SWITZERLAND - Media OutReach - 7 April
2019 - 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.
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.
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.
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.
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.
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. Details on Shakti Coin can be found at https://www.shakticoin.com.
Swiss Shakti Foundation is a non-profit organization in Crypto Valley -- Zug,
Switzerland dedicated to bringing Shakti Coin to the world. The Shakti project
is an international, grassroots initiative that exists independent of any
affiliation with industry, government, religion, or political party. Before
founding the Foundation, the project was run under the moniker, "Two Guys from
the Milky Way" (a nod to the developers' favorite game development team).
Coin is the world's most practical digital currency. Learn more at https://www.shakticoin.com.
NGOs - let's decimate