Does Asgardia have its own National currency? The Solar will be the foundation of Asgardia’s new economic system. It’s a stablecoin, which means 1 Solar equals 1 Euro. The issue of Solar is supported by 100% collateral: real funds in Asgardia’s accounts, deposited in an international bank. Solars can be ...
Does Asgardia have its own National currency?
The Solar will be the foundation of Asgardia’s new economic system. It’s a stablecoin, which means 1 Solar equals 1 Euro. The issue of Solar is supported by 100% collateral: real funds in Asgardia’s accounts, deposited in an international bank.
Solars can be exchanged for euros and vice versa, and will be used in all transactions within the Asgardian economic system
What advantages does Solar have?
The Solar is developed on the basis of a platform supported by one of the most reliable existing blockchains. This platform currently has 1,000 nodes, i.e. 1,000 servers operating worldwide, ensuring the security of our banking system and decentralized data storage and transfer.
Will Asgardia develop its own blockchain?
Asgardia's team has looked into all current solutions in the field of blockchain technology and selected the most secure and flexible one to launch the national currency.
Asgardia is not going to limit itself to one blockchain or one single platform: the most appropriate technology will be created or chosen for each objective of the Nation.
How can blockchain be used in Asgardia?
Here are three examples of how blockchain will be used in the Space Nation:
A decentralized system for checking and storing patents or any other intellectual property will provide an ideal and optimal combination of security, anonymity, and transparency for scientists and inventors
Smart contracts (or smart agreements) performed in a blockchain environment allow for exchanging assets without intermediaries and eliminate the risk of human error or bias in any transactions
The election system of all levels in Asgardia will also be based on a system of computer algorithms, which will ensure objectivity and transparency
5.What is the Solar?
What is the Solar?
The Solar is the digital decentralised national currency of Asgardia. The Solar is built on top of QTUM blockchain solutions, building a fundament for the Asgardian economy.
https://asgardia.space/en/pages/solar
What is a blockchain?
A blockchain is a specific type of database that differs from a typical database in the way it stores information. Blockchains store data in blocks that are chained together in chronological order.
Decentralised blockchains are immutable, which means that the data entered is irreversible. For decentralised public blockchains, this means that all the transactions are permanently recorded and viewable to anyone.
What exactly is QTUM?
QTUM is one of the most reliable blockchains in the world. It combines the robustness of UTXO model from Bitcoin complemented with an additional abstract layer, which allows the use of smart contracts. Having over 1000 nodes, with one being actually in space, QTUM is one of the most decentralised blockchains in general terms, and the most decentralised PoS blockchain. PoS, or proof-of-stake consensus system, allows the blockchains to be more energy-efficient compared to PoW, or proof-of-work system, the consensus mechanism type used by Bitcoin and Ethereum.
The more full nodes are keeping up the network, the safer the blockchain is. If there are few full nodes in the network, it's easy to manipulate the consensus of the network and, consequently, the transaction results. Most of the novel blockchains suffer from being highly centralised, with little amount of nodes, which is exactly what blockchain shouldn't be.
How are the smart contracts operating?
A smart contract is an electronic protocol or algorithm based on some special conditions. If the preset conditions are true, the contract is being fulfilled, and the parties exchange their assets. Being stored in a distributed ledger, the smart contracts can not be changed.
In other terms, the smart contracts allow the users to programme any sorts of agreements between each other, being written directly in the code. As a result, you don't need to have a third party (such as the central authority, a legal system, or an external enforcement mechanism) to verify it.
The smart contracts are fast, independent and secure.
What is a decentralised currency?
The key feature of decentralised currencies is that it’s only you who has control over your funds on a blockchain. Same goes for the Solar. Your Solars belong to your address. All actions with any address can only be made if you have the private key especially associated with this address. Asgardia does not have or store those private keys, which means it cannot move and use your funds. The private keys are encrypted within your Asgardian account. It takes out the complexity of using blockchains, since you can make transactions just by signing with your account password. This makes the Solar the first digital national currency where the only one who has access to your money is yourself.
How is the Solar different from other digital or national currencies?
The Solar is the initial step towards Asgardia’s new economic system. It is not only a currency, but also a protocol which allows to launch services on top of the Solar.
Besides laying the foundation, the Solar implies a few ground-breaking features for a national currency, such as transparency, sustainable emission, full control of one’s own funds and decentralisation.
Note that the digital Yuan/Euro/etc. have little to do with the decentralised networks, and thus can’t offer the inherent advantages thereof.
What is the Solar's price?
The stable-coin Solar equals 1 Euro.
How can I buy the Solars?
At the moment, the only way to receive the Solars is to swap them on the previous blockchain. You can do that simply by creating a new wallet in your Profile. You can also receive the Solars from other Asgardians by way of sharing your address with them. In the not-so-distant future, the Solar will be available for purchase via multiple services.
How can I convert the Solars to regular money?
In the future, the Solars will be exchangeable for Euros and other fiat currencies and vice versa.
What is the Solar address?
Your Solar address is the address on the blockchain that has the balance of your Solars. The address is tied to your Asgardian account. The address is used by other Asgardians to send you the Solars, so it is similar to your credit card number. You can make different actions with your address, such as transferring the Solars and participating in the votings. Your account password is required to sign those actions or transactions.
What is a transaction?
A transaction is an action within the blockchain. The most typical is sending the Solars from one address to another. Transactions are signed with a private key, but in the case of Asgardia you sign the transactions with your account password due to the Asgardian encrypting system. After signing the transaction, it goes to the blockchain, and you receive a transaction link that can go to the QTUM blockchain explorer to monitor the transaction status.
What is a mnemonic phrase?
A mnemonic phrase is a sequence of 12 words generated by QTUM blockchain, which grants access to your wallet on the blockchain. It can be used for restoring your wallet and address at any moment, and thus is of utmost importance, like a secret answer or a credit card PIN. Write it down and keep at all times.
What happens if I lose access to my account and the mnemonic phrase?
Since it’s only you who controls your funds, it is your responsibility to tread carefully with your Solar wallet. If you lose access both to your account and the mnemonic phrase, message the Asgardian support, and we will try to help you.
How can I send the Solars to other users?
Press ‘Send’ and enter the Solar address of the user – or just his/her name.
How can I be sure that I fully control my Solar?
Asgardia does not have access to your wallet and address. All your data is encrypted and hidden from anyone. If you want to validate the actual access for your funds on the blockchain, download the official QTUM wallet or use the web wallet, and import your mnemonic phrase there.
What will the future Solar releases be about?
Asgardia plans to develop its own financial ecosystem of services and goods. Besides launching various services for Asgardians and the residents, we develop some decentralised tools for governance. The nearest release concerns the decentralised voting.
mORE : https://asgardia.space/en/pages/faq