Shakti Coin and Libra - Social versus Monetary Goals
Mining of Shakti Coins and its intrinsic Values are Completely Different from other Coins -
BERKELEY, Calif. (July 16th, 2019) - The Swiss Shakti Foundation, a public benefit grassroots organization behind the Shakti Coin, presents a novel approach to cryptocurrency that is markedly different from Facebook's planned Libra coin. Shakti Coins are stable coins that are uniquely mined, coin-by-coin, through cooperative efforts. It's tied to children attending schools, which then allows the schoolchildren to earn Shakti Coins which can aid their educational programs.
Libra is structured as a payments-focused cryptocurrency scheduled for launch in 2020. It's a big step for Facebook to create its own currency. Shakti Coin is different because its sole purpose is to fund schools as a way to improve access to education around the globe. Mining Shakti Coin doesn't require any specialized computing equipment or usage of massive amounts of electricity since it's tied to human activity. Parents with a child attending schools can also mine the coin through Shakti Network's Proof-of-Effort (POE) protocol.
Shakti Coin is a stable coin with a set $5 USD value per coin. This amount will never change, which effectively removes all of the volatility in the currency as well as the risk of loss for its holders. The ''unbanked'' need a hand-up, not a hand-grab nor can they afford to trust anyone to take care of their few cents they may have. The world's poor requires a bottom-up approach that could re-kindle their belief system and their inner self-confidence for generations to come. That can only be achieved through education.
"The Libra announcement and all of the attention on cryptocurrency and the blockchain have certainly raised the industry's profile," said Gary, a contributing voluntary member of the grassroots movement. "However, it is important to note that big companies such as Facebook entering into crypto for financial gains, not-to-mention their ability to seep into even more ingrained into the daily lives of humanity. They see economic benefits on the backs of the poorest of the poor -- any social good is a gravy train for marketing spin. Whereas Shakti is different because we've tied the mining of the coin directly to the school participation.
Education is the only way for communities to advance out of poverty, so we're taking direct action where help is needed by supporting schools and creating opportunities for the 1.7 Billion unbanked around the world."
Subtitle: SHAKTI: Single Global Currency
Document title: Shakti Coin and Libra - Social versus Monetary Goals
Issuer: Swiss Shakti Foundation
Key word(s): Finance
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