EQS Group-News: Swiss Shakti Foundation / Key word(s): Miscellaneous
Shakti Coin Aims to Decimate Child Poverty as Cryptocurrency Goes Mainstream
Launch of Facebook's Libra Cryptocurrency Driving the Public's Interest -
BERKELEY, Calif. (June 26th, 2019) - The Swiss Shakti Foundation, a grassroots organization behind the Shakti Coin - a stable coin offers a novel approach to cryptocurrency. Shakti Coin is different from any other digital currency because it is tied to human achievement - coins are mined in a way to decimate child poverty on a global scale. Similar to other digital currencies, Shakti Coin is intended to provide a financial means and inclusion for millions of people without a traditional bank account. However, its primary goal is to decimate child poverty by improving schoolchildren attendance significantly.
Facebook and a few dozen partners recently launched plans for Libra, a cryptocurrency with PayPal/Venmo-style attributes that will be available in 2020. This announcement represents a powerful validation of blockchain technology and is a natural step for big players that cannot miss out on a massive revenue opportunity. Other companies, such as IBM and Google, are also investing in blockchain and cryptocurrency-related projects. These recent announcements are not only smart corporate moves but also point to the power of cryptocurrencies and stable coins to alleviate some of the world's most pressing problems.
Shakti Coin is structurally different from other cryptocurrencies because the method of mining the coin is tied to schoolchildren attending school. Any parent with a child attending school can mine the Shakti Coin on the Shakti Network using Proof-of-Effort (POE) protocol every day, which then produces Shakti Coins for the parents and Shakti Foundation. This cooperative process actively encourages school attendance throughout the world, as the mining approval is tied directly to confirming that the child indeed attended the school. Participating schools also earn micro-payments in Shakti Coins to fix their roof, which encourages administrators and teachers to do their very best and brings out the best of public education.
"Facebook's Libra entering the cryptocurrency space is certainly a dramatic announcement," said Gary, a contributing voluntary member of the grassroots movement. "The market is maturing at a rapid pace, and we see a global shift towards acceptance of cryptocurrencies. Shakti Coin is taking a different approach. We understand education is the primary way out of child poverty, so we're binding the mining of our coins with school attendance. It's a way to encourage school participation and provide parents, teachers, and community members with a valuable, globally-accepted stable coin."
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