Fantom to Present Blockchain Ecosystem to United Nations
- The Fantom Foundation wishes to show its blockchain can not only be used for DeFi applications, but for real-world uses cases such as CBDC projects.
- The blockchain ecosystem will be presented to the U.N. CBDC team on 11 March.
United Nations building and the nations’ flags in Geneva, Switzerland. Shutterstock
The Fantom Foundation is preparing to enter the CBDC market by showcasing its blockchain ecosystem to the U.N. Digital Currency Global Initiative’s (DCGI) CBDC Architecture Group, Fantom said in a blog post on Tuesday.
According to the announcement, Fantom believes that Central Bank Digital Currencies (CBDCs) and stablecoins can significantly improve the “transparency and efficiency” of the current monetary systems. With that belief in mind, Fantom has decided to showcase its blockchain’s ability to operate a CBDC to the U.N. DCGI on 11 March. The CEO of Fantom Foundation, Michael Kong, said in a statement:
“We genuinely believe that our work in the Middle Eastern region will dramatically improve the economies involved and present meaningful opportunities for local citizens. CBDC’s are the next step in the direction of bringing transparency and efficiency to the legacy system.”
The DCGI — a collaboration between the U.N. International Telecommunication Union (ITU) and the Stanford University — has been created to provide an open and neutral platform for knowledge sharing and research on CBDC applications. Its membership is already comprised of 193 member states, more than 700 private sector companies, and 160 academic institutions.
The Fantom Foundation has been focused on creating a highly interoperable, secure, near-zero cost asynchronous byzantine fault tolerant (aBFT) blockchain since 2018. Its “speed, low transaction costs, and high throughput” makes it ideal not only for DeFi applications, but for real-world uses such as CBDC, the foundation claimed.
Fantom’s blockchain has continued to garner interest since the start of the year, with its native token FTM jumping from $0.016 in early January, to almost $0.44 in March. In late Febraury, Fantom also drew the attention of Alameda Research, which acquired a $35 million stake in the ecosystem through the purchase of FTM tokens.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The current governor of Florida, Ron DeSantis, announced he is joining the race for the 47th president of the U.S. during a Twitter Spaces event on Wednesday.
- During his speech DeSantis declared his support for Bitcoin and the wider crypto space, noting that if Joe Biden is re-elected “they’ll probably end up killing it”.
- Planned for 1 April, the CBDC trial will involve real consumers and real transactions, though they will be limited to a certain number of customers and transfers.
- The pilot, however, will not be opened to the general public in its first phase, and will only be opened to customers chosen by the 13 participating local banks.