Crypto Company and University to Set Up Crypto Model to Address Bitcoin’s (BTC) Pitfalls

A cryptocurrency company has moved to sign a collaboration with a United States university in a bid to build the digital currency model that was originally envisaged by Satoshi Nakamoto when he launched the Bitcoin (BTC) network a decade ago. The company in question, SovereignWallet, reportedly says it will sign an accord with the Viterbi School of Engineering at the University of Southern California to develop the project aimed at revisiting Nagamoto’s model. The initiative has been named the MUI Meta-Blockchain.

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The Goal is to Pursue Friedrich Hayek’s Decentralized Monetary Model

While all profits associated with the Bitcoin (BTC) have become “highly concentrated with only a small section of miners with large capital particularly those using the most powerful computers,” the collaboration according to both parties is to pursue the decentralized monetary model conceptualized by Friedrich Hayek in the 1970s. The Nobel laureate in his book titled “The Denationalization of Money,” proposed a platform that allows markets and members of the public to freely issue their own currency which will put them directly in competition with the currencies issued by the government.

The SovereignWallet and USC engineering school intend to prepare a white paper named provisionally as “Rewriting Satoshi.” The document is scheduled for launch on the 12th anniversary of Bitcoin’s genesis block: which is on January 3 2021.

Completing Nagamoto’s Original Vision for Bitcoin (BTC)

SovereignWallet says the MUI Meta-Blockchain will be the first to embrace Nakamoto’s philosophy fully. Despite the fact that issuing new virtual currencies through the Blockchain might look easy, SovereignWallet argues that creating and distributing new mainnets typically requires millions of USD and long-term technological innovation.” Launching a token isn’t really a straightforward process, it is a skill beyond the public’s reach.

Via a blog post on the goal behind the new monetary system, and the benefits it will bring, the SovereignWallet team made this statement:

If any entity can issue currency and adjust their price competitiveness by means of currency exchange adjustments, we can properly adjust regional economic differences and competitive benefits between companies to create a community where wealth is evenly distributed.”A new stable coin will be created based on the MUI-Meta Blockchain. The new token will be designed according to the Algorithmic Central Bank model and decentralized cryptographic technology. The goal according to SovereignWallet is to make sure it is “easy for users to mint their community currencies, pegged to stable tokens” without having to build Blockchains.

SovereignWallet Hopes to Deliver a Self-sovereign Finance Era

SovereignWallet has insisted that its MUI Meta-Blockchain initiative is the latest move in its mission to deliver a “self-sovereign” finance era. As per a 2018 report by Cointelegraph, the crypto company has unveiled a number of products that it hopes will serve as the foundation of the MUI Meta-Blockchain.

The platform initially unveiled the eponymous SovereignWallet, as a means of transferring funds easily even as easy as sending an SMS. A specifically created digital token (MUI token) powers SovereignWallet’s ecosystem. SovereignWallet reportedly says the MUI token stands out from other digital assets because its value is under the protection of the Algorithmic Central Bank, and is designed to offer automated stabilization.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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