Why SovereignCoin is the One Coin to Rule Them All
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There’s a whole lotta cryptocurrencies out there. Over 1,500 if you go by CoinMarketCap and over 5,000 if you go by CoinTracking’s more exhaustive list. That’s more cryptocurrencies than anyone could ever expect to memorize, let alone spend. Just because there’s already paralysis of choice doesn’t mean there isn’t room for one more though – or even 1,000 more.
Competition drives innovation, and thus new cryptocurrencies – provided they add something new – are welcome. It can be hard to tell, at the point of a coin’s creation, whether it’s destined to become the next Ethereum or the next FeatherCoin. Good cryptocurrencies, like good wine, take time to mature. Not years, necessarily, but certainly long enough to build up a community, gather support and achieve recognition, first within the crypto community and then within the wider population.
To date, just three cryptocurrencies have arguably transitioned from the tech world to the mainstream world frequented by moms and pops, kids and housewives, students, laborers and everyone in between: Bitcoin, Ethereum, and Ripple. As the cryptocurrency revolution gathers pace, other coins and tokens will join these three in the upper echelons of the cryptocurrency top 10, but for now, there’s more than enough action to be had within the crypto markets for the best of the rest.
One emerging coin that’s clamoring to claim that “best of the rest” mantle and then to move upwards from there is SovereignCoin. Like all new cryptocurrencies, it’s going to have its work cut out to achieve that feat, but there are signs which suggest the coin has enough about it to differentiate it from the competition, enabling it to rule, first over its own domain, and then over an increasing tranche of the cryptocurrency market.
At present, there are countless coins and tokens for performing specific tasks, whether it’s providing a means of remittance, anonymous purchases, ecommerce, store of value, staking, mobile data purchase and much more. What there isn’t, as it stands, is a single coin to do it all. One coin to rule them all, if you like.
While Sovereign doesn’t claim to tick off every box on that list, it does seek to join up the islands within the crypto space, including the ones marked Banking, Payments, World trade, Foreign Aid, Fortune 500 Companies and state-owned Sovereign Funds. Where Ripple connects only banks and payment providers, Sovereign’s patent pending, hyperledger blockchain technology connects everyone from SWFs, national treasuries, international conglomerates, hedge funds, pension funds, family offices and UHNWs. It also works person-to-person via a slick social media, digital smartcard and mobile app called ‘RUON’, which Sovereign holds a stake in.
The Sovereign project is an ambitious one that seeks to provide a versatile payment mechanism for big business and corporations and even the chambers of commerce of small nations trading with other Sovereign members and disbursing money across the global supply chain. Unparalleled and unsurpassed, Sovereign will be backed by real world assets like Oil, real-estate, raw materials, Gold and title deeds through its Proof of Asset (POA) protocol providing one of the first true ‘stable’ coins. This will grant a more secure solution for banks and payment providers trying to reduce their overheads and consumers seeking a fast and traceable means of sending cash peer-to-peer or peer-to-person-in-need with an impressive 98.5% of the donation reaching the individual needing aid.
Another unique aspect of the currency – which is a cryptocurrency first – is its ‘gold label’ (better known as a WhiteLabel) solution that provides corporations or small countries with their very own separate, self-controlled digital currency which can be independent or connected to Sovereign’s global financial network. This idea has been reinforced recently with news of Venezuela raising $743Million on its first day launching its national ‘Petro’ Coin and Puerto Rico intalks to create its own national cryptocurrency and crypto utopia. Read more on SovereignNation here.
In addition to being an all-in-one coin, Sovereign has an extensive humanitarian aspect to it, with one of its mission statements being: ”To eradicate extreme poverty, provide and protect children and to save and preserve wildlife by 2032”. A separate company, SovereignAid, will administer this and the manner in which this will be performed is unique.
As Sovereign founder Timothy Burke explains: “Not only will the currency serve as a means of payment for corporations, big business, hedge funds, pension funds and the general public, but donations sent to SovereignAid will be used to acquire, in partnership with mobile manufacturers, millions and eventually hundreds millions of smartphones. Each of these will be loaded with RUON’s digital wallet and smart card, to be given to missionaries, orphanages and the unbanked in developing countries”. Tim has already begun talks with the head sisters of Missionaries of Charity established by mother Teresa to help distribute the smart phones Worldwide. Today, there are now 5,161 sisters in 139 countries, with 164 houses new in the last two years bringing the total to 758 missionaries.
If successful, the Sovereign network will achieve a feat that no other currency – digital or otherwise – has pulled off to date: it will simultaneously serve the world’s wealthiest and poorest individuals, providing utility for the former and a lifeline to the latter. Charitable, functional, and spendable, Sovereign is setting its sights on becoming “The one coin to rule them all”.
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Together we can Provide and Protect Our Children. Save and Preserve Our Wildlife. Eradicate Extreme