Blockchain technology continues to revolutionize the financial industry, prompting companies to tackle the challenges of digital identity, secure transactions, and currency. One such company leading the way is Sovereign Wallet, a blockchain technology firm focused on decentralizing identity and tokens, implementing peer-to-peer transactions, and integrating a unified ledger system. Their mainnet MetaMUI, a finance-specific hybrid blockchain platform launched in 2021, aims to fully digitize social infrastructures, including currency, identity management, and certified messaging protocols.
In a recent interview, Phantom Seokgu Yun, CEO and founder of Sovereign Wallet, discussed the company’s approach to digital currency, privacy-centric identity mechanisms, and tokenized securities. When it comes to digital currency and identity, MetaMUI prioritizes identity-based transactions to ensure legal compliance. Transactions are recorded based on the user’s digital identifier, known as DID. To address privacy concerns, the platform utilizes a decentralized identity mechanism called Self-Sovereign Identity (SSID).
One of the advantages of implementing tokenized securities on MetaMUI is the ability to facilitate identity-based asset transfers, ensuring security, legal compliance, and peer-to-peer functionality. This feature allows for the development of a highly scalable, massive crowdfunding platform.
Security and privacy are key concerns in the transition to digital infrastructure. Sovereign Wallet addresses these concerns by offering an advanced wallet that seamlessly integrates with the blockchain network. The MetaMUI wallet generates a key on the user’s device to sign transactions for asset transfers. In case of device loss, a key recovery mechanism is provided. User privacy is guaranteed as identity verification is decentralized, and no private information is stored on the blockchain.
Sovereign Wallet’s decentralized identity infrastructure, MetaMUI, also plays a significant role in facilitating a crowdfunding platform. Unlike traditional models, which rely on centralized exchange service providers for asset trading, MetaMUI’s decentralized identity infrastructure verifies sellers without the need for a centralized authority. This peer-to-peer trading platform reduces the risk of massive asset hacking incidents.
The company’s Security Token Offering (STO) platform, to be launched by its subsidiary United Net Zero Nation (UNZN) in Switzerland, aims to create an economic system that doesn’t rely on debt. This platform will enable large-scale crowdfunding for climate projects, allowing climate-aware individuals to micro-invest in these projects and reduce the need for bank loans.
Sovereign Wallet’s collaboration with Indigenous nations in Australia for a cross-border payment network aligns with its goal of replacing slow and costly cross-border payments with internet-based digital currency. By partnering with the Yidindji, a leading Indigenous nation in Australia, Sovereign Wallet aims to develop the Allodial Unity Digital Dollar (AUDD) for cross-border payments among Indigenous nations. AUDD and the participating nations’ currencies, such as the Sovereign Yidindji Dollar, are MetaMUI central bank digital currency (CBDC)-based tokenized currencies. The AUDD cross-border payment network utilizes MetaMUI’s offline CBDC technology, Chained Cash, to enable instant wallet-to-wallet transfers, even in remote areas.
To celebrate Earth Day, Sovereign Wallet launched the United Net-Zero Nation (UNZN) as a sustainable digital twin of the planet. This project envisions a digital utopia that influences and transforms the physical world into a sustainable environment. Within UNZN, citizens have a digital identity linked to their wallet, allowing them to participate in climate project crowdfunding and make borderless digital currency payments. The UNZN aims to create a sustainable civilization by offsetting carbon footprints and encouraging net-zero status for every citizen.
The widespread adoption of digital certificates and notarization is expected to revolutionize traditional bureaucratic processes. Sovereign Wallet envisions a decentralized public key infrastructure to support this system, providing globally compatible digital IDs and verifiable digital signatures. While integrating existing infrastructures presents challenges, Sovereign Wallet plans to start with nations lacking current infrastructure and build a fully integrated system from scratch.
Sovereign Wallet is leading the way in utilizing blockchain technology to address the challenges of digital identity, currency, and secure transactions. Through their innovative approach to decentralization, privacy-centric mechanisms, and tokenized securities, they are reshaping the financial landscape and paving the way for a more secure and efficient future.