Swiss-based public-benefit Foundation, the Swiss Shakti Foundation, announced on 07 April about its offer to launch a blockchain-based currency called Shakti Coin (SXE).
The foundation commenced by highlighting that SXE would bring in new standards for smart money. SXE would be a stablecoin, based on a blockchain protocol called Proof-of-Effort (PoE). The news continued that SXE would make cryptocurrency mining seamless and would be accepted as an efficient medium of exchange.
The foundation cited on the key offering of the coin as –
“This news comes a decade after the launch of Bitcoin, the world’s first blockchain-based currency developed by Satoshi Nakamoto. Shakti Coin’s developers learned from Bitcoin’s strengths as well as its shortcomings to develop a true medium of exchange for day-to-day transactions. Shakti Coin highlights include easy to use, stable value, legal compliance, speeds of over 10,000 transactions per second (TPS), direct wallet-to-wallet transfers, as well as mining that is both democratized and energy efficient.”
The foundation provided key insight into the PoE protocol. The PoE protocol works towards providing the same security benefits as Proof-of-Work but being less resource hungry. The PoE protocol dedicated to mine SXE would consume the same power as an email server. The social outreach of SXE is also diverse since it fosters education and financial inclusion.
The foundation acknowledged that compliance with rules was the key to easy usability. In a bid to be compliant, the new stablecoin would adhere to the principles of know-your-client (KYC) and anti-money-laundering (AML). The foundation added that in order to make the digital coin accepted globally, they are working with service providers in different countries.
The foundation expressed that the ownership of SXE would be in the hands of the people. Common users can take part in mining Shakti coin and no coin would be pre-mined. There would be no offer of Initial Coin Offering (ICO). The funds to launch the coin would be pooled in through the sale of mining licenses.
Recently, TrustToken announced the launch of TrueGBP, a stablecoin evenly matched and backed by the British Pound Sterling. In February, The US banking major J.P.Morgan announced that it has become the first US bank to create and successfully test a digital coin representing a fiat currency.
The Swiss Shakti Foundation concluded by sharing some of its key engagements. It was started by parents, educators, and blockchain enthusiasts. For over two years, the initiative has been supported by volunteers from over 30 countries. The foundation works independently without any association with other bodies like the government or industry.