Marshall Islands Launches Development Fund For Cryptocurrency

Famous for nuclear bomb tests and a diverse array of whales, the Marshall Islands is also the first country in the world to introduce a national cryptocurrency - the Sovereign (SOV).

And on this fine Thursday afternoon, senior members of the body responsible for the formation of the SOV said they have formed a new development fund.

A non-profit organization, the Marshallese government said that the imaginatively named SOV Development Fund would help to support the Marshall Islands’ government adopt the digital currency and, once that happens, ensure it remains stable

“The SOV Development Fund’s mandate is to maintain the SOV infrastructure long term,” said Dr. Peter Dittus, chief economist for SOV and former secretary general of the Bank for International Settlements.

“[It will also aim] to seed the ecosystem around the SOV, promote - both domestically and internationally - the SOV and to smooth the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term of the SOV by selling and buying SOV against USD.”

Seven directors

In order to achieve this last goal, the fund will be given 30 percent of SOV’s original supply.

The fund will have a board consisting of seven directors. The government of the Marshall Islands will nominate two, and two will be appointed by SFB Technologies - the company hired by the government to develop SOV’s compliant Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure.

These four directors will then appoint another three directors to the board. Given the Marshall Islands government was able to get an executive of Dittus’ caliber onboard with the project, those three directors are likely to be highly respected individuals from the world of finance and technology.