Efficiency, simplicity, and ease are what the world craves for in terms of trade. With this in mind, it gave way to Electronic Hryvnia, which will be used as the Ukrainian national digital currency. This project started in 2018 and is based on the ERC20 standard of the Ethereum blockchain. The Electronic Hryvnia is a project of the National Bank of Ukraine in efforts to move Ukraine’s national currency into a blockchain.
It was part of the cashless economy project, which aimed at finding out the possibility of using blockchain technologies in the implementation of innovative, high-security, efficient, and flexible payment platform. The project also wanted to find out if the platform could meet needs of the payment market of the country while solving the problems that arise in the area of cashless circulation in Ukraine.
Birth Of The Electronic Hryvnia eUAH Cryptocurrency
In September 2017, The Ministry of Justice of Ukraine held the world's first online auction that used sophisticated technology for storage and protection of data using Blockchain. This became possible through the platform’s open market, which is the Electronic Trading System. The Electronic Hryvnia will operate to partially replace cash and non-cash national currency in Ukraine and to create competition for cashless payment in Ukraine market.
The token is abbreviated as eUAH. The total supply of eUAH is 50 million. Until the 4th quarter of 2018, only 10% of the total tokens will be released in free circulation in order to first evaluate the interests of the international investors and due to the fact that it’s a pilot project.
Electronic Hryvnia can be traded on multiple exchanges platforms such as the ForkDelta, EtherDelta, and the StockExchanges. The tokens will remain on the accounts of the initial projects for security purposes. This will be until the project had been implemented at the legislative level. Currently, there are no mining or any other means of increasing the tokens amounts available.
The project has an approved action plan that is ambitious and innovative, which includes the development of Industry 4.0, Smart Factory, Digital Jobs, STEM Education and Digital Education Services, Digital Infrastructure for Internet-things, BlockChain and also eHealth and e-Security.
Electronic Hryvnia eUAH Token Benefits
One of the major challenges facing the Ukrainian currency is the fact that it is not stable compared to other global currencies such as the American dollar and the Euro pounds. With a view to cushioning or combating this instability, the Electronic Hryvnia will serve as a backbone to hold the Ukrainian currency in play.
Lower Business Transactions Costs:
To make any business viable, the first step is lowering of any costs that may be eating on the business’ profits. The Electronic Hryvnia aids in bring down or lowering of these costs by lowering of the transactions cost that might be incurred during the payments made when purchasing of products and services. Apart from businesses, individuals are also big winners in the electronic currency platform, as the transacting through the currency will be cheaper than other methods such as debit or credit cards.
The Electronic Hryvnia has a blockchain basis, which will give users of the currency an assurance of secure and reliable transactions. The Electronic Hryvnia prevents user’s information and transactions from being accessed by third parties without any authorization.
Electronic Hryvnia eUAH Token ICO Details
The Ministry of Justice of Ukraine isn't holding and initial coin offering for the eUAH tokens. Instead they are giving out up to 5,000,000 for free until 2019.