futurism.com: The US federal government has just awarded a startup Blockchain Key Retroactivity Network Consensus (KRNC) to study the possibility of integrating cryptocurrency into the American economy.
At the moment, this does not mean that the US will turn the dollar into a digital blockchain, according to CoinDesk. Rather, the National Science Foundation is funding KRNC as it is interested in finding new ways to improve the security of digital transactions.
According to CoinDesk, the protocol that KRNC is developing will issue new cryptocurrency in proportion to the user's existing real capital, instead of requiring them to purchase or actively mine the new cryptocurrency.
In other words, it won't make people richer, but it will provide them with alternative means to transfer funds online.
“Proof-of-Work Bitcoin is wasteful,” KRNC CEO Clint Ehrlich told CoinDesk. "It requires people to waste money and computing power solving meaningless problems."
Anna Brady-Estevez, manager of the National Science Foundation that issued the grant, quickly clarified that the government is solely interested in exploring the possibilities of blockchain and crypto technology, but that the project has no specific end goal, especially to replace the dollar with the new currency.
“We focus on projects that have significant technical work to do with the potential to increase competitive advantage and impact commerce,” Estevez told CoinDesk.
Promotional video:
Editorial comment
The key feature of this system, according to coindesk.com, is the following:
Thus, if earlier, when buying a particular cryptocurrency, you had to pay for it with real money, the total amount of which controlled the emission, then the new digital currency will focus on the money that people already have.
The situation will, as it were, repeat the scheme of introducing new currencies in the post-Soviet countries in the 1990s, when all citizens were simultaneously handed out several hundred “coupons”, “bunnies”, “rabbits” and so on, after which citizens rushed to buy them. However, in this case, electric "bunnies" will be distributed not one hundred per brother, but in proportion to the number of zeros in the accounts of the brother.
Moreover, the accounts of some ladies and gentlemen from the fraternity, whom financial masters imposed sanctions on, may not fall under the electronic "bunnies": they, like all ordinary mortals, will be given a hundred new bucks and everything acquired by overwork will disappear in a moment. That is, billions of Iranian mullahs, for example, with a new cryptocurrency may not be taken into account - they simply will not release money for them.
Obviously, money kept by citizens in mattresses will not be taken into account - the new currency will be credited only to those funds that are stored in the savings bank.
As a result, if earlier for many decades the most reliable bank was a “three-liter bank”, now the “three-liter bank” will collapse and it will be necessary to urgently go to a real bank. And most likely there will be big problems with the reception of waste paper.
We, of course, have no idea what kind of KRNC it will be - that is, this money will become that same single world currency, or it is only a prototype so far, nevertheless, the general principle of issuing new single world money is already obvious.
Probably people who have money in their basements with suitcases and trucks should now urgently carry everything they have acquired by back-breaking labor to the nearest normal bank so as not to be late.
However, for ordinary people, most likely, the best bank was and will remain a "three-liter bank", only it will not be necessary to put paper there, but canned food, because without the miracle vaccines, access to electronic accounts will most likely not be possible.