newslogical.com
As countries are racing to launch their digital coin in a bid to stay relevant this digital age, the Bank of Lithuania’s, the country’s bankers’ bank, is also racing to launch its digital coin, built on the NEM blockchain, and it is considering issuing 24,000 blockchain-based digital tokens.
In a release today, the central bank says it has the Lithunia’s digital collector coin (LBCOIN) has entered the final stage and will be launched in July in accordance with the roadmap.
If finally launched in July 2020, the coin will be the world’s first blockchain-based digital collector coin (LBCOIN).
The NEM-based LBCOIN comes with its e-shop and both are now undergoing the final testing. The blockchain coin, according to the Lithuania’s central bank, is based on sophisticated and innovative ideas and has undergone testing from diverse points and angles.
The bank says it confirmed the LBCOIN’s resilience to cyber risks, personal data protection and functionalities.
This phase brought the bank of Lithuania to understanding the things about the coin and gain some insights, says Pavel Lipnevič, who manages the LBCOIN project.
NEM-based LBCOIN Project Completes E-shop User Acceptance Testing
At the moment, the e-shop’s User Acceptance Testing (UAT) has been completed and perfected, third party inclusion like the Know-Your-Customer (KYC) and payment collection functionalities have been perfected.
The e-shop and the private NEM blockchain-based software have also undergone auditing, thorough testing, and personal data protection-centered auditing has been kick-started as well.
This phase requires that the Bank of Lithuania tests the security system and do some penetration tests on the software. Both internal and independent auditors are checking the LBCOIN codes.
The Bank of Lithuania dedicates the LBCOIN to the Act of Independence of 16 February 1918 and its 20 signatories.
The Central banks says it will issue 4,000 physical silver collector coins and 24,000 blockchain-based digital tokens. Once collectors buy the digital coin, they receive 6 digital tokens in return, and these tokens are to be stored in a wallet set aside at the LBCOIN e-shop.
The tokens could be gifted or exchanged for collection with other collectors or forwarded to a public NEM wallet to be converted to a physical silver coin.
The Bank of Lithuania says every token is to feature one of the 20 signatories and divided to 6 groups based on their occupation, and 4,000 tokens allotted to every division.
NEM Creating Stronger Footprint as Bank of Lithuania Adapts to Blockchain-Powered Finance System
The implementation of the digital collector coin brings the Bank of Lithuania to the fore in the innovation and fintech world, and the idea will help the Lithuanian and international firms have more knowledge about blockchain and adapt them to blockchain related financial services.
Meanwhile, the LBCOIN was conceived in 2018, and the technical requirement for the idea were gathered between June 2018 and February 2019.
The implementation process began in September 2019 and will end in June 2020. The bank organized a Hackathon in June 2018 to gather more resources. The public procurement for LBCOIN happened between February 2019 and August 2019.
Meanwhile, NEM blockchain, where the digital tokens are to be built, has a longtime presence in Lithuania. In 2018, the blockchain platform partnered by Lithuanian-Israeli telecom firm FIX Network to heighten security and data protection for the telecom’s cell phone users. The collaboration also involves NEM helping the telecom end SIM swap issues.