MonetaryCoin — First Token Depending On EU GDP
More and more Europeans trust in cryptocurrencies, despite their high volatility. The Dutch multinational banking corporation ING Group reported that 15% of respondents agreed to receive salaries in cryptocurrencies.
This is especially interesting because the MonetaryCoin project will be launched soon. Its token is the first cryptocurrency, whose supply depends on GDP — Gross Domestic Product. During the ICO, which begun on July 10, customers will be able to buy tokens for the European market — MERO.
The ICO will last 180 days. During this time, 10% of the initial amount of tokens will be sold. After that the remaining 90% of the tokens will be distributed among participants by the Proof-of-Stake algorithm.
After distribution is over, the supply will depend on changes in the GDP rate. Thus, the founders of MonetaryCoin plan to create an algorithmic controlled economic system in which the government does not influence the money supply.
The idea of the project emanated from the work of the Nobel laureate Milton Friedman, who formulated a theory called monetarism. He said that computers would replace the financial regulators.
As previously reported, another Nobel laureate, Robert Shiller, expressed his opinion on the significance of cryptocurrencies.