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Past Bitcoin? Little recognized challenge jumps 116% on €2.75M EU ‘new cash’ grant

02/12/2021

A forex that features worth by abundance, not shortage? That is the article of a $3.3 million EU analysis challenge which doubled the worth of an related token in a single day.

A little bit-known blockchain challenge greater than doubled in worth in a single day following the announcement of its involvement in a European Union digital financial system analysis program.

The spot value for the Ethereum-based Streamr (DATA) token elevated 116% main into Feb. 12, after it was revealed the challenge could be used as a part of an EU pilot aimed toward creating a brand new sort of cash.

Introduced on Feb.11, the ATARCA Consortium was awarded €2.75 million ($3.33 million) by the European Fee as a part of an initiative to handle the “financial inefficiencies” incurred by artificially limiting the availability of digital items.

In a radical left-turn away from one of many financial ideas stated to present Bitcoin (BTC) a few of its worth, this system will attempt to assemble a medium of alternate that features worth by being shared, fairly than being scarce.

ATARCA claims to supply a substitute for mainstream economics with its idea of “anti-rival items” which grow to be extra useful the extra they’re used. ATARCA, led by Professor Pekka Nikander from the Finnish Aalto College’s Division of Communications and Networking, said:

“The present financial system isn’t match for the twenty first century, during which people more and more commerce ample items with a finite medium of alternate. The time period ‘anti-rival items’ denotes a brand new theoretical class of products which are characterised by abundance and that, not like rival or non-rival items, grow to be extra useful the extra they’re getting used.”

ATARCA proposes the creation of “anti-rival tokens,” which will probably be examined within the upcoming two-part pilot along with Streamr, a peer-to-peer blockchain dwell knowledge streaming community. Streamr will reportedly be used to test-drive the idea of sharing as a way of fee, utilizing its real-time data-sharing community as a sandbox:

“In contrast to cryptocurrencies, corresponding to Bitcoin, the worth of anti-rival tokens won’t be based mostly on shortage however on the underlying human relations. Their worth displays the best way relationships are constructed over time by repeated interactions, by default benefitting all sides of transactions.”

The primary a part of the pilot program will initially happen in Barcelona, utilizing town’s personal digital social forex, the Actual Financial system Foreign money. Streamr, an open-source challenge based in 2017, noticed the worth of its native DATA token climb to a three-year excessive upon announcement of the information, climbing from $0.08 to $0.18 in lower than 24 hours, based on knowledge from CoinMarketCap.