After two years in development, the world’s first fiat-based public blockchain ‘Public Mint’ has launched its commercial service.
Fiat & Blockchain
The system combines the regulation and insurance of fiat currencies with the transparency and immutability of the blockchain to provide customers and companies with the ability to transfer capital in a frictionless and more accessible way than before.
Customers who use the Public Mint service can accept payment via credit card, wire transfer, or ACH payment. Initially, all activity will be accepted exclusively in US Dollars, but more fiat currencies are in the pipeline for the future.
No Bank Account Required
All Public Mint funds are stored in a consortium of 200 global banks which has included out-spoken support from experienced entities such as Hyperledger and IMB Digital Assets.
The Mint will act as a kind of stablecoin, so that parties will not need to directly connect with each other. The ability to access the network without a bank account means that any single person can create monetary applications and accept fiat in their store or small business, as well as any large corporation in their international trading.
Co-Founder of Public Mint, Halsey Minor said that: “The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or ‘minted’, allowing for the creation of applications and business processes around money without actually moving money between banks.”
The scalability potential for all stakeholders is the result of underpinning the network with blockchain technology. The network is built upon a modified version of the Hyperledger Besu with an altered consensus algorithm and fiat-based trading fees.
Executive Director at Hyperledger, Brian Behlendorf said: “We are excited to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds. By building its solution atop Hyperledger Besu, Public Mint is playing a valuable role in advancing the development and deployment of the newest Hyperledger DLT.”
With this new launch, Public Mint are connecting all stakeholders from small individuals to large corporations and banks with a monetary system that allows for a fiat-blockchain advancement into the new financial era.