Beyond Bitcoin? Little known project jumps 116% on €2.75M EU ‘new money’ grant

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Just a little-known blockchain undertaking greater than doubled in worth in a single day following the announcement of its involvement in a European Union digital economic system analysis program.

The spot worth for the Ethereum-based Streamr (DATA) token elevated 116% main into Feb. 12, after it was revealed the undertaking could be used as a part of an EU pilot geared toward creating a brand new type of cash.

Announced on Feb.11, the ATARCA Consortium was awarded €2.75 million ($3.33 million) by the European Fee as a part of an initiative to deal with the “financial inefficiencies” incurred by artificially limiting the availability of digital items.

In a radical left-turn away from one of many financial ideas mentioned to present Bitcoin (BTC) a few of its worth, this system will attempt to assemble a medium of trade that positive aspects worth by way of being shared, somewhat than being scarce.

ATARCA claims to supply a substitute for mainstream economics with its idea of “anti-rival items” which turn out to be extra worthwhile the extra they’re used. ATARCA, led by Professor Pekka Nikander from the Finnish Aalto College’s Division of Communications and Networking, acknowledged:

“The present financial system is just not match for the twenty first century, during which people more and more commerce ample items with a finite medium of trade. The time period ‘anti-rival items’ denotes a brand new theoretical class of products which can be characterised by abundance and that, in contrast to rival or non-rival items, turn out to be extra worthwhile the extra they’re getting used.”

ATARCA proposes the creation of “anti-rival tokens,” which shall be examined within the upcoming two-part pilot together with Streamr, a peer-to-peer blockchain dwell knowledge streaming community. Streamr will reportedly be used to test-drive the idea of sharing as a way of fee, utilizing its real-time data-sharing community as a sandbox:

“In contrast to cryptocurrencies, corresponding to Bitcoin, the worth of anti-rival tokens is not going to be primarily based on shortage however on the underlying human relations. Their worth displays the way in which relationships are constructed over time by way of repeated interactions, by default benefitting all sides of transactions.”

The primary a part of the pilot program will initially happen in Barcelona, utilizing town’s personal digital social currency, the Actual Economic system Forex. Streamr, an open-source undertaking based in 2017, noticed the worth of its native DATA token climb to a three-year excessive upon announcement of the information, climbing from $0.08 to $0.18 in lower than 24 hours, in accordance with data from CoinMarketCap.