The National Digital Currency of The Marshall Islands Will Be Powered by Algorand
- The new digital asset will utilise a co-chain of Algorand, instead of the main chain.
- Its price will be pegged to the US dollar and it will be gradually released to the public via a ICO-like process that would continue for 18 months.
Marshall Islands establishment. ABC News
A surprising press release by SFB Technologies, the company commissioned to implement the new digital currency for the Marshall Islands, has just been published. In it, the company announces Algorand as their backing blockchain of choice for the world’s first national digital currency.
And while Algorand is still lacking enough recognition in the wider cryptocurrency space with a market capitalisation smaller than that of Dogecoin, it is ticking all the boxes for such an ambitious project. Utilising their trademarked “Pure proof of stake”, Algorand provides immediate transaction finality with no forking risk and immense transaction throughput capabilities in addition to features such as an advanced identity management and compliance platform built into the system.
With that said, the national digital currency will not utilise the public Algorand blockchain, opting for a permissioned “co-chain”. Another piece of bad news for speculators is that the price of the new coin will be pegged to the US dollar.
As previously announced, the new cryptocurrency will be called Marshallese Sovereign, it will use the SOV ticker and will be fully regulated by the government of the Republic of the Marshall Islands.
A total of 9.6 million units will be sold in an ICO-like manner over the course of 18 months in what the company is calling “time-release monetary issuance“.
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
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- The blockchain has become the regional supporter in North American and Europe for the 2022 World Cup, and also the official sponsor of the Women’s World Cup in 2023.
- The partnership will see Algorand help FIFA further develop its digital asset strategy, and also provide it with an official wallet solution.
- e-Money will issue eEUR, eCHF, eNOK, eSEK, and eDKK on Algorand.
- The integration will drive the adoption of Algorand-based applications among European users and enable faster time-to-market dApps offering stablecoins on Algorand.