James Shirley, in his poem, “Death the leveler” demonstrated the power of death as the single most event which changes and crashes all of the power the rich wield on the poor since the rich and the poor are all buried in Mother Earth. Similarly, cryptocurrency and the blockchain technology is fast assuming to be the harbinger of change in not just financial curtails but in economic processes as well, driving major social change.
The reason for such freedom at prose is the latest launch of a nationalized cryptocurrency. Even as this is unsurprising, the fact that it is one of the minion economies of the world, The Marshall Islands which hopes to write its way to global financial equality.
Just as with Death, Cryptocurrencies as well do not have any favorites. The decentralized digital assets are much a value-based transaction option as for the multi-billion dollar GDP nations.
The story of Marshall Islands and Cryptocurrency
The Marshall Islands are geographically a group of tiny Pacific Islands which are more famous for the wrong reasons. Their remote location has attracted apart from its fair share of tourism, has made it home to crypto exchange scams, a protective hovel for the crypto sharks as well as the venue for the odd US Nuclear bomb tests.
The young nation has been a quick adopter of many technologies, of which cryptocurrency has landed its widest range of success. The adoption and use of the blockchain –based assets is so comprehensive in the island that the authorities announced as early as Feb 2018 that they would launch their own national cryptocurrency. They named it Sovereign (SOV) and there has been much development activity around it, ever since.
The islands faith in the decentralized currency is what has given it a leap of hope, as it eventually will hope to be on par with the greatest economic powers of the world.
The philosophy of deregulated currencies has been around for some time now, but the arrival of blockchain-based assets is what has brought about various levels of revolution and gaming changing innovation using cryptocurrencies as the underlying force of financial use.
If and when Sovereign crypto is launched, it will make this Pacific Island the first country in the world to be crypto-first currency and relegate its fiat-currency away from commercial use.
To take the country through the last laps to launch the crypto, the country has brought in an ace blockchain consultant, Steve Tendon. He will be part of the nation’s call to develop own cryptocurrency in a technical capacity. His scope of work as documented in an announcement identifies it as ‘drafting, design as well as issuing of new cryptocurrency.’