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Sovereign Wallet Excels in BIS’s Project Polaris with Innovative ‘Chained Cash’ Technology

Sovereign Wallet (SWN Global) is among the 12 CBDC technology vendors participating in the Bank for International Settlements’ (BIS) “Project Polaris: A High-Level Design Guide for Offline Payments with CBDC.” This project involves major central banks, such as the European Central Bank, and tech companies like Google and IBM. The goal is to create a comprehensive guide for the design of central bank digital currency (CBDC) systems, with a focus on offline payment options.

Offline CBDC implementation is considered the next frontier in CBDC design. While blockchain technology is widely used in cryptocurrencies, it is not suitable for offline CBDC systems due to the need for network connectivity. This is why no cryptocurrency companies were involved in the project. Central banks are choosing payment-based CBDC over smart contract-based CBDC because of the importance of offline payments.

Sovereign Wallet showcased its “Chained Cash” technology during a session in Project Polaris. This technology allows for seamless tokenized payments in both online and offline environments. One advantage of this approach is the convenience it offers users, eliminating the need to convert between online and offline CBDC. The CEO of SWN Global, Phantom Seokgu Yun, believes “Chained Cash” is superior for CBDC design as it provides cost savings and enhanced security.

For a deeper understanding of the project and its findings, the full report can be explored. It is important for readers to conduct their own research before taking any actions related to the company mentioned in this article. Cointelegraph, the publisher of this content, is not responsible or liable for any potential damages or losses resulting from the use of this information.

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