EmCash -- Dubai's First Official Blockchain Based Cryptocurrency Project | Fast, Secured But May Not Be Decentralized !!
Well, cryptocurrencies are becoming the next best investment in the financial world as apart from investing in it, large companies even developing their own crytocurrency project based on their own blockchain. To take an example, OMISE had come up with it's own cryptocurreny project named as OmiseGo (OMG). But recently, after watching the growing popularity of cryptocurrencies, many countries have also jumped in development of their own blockchain and cryptocurrency project.
Back then, China had come up with it's Antshares cryptocurrency (later become NEO) and now there is another country which is developing it's own cryptocurrency project. Well, this time Dubai is developing it's own cryptocurrency based on its own Blockchain which will be used for inter-state payments, governmental or non-governmental.
Let's have a Brief look over emCash.
emCash is a blockchain based cryptocurrency project, developing by the Emcredit, a subsidiary of Dubai economy and a blockchain start-up Object Tech.
Recently, the Dubai government itself announced that they're developing their own cryptocrrency project which will be used as a mode of payment within the economy. The purpose is to make transactions cheaper, faster and reliable.
This cryptocurrency will be stored on emWallet, an application introduced by Emcredit for the online payment as well as offline payments instantaneously.
Basically, this application will be supported by NFC and the payment can be done just by a small tapping on smartphone anywhere and in real time. This will allows users to carry out the transactions much faster and more reliably while paying a very small fee for transactions.
Deputy General of Dubai, Mr. Ali Ibrahim also added that the use of cryptocurreny will bring more fast processing and reliability in transactions. Here is the statement from him.
A digital currency has varied advantages – faster processing, improved delivery time, less complexity and cost, to name a few. It will change the way people live and do business in Dubai, and mark a giant leap for the city in harnessing game-changing innovations to improve ease of business and quality of life.
Actually Dubai is building their own Blockchain system where it can process all the transactions securely. Few days back, Dubai government also announced that they're going to develop blockchain technology for making digital passports for the visitors so that they can carry it in their smartphones and can easily verified whenever asked just by a single touch.
As we all know, Dubai has a posh life style with all possible luxuries available at will. Dubai government always remains ahead in terms of bringing revolution in anything which can attract more tourists within the country.
Now, the cryptocurrency project will definitely help tourists and its native residents as well to transact with more securely and economically.
Further technical details will be announced by the government soon.
All the investors will be keen to invest in the cryptourrency for sure. But there's a concern that if it developing by the Dubai government , then surely it'll not be decentralized and then what's the point of investing in it.
Let's see what Dubai Government has in its bag for us.
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If its not decentralised then its not worth it