Blockchain technology is revolutionizing the financial industry, and companies like Sovereign Wallet are at the forefront of this transformation. Sovereign Wallet, founded in 2014, focuses on decentralizing identity and tokens, implementing peer-to-peer transactions, and integrating a unified ledger system. Their flagship product, MetaMUI, is a hybrid blockchain platform specifically designed for finance and aims to fully digitize social infrastructures, including currency, identity management, and messaging protocols.
In an interview with Cointelegraph, Phantom Seokgu Yun, the CEO and founder of Sovereign Wallet, discusses their approach to digital currency, privacy-centric identity mechanisms, and tokenized securities.
When it comes to digital currency, 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, Sovereign Wallet has embraced a decentralized identity mechanism called Self-Sovereign Identity (SSID).
To ensure the integrity of its digital systems and address security and privacy concerns, Sovereign Wallet offers an advanced wallet that seamlessly integrates with the blockchain network. The MetaMUI wallet generates a key on the user’s device to sign transactions, and a key recovery mechanism is available in case of device loss. The platform also ensures privacy by decentralizing identity verification and not storing private information on the blockchain.
Sovereign Wallet’s identity-based blockchain technology enables the creation of a crowdfunding platform that mitigates the challenges of verifying sellers in peer-to-peer trading. This decentralized identity infrastructure reduces the risk of asset hacking incidents and provides a secure environment for large-scale crowdfunding.
The Security Token Offering (STO) platform launched by Sovereign Wallet’s subsidiary, United Net Zero Nation (UNZN), aims to create an economic system that doesn’t rely on debt. This platform allows climate-aware individuals to micro-invest in essential climate projects, reducing the need for bank loans and decreasing reliance on a debt-based economy.
Sovereign Wallet’s collaboration with the Yidindji, an Indigenous nation in Australia, aims to replace slow and costly cross-border payments with internet-based digital currency. The initiative involves the development of the Allodial Unity Digital Dollar (AUDD) to facilitate cross-border payments among Indigenous nations in Australia. This project aligns with Sovereign Wallet’s goal of creating a more efficient and inclusive financial system.
The AUDD cross-border payment network utilizes MetaMUI’s central bank digital currency (CBDC)-based tokenized currencies, which are regulated by an algorithmic central bank. The network also utilizes Chained Cash, an offline CBDC technology, to enable instant wallet-to-wallet money transfers. This ensures that even people in remote areas have access to digital currency and promotes financial inclusion for Indigenous nations.
In celebration of Earth Day, Sovereign Wallet launched the United Net Zero Nation (UNZN) as a sustainable digital twin of the planet. The vision for this project is to create a digital utopia that positively impacts the physical world. UNZN citizens have a digital identity linked to their wallet, which allows them to participate in climate project crowdfunding and make borderless digital currency payments. The goal is to achieve personalized net-zero status and significantly impact climate change.
UNZN is a membership-based service that offers various benefits, including digital infrastructure services like passwordless authentication, certified messaging, contract signing, notarization, and tokenized asset trading. The widespread adoption of digital certificates and notarization is expected to revolutionize traditional bureaucratic processes, but challenges may arise in integrating existing infrastructures. Sovereign Wallet plans to start with nations lacking current infrastructure and build a fully integrated system from scratch.
Sovereign Wallet is at the forefront of the blockchain revolution, addressing the challenges of digital identity, currency, and secure transactions. Through their innovative solutions, they are reshaping the financial landscape and paving the way for a more inclusive and sustainable future.