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Could This be the First National Digital Currency Based on Blockchain

MIT Professor Silvio Micali, the Ford Professor of Engineering in MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) developed a blockchain technology commercialized by his startup, Algorand.

Now this unique architecture, to offer a decentralized, secure, and scalable blockchain, may be used to develop the first national digital currency based on blockchain in the Republic of the Marshall Islands.

This country, with around 50,000 people spread across more than 1,000 islands, is in a remote part of the Pacific Ocean. They rely heavily on cross-border finance and trade, making it difficult to get certain goods and financial services efficiently. With the introduction of the new national digital currency using blockchain technology, they hope to help the citizens avoid high transaction fees, since the currency will have a fixed supply rate. It will also simplify compliance with international partners, and protect against inflation.

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