In most cases, imitation is the ultimate form of flattery. For Bitcoin, that is not always the case, even though many projects aim to imitate the cryptocurrency’s success to date. Various central banks are working on creating their own cryptocurrencies, none of which are decentralized or subject to a free market. Below is a list of such coins which may see the light of day sooner than people think.
As the name would suggest, Citicoin aims to become a bitcoin rival developed by none other than Citibank. Citigroup claims they have built this digital currency based on blockchain technology, although most of the specifics remain unclear to this very day. Judging by the name, it appears Citicoin will only be usable for internal transaction between customers of this particular bank. That has not been confirmed by Citigroup, albeit not much has been heard from this project since July of 2015.
4. Utility Settlement Coin
When this collaborative project between UBS, Deutsche Bank, Santander, and Bank of New York Mellon was announced in 2016, the world was taken a bit by storm. Four of the world’s largest banks openly admitted they envy bitcoin and its technology. All four institutions have been researching the technology and decided to create their own cryptocurrency, going by the name of Utility Settlement Coin.
Considering how all of these banks are a member of the R3 blockchain consortium, the move to develop their own cryptocurrency seems a bit strange. Then again it is believed the Utility Settlement Coin project will launch in 2018, albeit no specific date has been announced so far. It remains to be seen if such a project can survive and what type of blockchain it will use, though.
Not to be confused with the previous entry, SETLcoin is a project developed by the Goldman Sachs Group. A patent for SETLcoin was filed back in 2014, which labels it as a “cryptographic currency for securities settlement”. This type of cryptocurrency will not be a competitor to bitcoin by any means, as it focuses on one specific niche. Goldman Sachs wants to facilitate the exchange of assets over a peer-to-peer network, yet its capabilities are seemingly limited at this point.
The Bank of England, together with various computer scientists, feel they have cracked the code to dethrone bitcoin as the top cryptocurrency. Under the RsCoin banner, the cryptocurrency will be used for P2P transactions all over the world. It would allow the BoE to keep a tight grip on the money supply and would no longer allow for the creation of money out of thin air. Then again, with no fixed coin supply, value can still be created out of nothing. An intriguing type of cryptocurrency to keep an eye on.
One of the more “worrisome” cryptocurrency projects in development goes by the name of RMBCoin. This cryptocurrency, developed by the People’s Bank of China aims to become the new national digital currency in time. However, users will not have full control over their digital wallet, similar to how bank accounts are not controlled by the customer either. Not much else is known about RMBCoin, as there is no white paper, release date, or comprehensive list of specifications available today.
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