Sovereign Wallet Develops “Algorithmic Central Bank” and “Meta Blockchain” to Mint New Coins Pegged to Bitcoin
Sovereign Wallet Allows Customers To Mint “Meta Coins” That Are Pegged To Bitcoin
In another positive piece of news for the crypto community at large, it now seems as though Sovereign Wallet, a crypto-tech firm, has devised a new platform that will allow users to issue their very own ‘value tokens’ as well as convert them into a host of different crypto assets.
About Sovereign Wallet
Over the course of the past few years, Sovereign Wallet has come up with a number of novel applications including a mobile wallet application that allows transactions to be facilitated with the “simple sending of a text message”. If that wasn't enough, the firm’s native offerings also come backed by “banking grade” security features that ensure a high level of individual privacy.
From a vision stand point, the firm is looking to create products that are financially inclusive and thus can allow a wide array of unbanked individuals to access basic financial services directly through the use of their smartphones. In this regard, there are already quite a few tokens available on the platform. These include MUI, Ethereum, OmiseGo, 0x, Kyber Network, TenX, Status, TrueUSD, Golem, and Augur.
If all of this this wasn't enough, it is also worth mentioning that Sovereign Wallet has also developed a custody-free decentralized exchange platform called M.DEX. This trading platform not only offers customers with a with fixed fee rate, but also leverages technologies such as ‘atomic swap’ so as to make low-cost direct transactions a reality.
More On The Matter
At the time of writing this article, the Sovereign Wallet ecosystem runs using an ERC-20 cryptocurrency that has been dubbed ‘MUI token’. In its most basic sense, we can think of MUI as a stable alt-token, whose value is protected by the automated stabilization tool called Algorithm Central Bank (ACB).
As per the firm, ACB has been designed to manage the “supply of tokens on sale” as well as to help customers minimize the possibility of fraud or error while procuring other digital assets.
Talking about his company’s latest offerings, Sovereign Wallet CEO, Seok Gu Yun, was quoted as saying:
“In simple words, if the MUI coin is trading too low, the smart contract will automatically withdraw a required amount from the supply to increase the value of the coin.”
Create Your Very Own Tokens
As mentioned earlier, users of Sovereign Wallet have the option to mint their very own tokens through the use of the MUI Meta-Blockchain. According to the company website, it is a ‘programmable blockchain network’ that has be ability to support a variety of protocols on a single blockchain.
Also worth mentioning is that using this technology, users have the ability to create a variety of pegged stable coins without having to create their very own blockchain ecosystem.
In this regard, the project whitepaper states:
“In the Meta-blockchain, anyone can create their own coin, preempting the need to develop a custom mainnet when issuing the cryptocurrency version of the local government or a country’s national currency”.
If all of the aforementioned stuff didn't sell you on Sovereign Wallet already, service users also have the option to devise their very own crypto-collateralized “meta coin”, that is backed a stable crypto asset such as Bitcoin (BTC) or Ethereum (ETH). It now remains to be seen how the future of the company plays out from here on out.