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“.