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Below is our recent interview with George Goognin, CEO at Mile Unity Foundation:
Q: Could you provide our readers with a brief introduction of Mile Unity Foundation?
A: Mile Unity Foundation is an international public benefit organisation dedicated to educating governments, enterprises, engineers and media about the applications of blockchain technologies and their potential to strengthen international relations by providing equal access to cross-border transactions, trade, investments and money remittance.
Q: BitForex, one of the largest cryptocurrency exchanges in the world, has recently listed MILE, one of two cryptocurrencies of the Mile blockchain. What does it mean for you?
A: Retail exchanges are very important tools to increase the awareness and adoption of the technology. Plus, they provide the liquidity to make the Mile usage easier. We plan for more listings at the OTC desks and retail exchanges. One of the most popular community requests is to have trading pairs with fiat currencies and we’re working on it.
Q: What are the main features of your coins? How are they unique?
A: The first features is that the Mile blockchain doesn’t belongs to us or anybody else. It has no owner,no author and no ICO, like Bitcoin. Consider it as a cultural heritage of the humanity, like the internet. That’s very important, because it provides 100% diplomatic neutrality and immunity to political pressure. Almost all digital assets, except Bitcoin, have authors and owners or have passed through the ICO stage, which makes them centralized and managed for the personal interests of narrow groups of individuals.
The second feature is a unique combination of several important qualities: it’s fast, free and uncensored at the moment. Blocks are closed in 20 seconds and the throughput is about 10,000 transactions per second (like VISA during New Year peaks.) XDR transactions are free of charge at any volume and the network is governed by the consensus of 10,000 master nodes, which provides a very high level of decentralization.
Let’s compare the Mile blockchain with other technologies:
• dPOS/POS-like platforms (BitShares, EOS, LISK, XRP) are fast and free
(or almost free,) but the algorithm is designed to have a very small amount
of nodes controlling the network depending on the stake or public voting. Sometimes they even have the manual nodes approved by an offline central committee or a built-in root master node, which is total nonsense and could not be considered a public blockchain. Even Vitalik has posted a couple of pages about it: “Notes on Blockchain Governance” and “Governance, Part 2: Plutocracy Is Still Bad”
• PoW-like platforms (BTC, ETH) are decentralized enough, but are having a lot
of well-known scalability issues.
• Mile combines the high speed, zero-fees and censorship-resistance via it’s new sdBFT consensus. Anyone can become a master node and no one has to ask any committee or private corporation about it.
From an economics standpoint, the Mile blockchain provides the first stable coin that avoids all the flaws of previous stablecoins:
• Stablecoins pegged to fiat currencies are just depositary receipts, which are an even higher risk than regular banking accounts. Also, it’s 100% centralized, so the token users have to pray
that the token owner will not get scammed, penalized by the SEC
or attacked physically/politically.
• Stablecoins pegged to precious metals are not stable because the underlying assets are volatile.
• Stablecoins with crypto-collateral are also suffering from the enormous volatility
of the underlying assets (see BitUSD for example).
The main issue of those coins is their focus on the small and volatile crypto-market.
XDR is the first stable coin designed to be used in the real world economy for cross-border commodity trade, investments and money remittance. It’s price is tied to the IMF SDR, which is one of the most stable indexes in the world since 1981. Plus, it’s backed by the real commodity trade contracts, loans, investments and reserves. For example, if somebody signed a contract to buy 1,000 oil tankers over 5 years in XDR, then they would buy any XDR dip at the exchange, because it would provide a discount for the real world asset of oil.
Moreover, there’s a public transparent emission algorithm of XDR. The decentralized community of 10,000 master nodes votes for the M1 (monetary mass) of XDR according to community demand for trade, investments and reserves. Blockchain has several built-in triggers to limit the M1 growth and to prevent the theoretically possible inadequate voting, unlikely though it might be.And, unlike most of the stable coins issued by the centralized authority, XDR is issued by the community.
Money is a social consensus, not technical. That’s why we believe that the only way to have a really reliable unit of account is to make it more comfortable than the existing tools. If people will use it for the trade, investments and reserves, it will be stable.
Q: What is the aim of Mile Unity Foundation?
A: Our mission is to educate governments and companies, spreading new technologies to build a global united economy with equal access to fast, free and secure cross-border trade, investments and money remittance.
Our vision is simple: If all people have equal opportunities to trade, invest and remit to each other, cooperating to create value, then humanity will become wealthy enough to shift the focus from net profits to the public good.
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Q: You’ve recently discussed integration of blockchain technology in real economy with China’s SRCIC; could you tell us something more?
A: We have a lot of partnership agreements with supranational, governmental and private organizations because our goal is to increase the adoption of blockchain technologies. As we can see, the One Belt One Road initiative of the Chinese government is a very important project that will unite dozens of countries. All of them have to trade with each other and invest in the most valuable projects;the easier that is to do, the faster the Eurasian region will develop.
That’s why welaunched some projects in different countries regarding foreign direct investments (FDI) management and cross-border commodity trade multilateral offsetting. The projects will provide new opportunities to invest in infrastructure projects, protect the investors, reduce volatility risks and increase the transparency of expenditures. Plus, cross-border trade will be simplified and accelerated due to the mutual offsettings using the blockchain digital unit of account.
Q: What are your plans for the future?
A: We are expanding our presence across the world through permanent embassies.
We have them in South Korea, Japan and Russia, and soon will launch them in Turkey, India, China, Brazil, the Middle East, Africa and the U.S.
We are also working on integration and collaboration with global supranational organizations like the World Bank, the IMF, the UN, the African Development Bank and the African Union. Our goal is to provide everybody with equal access to basic economic tools, which is why we are 100% politically neutral and ready to cooperate with every peaceful community.
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