[ZUG, Switzerland, April 7, 2019, PRNewswire=Korea IT Times] A Swiss public-benefit Foundation, the Swiss Shakti Foundation, headquartered in Zug, Switzerland, is about to unveil a blockchain-based currency called Shakti Coin (SXE) that promises to usher in a new era of smart money. The new stablecoin is based on a revolutionary blockchain protocol called Proof-of-Effort (PoE) that is intended to democratize mining and make Shakti Coin the world's most practical medium of exchange.
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 PoE protocol replaces the power-hungry Proof-of-Work protocol used by Bitcoin and others without compromising on security. For example, a computer dedicated to Shakti Coin Mining would consume about the same power as an average email server. This new digital currency's unique mining protocol, PoE, eliminates the problematical power consumption while establishing a capacity to scale. The new coin also has a large social-good element as it encourages education and financial inclusion globally.
Shakti Coin views compliance as one of the keys to ease-of-use. To that end, the currency has been designed around know-your-customer (KYC) best practices as well as AML, CTFA, and other standards to thwart illicit use. The organization is also pursuing worldwide compliance country-by-country by working with service providers.
Day-to-day operations for Shakti Coin are directed by of SXE Network Operations LLC, with headquarters in Berkeley, California. The Berkeley office has the mandate to achieve regulatory compliance, and best practices. SXE Network Operations is also responsible for maintaining and developing the Shakti Blockchain Network and Shakti Wallet app, signing up miners, and ensuring an orderly roll-out and uptake by users worldwide.
Shakti Coin preserves Satoshi's singular mandate of placing ownership within the hands of the people. The Network will be 100% owned and operated by the public, anyone can participate in mining the Shakti Coin, and no coin will be pre-mined. No initial coin offering (ICO) will be made. The Foundation is aiming to fund the launch of SXE Coin based on the sale of mining licenses.
The Shakti Project is a grassroots effort. It was started by ordinary parents, educators, and blockchain enthusiasts. For over two years, this initiative has been supported by volunteers from more than 30 countries in five different time zones. What binds them together? The idea that currency can be a catalyst for social change. In the coming weeks, the Shakti Foundation will publish its white paper and begin to accept applications to mine Shakti Coin. These are the first steps in a movement that the Shakti Foundation believes will revolutionize the global economy.