The SovereignWallet, a private limited company incorporated in Singapore, has announced the development of “Algorithmic Central Bank” which would serve as a financial ecosystem for the firm’s wallet software. In addition, the company has also introduced “Meta blockchain” for using a number of different protocols. Together, these solutions provide users the ability to issue tokens and subsequently convert it into a number of digital assets.
The mobile wallet app, which features banking standard security, was developed in an effort to streamline transactions, allowing individuals that do not have access to banking solutions to directly register crypto accounts through their mobile devices.
As it stands, a number of tokens are currently available on the podium, including Ethereum, OmiseGo, MUI, Ox, AirSwap, TrueUSD, Status, Augur, KyberNetwork, TenX, and Golem. Aside from storage and remittance, the firm has also additionally introduced a suite of crypto-related monetary items. On November 2, SovereignWallet has unveiled M.DEX, a decentralized and custody-free exchange platform that provides fixed prices, thereby maximizing atomic swap technology’s capability of facilitating inexpensive direct transactions.
SovereignWallet’s ecosystem is powered by its proprietary Ethereum ERC-20 token dubbed MUI, which is backed by an automatic stabilization device called Algorithm Central Bank (ACB). The software allows for better management of token supplies currently offered and helps users purchase tokens as well as obtain individual MUI tokens while minimizing potential errors and illicit activities.
As stated in a recent blog post, ACB serves as a national central bank that aims to stabilize the market, while MUI coin serves as the M.DEX platform’s exchange value along with MUI Meta-Blockchain’s master-coin.
As SovereignWallet CEO Seokgu Yun stated:
“Simply speaking, in case the MUI token trades very low, the smart agreement will withdraw the required amount automatically from the supply for increasing the token value.”