New digital currency launched in the US

Friday 11 July 2014 09:01 CET | News

US-based startup company Realcoin has revealed plans to launch a USD-backed digital currency dubbed Realcoins.

The bearer of these Realcoins will have the right to redeem them for US currency.

Realcoin will use a Bitcoin 2.0 software protocol known as Mastercoin, which takes digitized information about particular assets or contracts and embeds it into Bitcoin transactions. In this case, that data will define the rights attached to Realcoins.

To ensure Realcoins retain their value at USD 1, the company will maintain a record of its USD-based reserves, all held in conservative investments, and will subject that record to the blockchain’s authenticating system, Realcoins will be introduced or removed from circulation depending on whether USDs are being added or redeemed.

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Keywords: Realcoin, US, digital currency, online payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce