Millicent conducts the worlds first FRDC test

Millicent has become the first entity in the world to test full reserve digital currencies.

Millicent, a decentralized ledger fintech company co-sponsored by the UK government’s R & D department, successfully tested the world’s first full-reserve digital currency (FRDC) in the retail market on Thursday, July 14. Was announced.

According to a press release shared with Coinjournal, Millicent’s FRDC is designed for consumer safety and trust. As such, these are privately-issued digital currencies fixed to traditional fiat currencies, ring fence accounts protected by third parties directly regulated by central banks, with liquid “cash” deposits of 100. % Guaranteed.

Millicent explained that the test was designed as a tech demonstration for Innovate UK, a branch of UK Research and Innovation. The company added that successful demonstrations are a key milestone in building financial infrastructure that combines the benefits of distributed ledgers and smart contracts with legacy economic infrastructure.

An Innovate UK evaluator commented:

“”[Millicent] Addresses the major shortcomings of both traditional and cryptocurrency payment industries. It is courageous and ambitious to provide a digital wallet and payment application accessible via iOS / Android apps with APIs for integration with existing web / mobile platforms within this project. “

Stablecoin has been scrutinized in the last few months after the collapse of UST Stablecoin. Many owes crashes to dangerous designs and lack of transparency. This is also affecting the mainstream adoption of these digital currencies.

Millicent explained that the general public is still wary of the Central Bank Digital Currency (CBDC) because of concerns about potential overshoots and privacy breaches.

Therefore, FRDC is designed to address these concerns as the UK is working hard to adopt regulated digital payments. Since FRDC is personally published, it provides some mediation between the public sector and end users.

Stella Dyer, CEO of Millicent, commented:

“We are very proud to present this world’s first solution to Innovate UK, especially during this turbulent time of the crypto market. Recent issues with popular crypto platforms It highlights the importance of projects like Millicent, which focus on safety, stability, and real-world interests. ”

Millicent is a company focused on building a future financial base. The company combines the benefits of distributed ledgers and smart contracts with legacy economic infrastructure.