Blockchain Consultancy Firm Chief Hired to Help Launch Sovereign (SOV)

Francisco Memoria

The Marshall Islands, a small country in the Pacific Ocean, has recently revealed that it hired Steve Tendon, the head of blockchain consultancy firm ChainStrategies, as its cryptocurrency advisor.

Notably the country has announced last year that it’s looking to launch its own national cryptocurrency called Sovereign (SOV). Tendon is set to help it develop Sovereign, and assist its government with “the drafting, design, and issuance of their new cryptocurrency.”

Tendon is notably the founder and President of the Blockchain Malta Association, and acts as a Chief Technology Officer at Anticipay, a fintech firm. In the past, he was a Strategic Advisor to Malta’s Prime Minister, when the nation was focusing on attracting blockchain and cryptocurrency-related companies.

Its efforts worked, as it attracted some of the most prominent in the industry, including leading cryptocurrency exchanges like Binance and OKEx, which was named “crypto exchange of the year” at its cryptocurrency conference.

Tendon isn’t, however, the only notable adviser Sovereign will have. The cryptocurrency’s Chief Economist is Peter Dittus, according to a post on SOV’s Medium blog, the former Secretary General of the Bank for International Settlements.

Dittus was quoted as saying:

Steve is one of the foremost experts in blockchain technology and regulations. [He] will assist with the drafting and designing of regulations to develop a blockchain financial services economy out of the Marshall Islands.

Per the blog post, the Marshall Islands are looking to evolve “in a similar way to the Cayman Islands,” a territory that it claims incorporates “5% of the world’s hedge funds despite having a similar population to the Marshall Islands.”

Notably, as CryptoGlobe covered, the International Monetary Fund (IMF) has warned the nation not to launch the cryptocurrency as second form of legal tender (along with the USD). Per the IMF, the issuance of a decentralized cryptocurrency as a second legal tender would “increase macroeconomic and financial integrity risks, and elevate the risk of losing the last U.S. dollar correspondent banking relationship.”

Dubai-Based Real Estate Giant Aiming to Launch Token on JPMorgan’s Quorum

Siamak Masnavi

Dubai-based real estate developer Emaar Properties says that it plans to launch this year a blockchain-based referral and loyalty platform called EMR that is being built on Quorum, JPMorgan Chase's enterprise-focused fork of Ethereum.

Emmar Properties is one of the world's leading real estate development companies. Its best-known project is Burj Khalifa, which is the world's tallest building. This is a skyscraper in Dubai, United Arab Emirates (UAE) that has a roof height (i.e. total height - the height of the antenna) of 828 m (2,716 ft ).

According to a report published on October 17 by local media outlet ArabianBusiness.com, the EMR platform rewards Emmar's customers with EMR tokens. Emmar says that these tokens "will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users."

Emmar Chairman Mohamed Alabbar had this to say:

We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.

It will be possible for customers to use a mobile app (available for iOS and Android) to "access the referral and loyalty system and earn or redeem EMR tokens."

Hadi Kabalan, director of tokenisation at Emaar, stated:

We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar. Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.

For those of you who have not come across Quorum before, here is how a member of the Quorum team described the project in a reply to a Reddit post in November 2018:

"Quorum is a fork of the go-ethereum (geth) client with a few updates that add enterprise level features such as supporting private txns, node permissioning, fast consensus algorithms, block finality, and some others. It was originally created through a joint effort by JPMorgan and core engineers from the Ethereum Foundation. Beyond that, it has advanced to keep up with geth releases and has a full time team dedicated to it and its sub projects... Quorum does not have a mainnet, and the expectation is that users of it set up their own network, be it private or otherwise (we are aware of several that are public)."

Featured Image Credit: Photo via Pixabay