First technical Details on the Iranian crypto-currency released

Home uncategorized First technical Details on the Iranian crypto-currency released

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Matthias Nemack –
12 Wednesday 2018

Iran wants to put in the fight against the sanctions of the USA and other States on a specially developed crypto-currency that is already somewhat longer well-known. Now there is the first technical Details of exactly how the government envisages the implementation of the plans and what platform to be used.

Iran is not the first state with its own Altcoin-commitment

A national currency can boast of only a few countries in the world. Preparations, however, there are some. The first Nation with its own currency was at the beginning of 2018 Venezuela, so far, the success of the hoped-for inflation containment is unfortunately. Iran in turn wants to introduce a currency, among other things, the U.S. sanctions in order to deal, as we reported here recently. Now some information about the technology and to the currency as a whole. This is important, for example, for Iranian investors who want to not only buy well-known Coins like Ethereum or Ripple, but also the country’s own currency to support.

Well-known company ISC assumes the realization of the currency

For the development of the currency, the well-known company Informatics Services Corporation (ISC) signed according to current news reports, is responsible. This is not Unknown. Many of the major systems of the Iranian world of banking were lifted by the experts from the baptism. As the basis of the new currency, the national currency, the Rial. Furthermore, in many places, common Hyper Ledger-Fabric-platform use. The Hosting of this Open-Source Blockchain variant assumes the Linux Foundation. The platform with the use of Smart Contracs can be used for various transaction purposes. So it is Ideal for the sanctioned country that wants to entertain in the United States over trade relations.

Gradual implementation of the Blockchain concept

For the implementation process, several phases should be planned. In the first step of ISC’s according to the company, with a Rollout planned to include, in addition to a Token Instrument is a Tool for payments in the Internet banking business. Step 2 is to then allow the use of Coins as a retail payment medium for all Users. Iran says it is so. It remains to be seen whether the Coin will be marked by success.