The Public Mint launched on Wednesday its “fiat-native” public Blockchain after two years of development, promising to connect every person, business and application globally in a frictionless network even without bank accounts, a Wednesday statement said.
The platform is the latest venture of Halsey Minor, the founder of CNET, a digital media website launched in 1994. Minor also co-founded Live Planet, Uphold Inc, and VideoCoin network, a decentralized video media platform that is working with the Public Mint.
The companies that will use “fiat-native” public Blockchain are able to pay with dollars via credit cards, the automated clearing house (ACH), and wire transfer, the statement said. It added that other currencies will be added soon.
“Tokens are used instead for payment, and they introduce huge friction and volatility and eliminate the vast majority of the world as their potential customers,” the statement read.
Programmable fiat Blockchain
The platform is “a programmable fiat Blockchain that holds funds in insured banks and allows anyone to create their digital money system of any size with or without a bank account,” the statement noted.
The Public Mint said that it partnered with more than 200 banks to help fund and support its fiat token network, but has not mentioned any of them in its press release.
“The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or “minted”, allowing for the creation of applications and business processes around money without actually moving money between banks,” Halsey Minor said.
The Public Mint hopes that the platform will be able to solve the issues that monetary system of banks has been facing, such as “significant cost, time delay, lack of accessibility and no easy ability to program the movement of money.”
“This allows anyone to build sophisticated applications incorporating the movement of funds that can span all the way from the largest corporations to people without bank accounts, exchanging money within the same frictionless system,” the statement noted.
Support from Key players
The launching of the Fiat Token network received support from Brian Behlendorf, the managing director of Hyperledger and Nitin Gaur, director of IBM Digital Asset Labs. Both are considered key players in the field of distributed ledger technology (DLT).
Behlendorf said that they are excited in the Hyperledger to “see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds.”
“By building its solution atop Hyperledger Besu, Public Mint is playing a valuable role in advancing the development and deployment of the newest Hyperledger DLT,” Behlendorf added.
Meanwhile, Gaur said, “the underlying promise of all Digital Assets (including Digital Fiat) is to make various investment instruments, money and payments universally accessible to anyone, anywhere in the world.”
“In close cooperation with Banks and Trust companies and compliant to regional and global regulations, Public Mint is addressing that initial promise so that all enterprises, from traditional well-established companies to new and innovative DeFI startups can pave the way for the rise of Digital Assets, by employing blockchain technology as a foundation and applying the benefits of programmability, real-time settlement and finality to business processes worldwide,” Gaur added.
Blockchain offers promising solutions in the digital advertising industry. With a network relying on DLT and TrustChain, Blockchain eliminates unnecessary brokers and simplifies the direct relations between all parties and offers tools for monetization