How Xank will Fund UN SDG Related Initiatives
Articles Blog

How Xank will Fund UN SDG Related Initiatives

October 28, 2019

Hello everyone, my name is Kim Ryu Hyun, and I am the founder of Xank. I would like to talk about today, how a public blockchain can be used to fund with UN SDG projects. Before I do that, perhaps I need to explain about the Xank project so you know how we can do this actually. We think in order to fund SDG projects in a public blockchain, first of all we need to create a coin that we can use in our everyday lives, rather than what we have today in the cryptocurrency world. It’s only for speculation. Now, how do you create a coin that can be used in everyday life? We think first of all what you need is a cryptocurrency that is price stable. That means we need to have a transfer of funds that is stable from person A to person B. Otherwise, no one will use this, right? Let’s say if I want to pay for a coffee for 5,000 won, then that 5,000 won that is promised to sent to the merchant has to stay as 5,000 won. Otherwise people won’t engage in using this cryptocurrency. So that’s number one. Price stability in fiat terms. Number two. If it takes like ten or more minutes to complete a transaction, like the current Bitcoin, for example, then I don’t think we can use this cryptocurrency in everyday life like paying for coffee or doughnuts. So it has to be like a few seconds. So that will be number two, scalability, so that it can be fast enough for everyday transactions. Thirdly, if you look at cryptocurrency in a public blockchain sense, since it’s a public ledger technology, all the information – transaction information – is open to the public. If that’s the case then businesses cannot transact like paying for salaries or something. That’s not possible. So thirdly, we need privacy in transactions. Lastly what bitcoin pioneered, is if it’s not decentralized, then why do we need to use crypto in the first place? We just use fiat money, right? We believe these four areas are key for mass adoption in cryptocurrency. So that we can use it every day. So Xank is trying to become an every day cryptocurrency by supporting all of those four areas. But is that enough? How do we use that to support UN SDG projects? The Xank project was started in January 2017, so it’s almost three years old. But at the time, I didn’t know about the existence of SDG’s, so we created our own Xank Constitution, which is, I’m happy to say, pretty much aligned with SDGs. So, the Xank cryptocurrency can fund projects and startups that tackle what’s written in our Constitution. And let me explain to you what they are and how they are aligned with SDGs. We believe that the first challenge we see as humanity is pollution. Because we go outside, and we feel this every day, right? Bad quality in air, air pollution, and then it’s soil pollution, and then it’s water pollution, right? I’m sorry, there is a little bit of – I guess there are some font issues there. And then the second challenge for humanity is discrimination, we believe. Because that’s the cause of all the wars in the world, right? So we need to get rid of any discrimination in the world so that will be the second challenge that we want to tackle in the Xank Constitution. And thirdly, the legacy institutional problems that we have today, a corrupted governance, doing all the things that we don’t want to do but are still doing them, right? Governments and corporations. Lastly, I don’t think hunger problems or water resource problems are related to what many seem to believe is a scarcity problem. We believe that it’s not a scarcity problem. We are living in a world of abundance now. It’s like 50 years ago, we had this scarcity, but it’s more of a misallocation problem. Because if you look at it, all the rich countries in the world are controlling more than half of the world’s resources and that’s the problem we need to tackle rather than trying to use charity to solve these kind of issues. So the fourth Constitution article is regarding how we spend – how we consume. So, how do we actually fund this? We can fund it by creating a decentralized Treasury Every time, every minute, when we create a coin, coin emission happens, we let 15% accrue in the Treasury system. I’m not going to go into details on how we are going to split the coin emission in Xank, but 15% goes to the Treasury, and if I heard Sam’s numbers about solving the money problem for the UN SDGs, it’s like five trillion dollars. This means that if the Xank economy can, if I did my math correctly, can grow to something like 33 trillion dollars, then we can solve all of the SDGs. Just using Xank will solve that. So how can you get involved in Xank? If you like our project and how do you want to solve SDG goals? It’s pretty simple. If you have some project or startup that is aligned with our Constitution, then you can simply go to our website. It’s not live yet, since our main net is not live yet. So when it’s live, you can simply go to our website and submit a proposal on your project or startup. Then what we do is we have a strong Xank governance. So the Committee of governors will look at your proposal and have a vote on each month whether to fund each project. So, we will have a vote every month. And at the end of every month a super block will be created to actually give funds to your wallet, and then you can go out and change the world with those funds. This was a very short talk. But as you can see Xank is not your average stablecoin. It’s much much more than that. So if you want to get involved and talk to us or want to talk about your project, we have a booth at K09. And we have a community on Twitter and Telegram so you can get involved Thank you very much.

Leave a Reply

Your email address will not be published. Required fields are marked *