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MonetaryCoin, a project based on blockchain technology, has given renewed life to monetarism; an economic school of thought that already plays a vital role of the money printing decision making process at central banks globally.
The MonetaryCoin concept derives from Milton Friedman’s Nobel Prize (1976) Winning academic work on monetarism. This economic theory states that inflation comes from the central bank only, and that the supply of money should be expanded and contracted in line with the rate of economic growth and contraction.
MonetaryCoin:Algorithmiccontrol over the money supply
The core idea of MonetaryCoin is that the growth of economic activity should drive the supply of coins available to mine. Monetarist theory is not a comprehensive guide for all of monetary policy but a vital component of a broader understanding.
MonetaryCoin, and the MonetaryProtocol more broadly, implements three key features:
- Econometric Oracle: Algorithmic control over the crypto money supply.
- Proof-of-Stake forging as a method of token mining
- Elective AML-KYC policy for identity verification on an elective basis
Blockchain, through MonetaryCoin, allows for the creation of stonger money, less prone to inflationary experimentation. MonetaryCoin systematically calibrates the minable supply and limites the central banks’ role in determining the supply of money.
Distribution of MonetaryCoin can be found at https://monetarycoin.io
Most cryptocurrencies operate on the principles of decentralization and limited state control. Consequently, governments have to decide whether to forbid all crypto operations or to become active participants and to benefit from it. MonetaryCoin is designed to balance the interests of regulators and central banks with those of the crypto community.
Optional AML-KYC compliance on-chain
For regulators, the optional AML-KYC feature is big news because it offers a potent tool in the prevention on money laundering. As a rule, banks follow a standard practice when it comes to the account opening and customer verification process. MonetaryCoin’s AML-KYC feature is consistent with bank practice. Stakeholder submitted data will be encrypted and available only to the user and the recipient (for instance, a bank).
For the crypto-community, this step is not obligatory. If the user does not use this option, they remain anonymous, just like the participants of the Ethereum network.
More than twenty-five years ago, Milton Friedman foresaw the possibility of replacing central banks with computers that would control the money supply. And now, with some thoughtful modifications, that is closer to reality.
The MonetaryCoin is arguably the solution that both the cryptocurrency ecosystem and the financial community have been waiting for since Bitcoin futures began trading. The insight of Milton Friedman, the innovation of Satoshi Nakamoto (Bitcoin creator), and genius of Vitalik Buterin (Ethereum creator) are the three traits upon which the MonetaryCoin series was built.