Algorand, the scalable secure decentralized open-source permissionless pure proof of stake blockchain for borderless economy partners with Monerium, the first ECB (European Central Bank) authorized provider of licensed e-money for blockchains to issue e-money on the algorand blockchain in order to support fiat-currency transactions on Algorand.
Millions of dollars, euros, pounds etc are being transacted every day all over the world and due to the delay seen in the traditional financial system, better methods are being sought out which is where blockchain comes in.
What Is Monerium
Monerium, founded in 2015 is the world’s first ECB (European Central Bank) authorized provider of licensed e-money for blockchains just like your bank but in a smarter and digital way. It currently supports e-money across EU, Iceland, Norway, and Liechtenstein in us dollars, Euros, British Pounds and Icelandic Krona.
It was founded to solve the problems with the traditional financial system using blockchain while serving as a bridge to fiat in its effort to accelerate blockchain adoption.
- Frictionless finance: with monerium, sending money across the border will be seamless as there is no need for an intermediary.
- Security and self-sovereignty: blockchains are highly secured and decentralized as you are in control of your fund. This is another great reason why monerium e-money is needed as you are in control of your fund with no centralized authority.
- Smart money: E-money is programmable fiat money on blockchains which can be redeemed anytime, anywhere just like a central bank money
- Speed: one of the innovative parts of blockchain is the speed with which transactions are done. It is a known fact that traditional transactions are slow especially when it is a cross border transaction while blockchain transactions are very fast regardless of where and when the transaction is been carried out.
- Familiarity: one of the advantages of monerium is that it serves as a bridge between blockchain and fiat that is, you get to spend fiat-based digital currency which is just Like the money you spend in your bank.
E-money On Algorand Blockchain
Monerium e-money was first issued on Ethereum, but due to Ethereum issue of scalability and speed, Monerium partnered with algorand to issue E-money on algorand blockchain.
The following reasons are why algorand blockchain is suitable for monerium E-money
- Scalability: algorand blockchain is highly scalable with over 1000 transactions per second making it suitable for monerium E-money to be used worldwide seamlessly
- Speed: algorand blockchain is very fast with maximum of 6 seconds transaction finality unlike ethereum blockchain which varies from seconds to hours.
- Security: blockchains are highly secured and algorand blockchain is not left out, in fact algoramd blockchain is highly secured as users are secretly and randomly selected in proportion to their stake to propose and vote on block proposals, so there is no special group of users for attackers to target therefore making it impossible for an attack to happen
- Low transaction fee: transactions on algorand blockchain are very low compared to the Ethereum blockchain. Transaction fee is fixed at 0.001 ALGO which is very cheap.
- Institutional investors: Algorand recently joined WSBA (Wall Street Blockchain Alliance) and also works with a lot of institutional investors. This means with algorand, monerium E-money will be exposed to the already available institutional investors and coming ones therefore maximizing the usage of E-money
According to Sveinn Valfells, co-founder and CEO of Monerium
“We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scalable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community. Supporting new blockchains with mainstream relevance is a priority for Monerium.”
Following the same line the coo of algorand inc, w sean ford said
“Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology, We are thrilled that Monerium will be bringing their solution for e-money to Algorand and we look forward to our community’s ability to leverage the technology for straightforward regulatory compliance.”
Looking to forward to using monerium E-money on algorand
- About Algorand
The Algorand blockchain is a secure decentralized permissionless pure proof of stake open-source blockchain with the main purpose of developing concepts and reasonable ideas into usable products. It is backed by the algorand foundation; a group of people having past work experience in different parastatals with the vision of achieving a borderless economy through a permissionless blockchain.
Kindly check out the following links to learn more about the Algorand ecosystem: