Marshall Islands will have their own cryptocurrency

Published in

Game of Life

4 min readSep 30, 2019

It’s hard to believe but, it’s been a decade since the launching of the bitcoin cryptocurrency. During that period, this currency has been subject to ups and downs in the Stock Exchange quotation and has alerted the most traditional financial systems. This technology has conquered the heart of many people over the past few years, gathering this way, more enthusiasts than ever.

We only need to take a look at the results of the blockchain platform to confirm how the number of transactions is at the highest level, after reaching 456 millions.

Currently, the digital coin has around 42 millions of users across the world, an unthinkable fact 10 years ago when it began its course.

More than 30 European countries support blockchain

It’s a fact that blockchain has changed the understanding of corporate sectors. Thus, more than 30 countries from the European continent have recognize significance of this technology in the future of transactions and uncountable areas such as management, health care system, among others.

Institutions such as the European Committee for Standardization (CEN) and the European Committee for Electrotechnical Standardization (CENELEC) have stablished a book about blockchain which can set up the standard for an appropriate functioning. This idea appears with the in order to prevent regulations clashing with each other or conflicting and in this way complicating the functioning of Europe.

The cryptonized island nation

Earlier this year the unknown Marshall Islands took center stage due to the high levels of radiation. During the Cold War, the United States conducted a series of nuclear tests which brought high levels of radiation, higher than in affected areas from Chernobyl and Fukushima.

In the past few months theses islands have been talk about by everyone and blockchain is the cause. Isolated in the Pacific Ocean we find the Marshall Islands, with a population of over 70,000 inhabitants, this nation positions as the pioneer in the cryptocurrency area.

With blockchain as basis, the national currency of the Marshall Islands arises, named Sovereign or SOV. In the last conference in Singapore, the Minister of the Environment, David Paul, confirmed “With the blockchain technology in place, we thought this was an opportune time to establish our own legal tender” and in this way reduce the dependency on the nation of the dollar. On the other hand, he claimed that as a small country it’s going to be easier and faster for them to make decisions and respond to the market when the coin begins to be introduced.

When will SOV start working?

We’ll still have to wait a bit more to know the launching date of the coin, while the institutions are working in the regulatory and compliance area.

The idea of this payment method appears when creation of digital coins goes through the roof. Last June, Facebook left us speechless with its plans about the digital coin of the corporation named Libra; it’s a well known secret that the People’s Bank of China is on something concerning this topic; moreover, Mark Carney, governor of the Bank of England, lay the idea of a digital coin as a global reserve on the table using Libra as a reference.

According to Paul “the dollar will not disappear completely, at least not for now. People will still have the chance to use US dollar.”

OneUP will take advantage of the current technology

OneUP not only supports the blockchain technology to reach more quickly the goal to create the biggest citizen aquatic rescue network but to trace the process of the production of OneUP from the state of manufacture to its delivery to the final user.

This information is particularly useful not only because it improves the company’s efficiency, but because it enables users, distributors and future OneUPERS from around the world to know in real time the situation of the company.