The Sovereign Yidindji Dollar (SYD) is live on MetaMUI mainnet
After more than half a year of intense collaboration between the Sovereign Yidindji Government(SYG) and MetaMUI, the team had successfully issued a fully functioning Central Bank Digital Currency using the revolutionary technology of MetaMUI, the world’s first Identity-based Blockchain.
While hundreds of CBCD projects are cropping up worldwide, most projects are still at the research or Proof of Concept stage. Only a few, such as ‘Sand Dollar’ in the Bahamas, and ‘e-Naira’ in Nigeria, have launched CBCD so far. Yidinji Dollar has four distinctive features which differentiate it from others.
● Yidindji Dollar is the first Central Bank Digital Currency issued by the “CBDC Issuance Platform.”
● Yidindji Dollar was issued only in digital currency without any paper bills.
● A new payment system connected with MetaMUI’s SSID system is used in all retail stores and government offices. Payment can be processed without the dedicated network, with no transaction fee, sales settlement is done immediately, and cross-border payment can be made without using Visa or Mastercard.
● It is a convertible currency whose collateral assets are gold and silver and other minerals and natural resources such as green and blue carbon. Money issuance, backed by a digital certificate, is backed with collateral assets. Convertible currencies ended in 1971 when President Nixon stopped the exchange between the dollar and gold. It is the first convertible currency since Nixon and the first digital currency.
MetaMUI is the first identity-based token blockchain that combines the concept of self-sovereign identity and decentralized blockchain. Self-sovereign identity is a decentralized identity that protects users’ privacy. It avoids the problem of centralized censorship and the abuse of private information. The Sovereign Yidindji Government has built the national identity system utilizing MetaMUI’s technology. Therefore every Yidjindji citizen, Yidindji company, and Yidindji organization can create their own digital identity, own various digital assets, and make payments with Yidindji Dollar.
“Yidindji is the first nation to choose MetaMUI’s CBDC platform. MetaMUI platform allows any country to publish the state-of-the-art CBDC within a few days at a fraction of the cost. MetaMUI platform also provides a single integrated solution for national identity, e-Government, peer-to-peer payment, digital certificates, and cross-border payment.” said Phantom Seokgu Yun, CEO of MetaMUI.
“The benefits of central bank digital currencies are profound, and it is only a matter of time before countries around the world implement them,” said Don Tapscott, Executive Chairman of the Blockchain Research Institute. “But they must be done right to safeguard citizen privacy and to interoperate worldwide. I am delighted to see this technology used to build a more sustainable future for the people of the Sovereign Yidindji Government in Australia.”
Loretta Joseph, an advisor of MetMUI, who connected with the Sovereign Yidindji Government, said, “I am very excited for the oldest civilization to adapt to the 21st century by embracing technology and change for a more inclusive and better world”.
The Sovereign Yidindji Government is an Aboriginal Australian micronation, and its territory is home to some of the world’s most pristine rainforests. Academics and scientists claim the Yidindji people have been around for more than 60 thousand years, so it is one of the oldest living cultures on the planet.
“‘Gayaburra galin nyundu’ With the blessing of Yeshua Hamashiach, the Yidindji nation is becoming a fully digitized nation; thanks to MetaMUI revolutionary technology, we made a leapfrog towards the future. The Yidindji reserve currency will stabilize, add security, and ensure credibility to the global economy and financial system. Yidindji’s participation not only makes sense being logical, but it is also inevitable. The world is now ready for the indigenous peoples to underwrite a new future.” said Gudju-Gudju Gimuybara, Chief Minister of SYG.
The Yidindji people are a rainforest-based society with several clan groups in the area described as far north Queensland on the Australian continent. The Yidindji territory is home to some of the world’s most pristine rainforests and is an essential gateway to the great barrier reef. Academics and scientists claim the Yidindji people have been around for more than 60 thousand years, so it is one of the oldest living cultures on the planet. In 2014, history was made on September 20 as the official government of the Yidindji nation came to life with the launch of its coat of arms. Since then, the SYG, as it is known, has created several departments, and its parliament continues to pass laws for the peace, order, and good governance of the Yidindji territory. SYG has 17 ministers and 22 ministries and plans to be the first government to become entirely digitized in its venture towards e-governance.
MetaMUI is the first identity-based token blockchain. The design approach of MetaMUI is opposite to most cryptocurrencies and other anonymous token blockchains. In contrast, most token technologies follow the anonymous token design of cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc. MetaMUI chose to redesign the blockchain structure based entirely on. The main reason for this is to satisfy the regulatory framework of current financial systems, such as FATF’s travel rule.
[SOVEREIGN WALLET NETWORK ‘SWN’] is the genius behind developing the MetaMUI identity-based blockchain. The Sovereign Wallet Network (SWN) has redesigned and developed the MetaMUI blockchain. We are proud to provide the state-of-the-art 4th generation blockchain with a mainnet launched on January 3, 2021. The Sovereign Wallet is located in six (6) countries globally, with headquarters in Singapore and offices in Korea, Sweden, the United States, India, and Uzbekistan. The MetaMUI blockchain is paving the way toward building the Internet of Sovereign Digital Currencies (IoSDC). The company’s website at MetaMUI-SovereignWallet contains additional information.