30 sats \ 0 replies \ @orthzar 10 Apr 2023 \ on: IMF unveils Unicoin: A global, legal tender settlement CBDC bitcoin
The IMF clearly didn't do any research before picking the name "Unicoin". There are at least two other currencies that are also called "Unicoin":
- https://unicoin.com/ (active?)
- https://unicoin.s3.amazonaws.com/UniCoin_WP.pdf (dead?)
Supposedly there is a whitepaper for IMF's Unicoin, but I can't find it anywhere. The only thing that mentions a whitepaper is the FAQ, but that's a reference to Bitcoin's whitepaper. Without a technical description, Unicoin could be anything.
Nevertheless, I expect Unicoin to use a central database to resolve transactions, but it will include some way to transact offline (cf. this page shows the bluetooth symbol between two phones). Also on that front-page, there is this gibberish:
It would probably be redundant to predict that Unicoin is pre-mined. Because there is no indication is uses any mining algorithm. The only way Unicoin will get into circulation will be through purchases from the IMF. Which means Unicoin is, at the very least, a way for the IMF to get a fresh injection of fiat.
inb4 the US gets mad at the IMF and the Unicoin project shuts down, leaving thousands of people with nothing more than worthless phone apps.