Public Mint, the latest company from Salesforce co-founder Halsey Minor, has released the first Blockchain for commercial use that makes an attempt to recreate a monetary system.
The Fiat Blockchain
This week Public Mint made one of the most interesting releases of the year. Yes, a public Blockchain that allows anyone to tokenize fiat currencies of any size with or without a bank account.
This Blockchain offers the opportunity for people, companies, applications and banks to interact in new ways without friction around money.
Public Mint: Transforming the monetary system
The launch attacks a problem well known to the world, and especially the reason why we love Blockchain and cryptocurrencies: friction in the movement of money.
“We are on the brink of a new global monetary revolution.”
Halsey Minor, co-founder of Public Mint
It is no secret to anyone that the monetary system as we know it today has a significant associated cost, which is related to multiple frictions that cause delays and lack of accessibility.
What does it consist of?
The aforementioned problem has affected multiple Blockchain projects, delaying the change and the results of each of them.
Therefore, the proposal that Public Mint launches with its Blockchain, is that companies can receive payments by credit cards, bank transfers or ACH payments.
“The evolution of blockchain and the slow but constant acceptance of central banks, banks, companies and regulators will fundamentally change monetary networks in the same way that the transformative power of the Internet has affected other areas.Minor said.
At the moment, the network will only admit the US dollar, however the developers assured that among their plans is to incorporate other currencies.
In fact, Public Mint already claims to have partnered with a network of more than 200 banks. This with the aim of maintaining the funds that support their trust token network in the new Blockchain.
It is important to note that there is no specific information on these partners, although Hyperledger and IBM Digital Asset Labs are mentioned in the announcement as sponsors.
In fact, Nitin Gaur, Director of IBM Digital Asset Lbas, stated that: “Public Mint is addressing that initial promise so that all companies can find their way to the emergence of digital.”