The UK Coin is a proposed new stable coin linked to the GBP. Each coin will be minted and matched to a coin in the base currency, with an equivalent value. As such, 1 UK Coin will be equal to £1. However, there will be multiple denominations of coins, to directly match the existing denominations of the GBP, for example ten pence and five pound coins.
A FIAT backed stable coin digital currency, with unique low carbon block chain technology.
- Works with Existing Payment Infrastructure
- Fast
- Meets Regulatory Requirements
- Ultra-Low-Cost
- Ultra-Secure
- Simple and User Friendly
Digital currencies can be divided into crypto-currencies and stable coins.
Crypto-currencies have the same characteristics as commodities (hence, when created, they are mined). They have no asset backing and thus no intrinsic value, their value being an extrinsic subjective market determination.
The creation of the coins (mining) is expensive in terms of natural resources as is the maintenance of the underlying block-chain infrastructure
The demand of crypto-currencies is mirrored by growing investment in Non-Fungible Tokens (NFTs) indicating public demand for digital assets.
Businesses cannot use crypto-currencies without importing volatility risk
Stable coins are asset-backed so are part of the banking system. Their value is static and transparent. The coins are minted, and their creation and trading is eco-friendly
UK coin is a stable coin which will be subject to banking regulation; it represents a cheap, efficient and secure method of transferring intrinsic value for businesses and consumers
The roll-out of UK coin will enable all major institutions to participate in the digital currency without significant disruption to their business model whilst generating significant cost savings.
Master Node
Manages all the services. There can be multiple Master Nodes to enable different authorized ‘minters’
Minting System
Manages creation /deletion of all NFT Coins
Wallets
Sectioned Wallets, containing a personal, private blockchain, transaction data, NFTs, Files, contracts, locked coins and unlocked coins
Wallet Naming Service
Enables personalized wallets to have ‘names’ not ‘serial numbers’
Global Network Audit System
GNAS provides real-time checks on every transaction, detailed reporting, updates the Public Reference Chain
Public Reference Blockchain
Provides check & balance. Can be open to the public or trusted owners as appropriate
Trust Account Service
Manages payments between The UK Coin and the Trust Account
IRL Integration Service
Manages payments between The UK Coin System and existing payment services