Crypto News

Floating Island Project Build On A Self-Governed Community With Its Own “Varyon” Cryptocurrency

A cryptocurrency or crypto coin is a digital medium of exchange. The first cryptocurrency that began to operate was Bitcoin (BTC), in 2009, and since then many others with different characteristics and protocols have appeared such as Litecoin (LTC), Ethereum (ETH), Ripple (XRP), and so on. Now, the French Polynesian government support the Floating Island Project which plans on implementing a community with its own government and “Varyon” cryptocurrency in Tahiti.

In the traditional crypto-verse, the security, integrity, and balance of the financial statements are guaranteed through a network of agents, miners, who verify (distrust) each other.

These agents are mostly the general public and actively protect the network (the blockchain) by maintaining a high rate of algorithm processing, in order to have the opportunity to receive a small tip, which is randomly distributed.

Floating Island Project – The first self-governing community with its own “Varyon” cryptocurrency

This is the Floating Island Project is a programme supported by the French Polynesian government and it consists of building 300 homes in the Tahiti region, on an island in the middle of the Pacific that would be regulated by its own government and cryptocurrency called “Varyon”, according to some sources.

Tahiti would have a government of its own but it would function as a mere service provider allowing the Floating Island Project community to be self-governing.

The project is funded by donations collected by the Seasteading Institute and Blue Frontiers, which sell tokens of the Varyon cryptocurrency via an ICO. The goal is to complete the island by 2022, a project that will cost about $50 million.

This is the first project of its type but those involved in it are very confident that in the future there will be hundreds of new self-governing countries floating in the Pacific running with the Varyon cryptocurrency, making it the ideal home for entrepreneurs.

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Crypto News

Switzerland Considers Launching A State-Owned Cryptocurrency And Becoming A “Crypto Nation”

The Swiss government, through its executive body, the Federal Council, approved the admission of a request for a study establishing the feasibility, advantages, and challenges of a state-owned cryptocurrency, the e-franc or “Cryptofranc”. This request was made by Socialist Party MP Wermuth Cedric, back in March.

The viability of the e-franc or “Cryptofranc”, as it has been called, is one of the objectives of this study requested from the Federal Council by the Socialist deputy Wermuth Cedric, and which must be prepared by the Finance Minister, if approved by the lower house of the Swiss Parliament.

In the application, entitled “Establishing a report on the feasibility and challenges of creating a ‘Cryptofranc’,” Wermuth Cedric refers to the different states or central banks that are considering the possibility of creating electronic currencies, including the Bank of Sweden.

Cedric points out that this interest of the states has been inspired by the growing boom in means of payment and cryptocurrency and mentions several challenges around them, such as the “digital divide” between a minority that has access to them and a large majority that does not have access to their benefits.

He also mentions the volatility of the crypto market or the future of transactional infrastructure, among other challenges.

Switzerland takes big steps towards becoming a “Crypto Nation” by considering launching its own state-owned cryptocurrency

In its reply, the Federal Council notes that it is closely following the growing interest in cryptocurrency and the discussions on “Cryptofranc”.

The Council also reported on the creation of a working group including the Swiss Financial Market Supervisory Authority, which had been responsible for the guidelines governing the Initial Offers of Coins (ICO) within the country.

The Councillor in charge of the Council’s Finance Department, Ueli Maurer, is appointed for the analysis of the proposed request, although no deadlines are set for a presentation of the study on the Swiss state-owned cryptocurrency.

In January of this year, Johann Schneider-Ammann, an advisor to the Department of Economics, Education and Research, said he would like to see Switzerland as a “Crypto Nation” in 10 or 20 years’ time, although he later went back, acknowledging that it was a mistake to speak in such terms of the country and, in a very diplomatic manner, offered an alternative, namely, a “Blockchain Nation”.

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Crypto

Goldman Sachs To Launch “USD Coin”, Its Own ERC-20 Stablecoin Cryptocurrency Linked To The USD

Circle, a FinTech startup owned by Goldman Sachs, reported the future release of a Stablecoin crypto coin based on ERC-20 and tied to the US dollar value. The cryptocurrency owned by Goldman Sachs was referred to as the “USD coin” (USDC).

The crypto coin is sustained by the advancement of the CENTRE’s open source platform. USD Coin will operate as a “tokenized fiat money”, Circle declaring that the coin is of great significance to permit widespread adoption of the payments via blockchain technology. The new crypto coin also assists in the maturation of blockchain technologies that feature smart contracts.

USD Coin empowers customers to make use of USDC fiat tokens for cryptocurrency transactions and payments, as well as supplying a full stock of Stablecoin sustained by USD. USD Coin is designed on the open source platform Stablecoin for fiat money developed by CENTRE.

USD Coin is dedicated to providing alternatives to Stablecoin’s pre-existing offerings. Circle alleges that they have not been transparent, work in non-regulated jurisdictions with unspecified banking and auditing associates, and have been constructed as private proprietary-owned technologies. The USDC addresses this concerns by offering “detailed financial and operational transparency”.

Circle also stated that they will work within the legal regime of the US money transmission statutes, as would be the case for a corporation belonging to the fifth most important bank in the US, Goldman Sachs.

Goldman Sachs USD Coin is an ERC-20 Stablecoin tied with the USD

The USD Coin is constructed on the Ethereum ERC-20 Token standard and, therefore, it might be suitable for use on any cryptocurrency exchange that bears the ERC-20 standard. Also, it would be possible to use it with every single ERC-20-compatible digital cryptocurrency wallet.

There is a lot of interest from crypto ecosystem players, consumer companies, and banks to become USDC issuers and other tokens in different currency markets around the world.

Circle team

The supporters and sponsors of USDC are numerous, with the leading corporation in this regard being Bitmain, the renowned mining company and mining gear producer, which already plans a strategic $110 million investment in the new Goldman Sachs and Circle’s USD Coin (USDC) ERC-20 Stablecoin cryptocurrency.

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