SFB Technologies recently made an announcement that Algorand technology will power the blockchain for the world’s first national digital currency, Marshallese sovereign (SOV). Algorand has invented an open-source permissionless, pure proof-of-stake blockchain protocol that facilitates the expansion of scalable blockchain-native solutions for real-world use cases.
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Algorand was selected by SFB Technologies for its security, scalability, speed, and the ability to implement required compliance wherever required. The combination of identity management and compliance management by SFB Technology with the blockchain functionality of Algorand will help the government of the Marshall Islands with its vision of adopting a digital currency. Marshallese sovereign will be in circulation alongside the USD and will help the Marshall Islands operate on a global level.
Co-founder and CTO of SFB Technologies, Jim Wagner said that the company selected Algorand after far-reaching market research among the major options available. He added that the decision was also made because Algorand has prior experience and the correct mix of functionalities required to issue, manage, and distribute the SOV globally.
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Silvio Micali, founder of Algorand and the creator of the Algorand Protocol, expressed pride at supporting the country on its revolutionary journey towards the adoption of digital currency on such a big level.” The Marshall Island’s vision for global participation and inclusion in an open financial system by harnessing the benefits of blockchain technology is aligned with a truly global and decentralized society that we believe is made possible with our technology,” Micali said.
The Marshallese sovereign will be introduced through a token pre-sale and in order to prevent runaway inflation, its supply will be fixed algorithmically to grow at the rate of 4% every year.
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