The foundation for a world-scale cryptocurrency project can be found in Riga. The founders of the "Forty Seven" project, which aims at reconciling cryptocurrencies and the traditional financial market, will speak at the RIGA COMM conference on November 10th.
The activities of a cryptocurrency are blockchain technology that can be compared to the structure of DNA. A blockchain cannot be destroyed, that means that the information in it can be stored forever. A blockchain is decentralized and all the participants of the network keep it running. Data in it cannot be destroyed or modified. For example, a structure that is created on this basis cannot be corrupted because cryptocurrency ensures complete transaction transparency, but the data that is in the blockchain cannot be faked.
People and countries are starting the understand the benefits of digital money not just in the sense of getting richer (the price of cryptocurrency is constantly changing), but also in its use. Currently, the worlds of traditional and untraditional money are divided and they work parallel to each other, but digital currency is used less. The “Forty Seven” team will try to solve this global problem by creating a modern universal bank.
Based on urgency, convenience and safety principles the specialists at “Forty Seven” use the most modern technologies and products: blockchain, biometrics, smart contracts, machine learning and a lot more. This unique project will allow the holders of cryptocurrency - individuals, businesses, developers, traders and other financial institutions and even countries - to use their money and use traditional services that are provided by a bank.
It’s planned that “Forty Seven” will receive a bank license in 2019 and will become the biggest structure that’s acting in accordance with the regulations and requirements of the "Payment Services Directive 2" (PSD2) directive. PSD2 gives an opportunity to small companies and even individuals to create their own bank applications and companies on the basis of the infrastructure of other banks. It will noticeably increase competition, the development of innovations and quality standards in the sector. Steve Jobs and “Apple” did something similar when creating the “App Store” where developers could make their own apps and make money using the client base of “ Apple”.