NEW YORK, March 2, 2020 /PRNewswire/ -- SFB Technologies announced today that the blockchain for the world's first national digital currency, the Marshallese sovereign (SOV), will be built using Algorand technology. The SOV will circulate alongside the US dollar and help the Marshall Islands efficiently operate in the global economy.
Algorand is the inventor of an open-source, pure proof-of-stake blockchain protocol that enables the development of scalable blockchain-native solutions for real-world use cases. SFB Technologies, the appointed organizer for the Marshallese sovereign initiative, chose the Algorand protocol for its speed, scalability, security and its ability to effectively implement required compliance controls and the transaction finality needed for a national currency.
"Algorand was selected after extensive market research among the leading protocol options," said Jim Wagner, co-founder and CTO of SFB Technologies. "The company has already powered several mainstream use cases and thanks to its unique features the platform has the functionality required to issue, manage and distribute the SOV on a global level. This partnership ensures that the SOV will be built on a scalable and secure platform."
"The Marshall Island's vision for global participation and inclusion in an open financial system by harnessing the benefits of blockchain technology is aligned with a truly global and decentralized society that we believe is made possible with our technology," said Silvio Micali, founder of Algorand. "We are proud to support the country on its groundbreaking journey towards mainstream digital currency adoption."
The government of the Marshall Islands will oversee the SOV and leverage the combination of Algorand's blockchain functionality and SFB Technologies' identity management and compliance platform.
Kenneth Kedi, Speaker of the Marshallese Parliament, expressed, "I am excited about the technological partnership with Algorand. With it, a strong alliance is forming to develop the SOV project. This is another milestone towards developing the Marshall Islands financial services industry."
The SOV supply will be algorithmically fixed to grow at 4% each year to prevent runaway inflation. The SOV will be introduced through a token pre-sale: rights to future SOV will be sold in a series of auctions as part of a time-release monetary issuance (TRMI), which is expected to begin this year, visit https://sov.foundation.
About SFB Technologies
SFB Technologies is a technology provider focused on developing the blockchain infrastructure that is necessary to bring together digital currencies and mainstream regulatory compliance. SFB Technologies is a forerunner in the field of sovereign cryptocurrencies and has deep expertise in combining the best features of corporate, government and digital currencies to create a new type of sovereign money. For more information, visit https://sfb-tech.com
About Algorand Inc.
Algorand Inc. built the world's first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction in financial exchange, Algorand Inc. is powering a financial evolution by enabling the creation and exchange of value, building new financial tools and services, while providing responsible privacy features. For more information, visit www.algorand.com
Contact: Anastasia Golovina, [email protected]
SOURCE Algorand Foundation