The X8 Project attended the blockchain conference in Rome, which took place on 14th-15th March 2018. The conference was held in a relatively closed circle of financial institutions and financial professionals only. The text below summarizes the developments we observed on the event and especially in which phase the blockchain technology is in regard to institutional adoption.
The conference was a good opportunity for the X8currency to be understood on a more sophisticated level and also to point out what benefits it can deliver to the part or the element of the value chain in the financial market, in which big institutions reside.
Participants from ABN Amro, ING, Generali, Societe Generale, Sberbank, Royal Bank of Scotland, Commerzbank, San Paolo Intesa, Rabobank and Erste Group were there among others. Speakers were covering the blockchain area from different perspectives. Most of them had individual presentations, while there was one presentation by ABN Amro, which was the introduction of PoC in co-creation with R3, Commerzbank, ING and KBC.
Their blockchain advances are most prominent on ECP – Euro Commercial Paper, where their ledger enables issuance and remittance of commercial paper with fewer elements in the process, which is also quicker and offers visually trackable changes of the structure and the blockchain elements. This is where the institutions see most the direct application of the technology on existing business, which is already embedded in their organizations.
In addition to this ABN Amro presented their Torch project, Agricultural and Commodity Blockchain project, which cover real estate and commodity market solutions that blockchain can provide. Currently there is no cash project on blockchain, so to speak, from these banks, yet a Cash Trading Account project is being contemplated in the Dutch bank.
FIRST VPC – VALUE PRESERVATION COIN
X8currency was presented as the first and primary value preservation coin, which rests on reserves from 8 FIAT currencies and Gold, which back every unit of the X8currency for purposes of safety and stability.
However, the system goes beyond this. The most unique part of it is the Automatic Reserve Management AI (ARM AI). The ARM AI is essential in offering a monetary alternative, which is systematic and capable of fighting inflation. This opens more value to the entire value chain and to the end user, because for them the cost of money or the cost of use of money can be reduced. Over the long term, the system therefore provides more than just stability. It creates outcome independent financial safety.
ARM AI performs the work without human interference and in precisely and explicitly using only the 100% convertible currencies for backing of the X8currency. In that way every unit of the X8currency can actually be 100% convertible. If this new currency unit is 100% convertible, but also able to fight inflation systematically and without human interference, it benefits even the banks and the central banks. It can even become a reliable and specific measurement of changes in the global monetary environment.
This then makes sense as a monetary alternative, which also includes the legacy system. Only with the blockchain now it is possible to tokenize financial safety, however financial safety itself originates from the legacy system. We are still using this system and the vast majority of wealth comes from decades of development of this traditional system.
But if we imagine that blockchain is the only chain that can cut diamonds and keeps all the edges straight, it means that it can precisely account for every part which makes the entire whole and in essence preserves it. Even if the parts of the diamonds are in pieces, each piece understands exactly which part of the role it plays in creating a full diamond.
That is how blockchain can account for every monetary unit that exists and exactly where it originates from and how much value content is in it. Now, if blockchain can cut diamonds, then what it cuts must be worth using blockchain as the cutting tool. It does not make sense to cut down diamonds infinitely, but blockchain is even able to bring it from dust back up, to make the full diamond again. It is capable of preserving value and it works best in value preservation.
X8currency transcends the legacy FIAT system into the domain of the blockchain with the best of what the FIAT system has to offer together with ARM AI. The result is maximized financial safety and stability, which tokenization will make available to the whole world wherever the internet is available for the first time. It will also answer to the needs of sophisticated experts and institutional users as it increases value added for the entire value chain. X8currency is the ultimate crypto safe haven.