What is this for?
Transparency and openness
Blockchain technology provides transparency of transactions and operations, which can increase participants’ trust in the system.
Decentralization and sustainability
Blockchain allows for the creation of a system that is independent of one central authority or regulator, which ensures its sustainability and reliability.
Cost reduction
A decentralized system can reduce transaction costs associated with international settlements and currency exchange.
Protection from fraud and manipulation
Blockchain technology provides a high level of security and fraud protection, which is important for the international monetary system.
Creating new business opportunities
An international decentralized currency system could open up new opportunities for international business by providing more efficient and secure ways to exchange currencies.
Speed and efficiency
Using blockchain can speed up the process of international payments and transfers, making it more efficient.
Development of innovations and technologies
The creation of such a system stimulates the development of new technologies and innovations in the field of international finance and payments.
Strengthening a multipolar world
Such a system helps to strengthen the multipolar global financial architecture and reduce dependence on dominant currencies.
Improving financial accessibility
A decentralized international monetary system could make financial services more accessible to people and businesses across borders.
The new world currency will help replace the crisis model of the world economy with a model of permanent sustainable growth, which in the near future will neutralize the risks of global financial crises. The distributed decentralized model will provide equal opportunities for the growth of economies in all regions of the world, and will prevent the emergence of world hegemons manipulating financial markets in their own interests.
Why hasn’t such a system been created yet?
Distrust of national currencies for international settlements can be caused by several reasons, including:
- Closed regulator and non-transparent emission mechanisms. The lack of transparency in the actions of the central bank may raise concerns about the stability of the currency and its future rate.
- Dependence on the nation state. Currency can be perceived as an instrument of political influence, which raises doubts about its reliability and sustainability.
- Economic factors. The economic situation in the issuing country can affect the stability of the currency, causing fluctuations in its exchange rate and thereby reducing confidence in it.
- Geopolitical risks. The geopolitical situation can also influence the perception of the national currency by other countries.
- Lack of international recognition. Some national currencies may not be widely accepted in international transactions, which reduces their attractiveness for use as a medium of exchange.
- Currency restrictions: A national government may impose restrictions on the exchange of currency or its use outside the country, which also reduces confidence in the currency.
- Volatility. Fluctuations in the exchange rate of a national currency can cause concern among market participants, especially if they are related to political or economic events.
- Sanctions and trade wars. In the context of sanctions and trade wars, some countries may limit the use of their currency for international settlements, which negatively affects its reputation.
- Inflation: High levels of inflation can lead to devaluation of a currency and a decrease in confidence in it among investors and traders.
In general, distrust of the national currency can be associated with various factors that affect its stability and attractiveness for international settlements.
Why can’t existing cryptocurrencies perform this function?
A legitimate question. The problem, first of all, lies in the plane of trust in these digital assets. But the main reason is the purpose of creating existing cryptocurrencies. They appeared and spread thanks to the idea of anonymity and tax evasion, which entails the use of cryptocurrencies in the shadow segment of the economy.
In this case, the advantages became their disadvantages.
Lack of regulation. Cryptocurrencies do not have a single regulator that would control their use and ensure the protection of user rights. This causes mistrust on the part of government agencies and financial institutions.
Add to this volatility (cryptocurrency prices can fluctuate wildly over short periods of time, making them risky to use as a medium of exchange), technical issues (cryptocurrency networks can experience technical issues such as network congestion or malicious attacks, which can lead to outages and loss of funds), and uncertain legal status (cryptocurrencies are not recognized as legal tender in most countries, limiting their use in foreign economic activity.
What is more promising?
The establishment of any national currency as the main currency for interstate settlements is unlikely. And if it is implemented, it will only lead the world economy to another round of financial crisis. The development of cryptocurrencies, in light of the above, looks like a more promising direction.
How to create a cryptocurrency for use in international settlements
First of all, it is necessary to resolve the issue of trust, laying down the principles of openness and transparency already at the creation stage. The «open kitchen» of the project at all its stages, starting from the moment of publishing the idea to the development of the cryptocurrency program code on the principles of open source code. Next, it is necessary to initiate a discussion of the possibility of using the new cryptocurrency at the level of state governments.
Reduce volatility to an acceptable level by setting the value of the currency equal to the world GDP and fixing the principles of cryptocurrency emission.
Define the technical specifications for developing the software code.
You may feel that the project is raw and unfinished. Everything is fine. You just got into the kitchen of the project.
Economic basis of the project
Terms
Let’s start with the name of the cryptocurrency — Imperial (Imp), which will operate on a network called Imperium. Gross World Income (GWI) is the total gross national income of all countries in the world. The Imperium platform plans to issue 10 billion (10,000,000,000) Imp tokens, which is equivalent to 100% of GWI. For ease of calculation:
- 1 Imp is «chopped» into 1,000 i-rubles (iR);
- 1 iR is divided into 1,000 i-kopecks (iK);
- 1 iK is equal to 100 groschen (ig).
Thus, 1 ig is 0.00000001 Imp.
Network creation costs
According to preliminary calculations, humanity will spend from 3 to 5% of the Gross World Income (GWI), i.e. from 300 to 500 million Imp, on the creation and implementation of the Imperium network. The costs of developing and launching the alpha version of the network will not exceed 0.1% (up to 10 million Imp).
Imperial Course in development stage
1 Imp = 11,000 USDD = 900,000 ₽.
Project implementation deadlines
The entire project is designed for 10 years. The first stage is the development of the Imperial cryptocurrency — 1 year.
The project starts on January 1, 2025.
Issue conditions
Upon registration, each new user receives 500 iR, which are automatically credited to their account. Authorization in the system occurs through facial recognition technology (Face ID). After the number of users with the same citizenship as this user reaches 100,000 people, they are credited with an additional 500 iR. Imp generation continues until the total emission volume reaches 10 billion Imp.