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The Audacious Blog

It's simple. Shakti Coin

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The next big thing in blockchain

 

 

If you are interested in digital money, I’m going to guess that we share two things in common. First, we’re both grateful to Satoshi Nakamoto for providing humanity with the technological blueprint for a viable global currency. Second, I bet you share my belief that we’re only just beginning to unlock the true potential of Satoshi’s blockchain vision. Both these points beg the question: What’s next?


Last year Harvard Business Review published an article asserting that “...blockchain is not a “disruptive” technology, which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly. Blockchain is a foundational technology: It has the potential to create new foundations for our economic and social systems.” We agree. The authors likened the evolution of blockchain technology to the development of the internet. Where email was the killer app that introduced internet technology to the masses, Bitcoin today is the application that has introduced most of us to blockchain technology. 

Our project

Perhaps we have a third thing in common. My colleagues and I want Bitcoin to succeed, but we acknowledge that just like the first email apps, or web browsers, or search engines, it has limitations that are most apparent in hindsight. Our own ambitions have been tempered by six years of watching cryptocurrency learning to crawl.

For Bitcoin, or any other cryptocurrency, to fulfill Satoshi Nakamoto’s vision there are several issues that will need to be addressed. These include transaction speed, price stability, and energy consumption to name a few. Inspired by his vision, this was our departure point.

Building off of Satoshi Nakamoto’s legacy, we believe that blockchain will create new foundations for our economic and social systems. Our project began on November 16, 2016, with the aim of contributing to that process by using blockchain technology to create the world’s first truly global medium of exchange. We named our project Shakti and we’d like you to be a part of it.

Our team

We began as two guys on either side of the Atlantic sharing an audacious idea. Over the past three years, that idea began attracting the interest of more like-minded people. Some contributed their own ideas, others lent their expertise and a few even chipped in some cash.

By 2018, the two guys had grown into a global community of guys and gals from all walks of life. This group exists independent of any affiliation with industry, government, religion, or political party. It is, in every sense of the word, a diversified grassroots organization. The only thing that members of the Shakti community have in common is the audacity to believe that working together we can make a positive difference for all people — everywhere.

In January of 2019, we reached a big milestone when the Shakti Foundation was incorporated in Zug, Switzerland as a non-profit organization. Its goal is to bring Shakti Coin to the world.

Does the world really need another blockchain-based currency?

Yes. In recent years we have seen an explosion in blockchain applications across all fields from economics and law to medicine and media. This is a virtual Cambrian period of blockchain-based development. Most notable in this regard, have been the digital currencies.

As of this writing, there are nearly 1,900 cryptocurrencies listed on investing.com. That is a lot. But very few cryptocurrencies can actually function as currencies in the real world. Most were not even intended for that purpose. None of the coins that we have seen address the 10 criteria that we believe must be met for an optimal global medium of exchange:

  • Blockchain-based

  • Stable value

  • Avg. transaction speeds >10,0000 TPS

  • Avg. transactions fees < $0.02 USD

  • Avg transaction energy consumption < 1 W

  • Democratized mining

  • Meets US SEC definition of a currency (not a security)

  • Compliant with KYC and AML best practices

  • Highly secure

  • Highly accessible

Not on the list, but nonetheless important to us, is contributing to social good in a meaningful way. After 27 months of planning and programming, I’m pleased to say that we have arrived at the next big thing in blockchain — a currency solution that achieves all of the above.

Our new Shakti Coin is based on an entirely new protocol named Proof-of-Effort. In the days and weeks ahead I’ll be sharing more details about our project. I hope you’ll take the time to get to know more about Shakti Coin. If you believe in what we’re doing, and you have the audacity, then I’d invite you to participate in the Shakti project as a miner, merchant, fan and/or champion. Let’s dare to see what kind of difference we can make together.

Calling all miners

Miners form the foundation of the Shakti Network. In advance of the coin’s release, we are reaching out to miners globally. Our democratized mining concept means that mining Shakti Coins cannot be dominated by any one entity or even one region. For that to work, we need miners from all over.

We’ll soon be offering a limited number of mining opportunities per region. From data center owners to individuals with a laptop, there are mining opportunities for all.

The particulars of this program are still being worked out. But if you would like to be in the loop regarding Shakti Coin mining developments, then sign up to our mailing list and you’ll be the first to know.

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