ForkLog: Russian Professor to Launch Copernicus Gold, a Cryptocurrency Alternative for SWIFT
Professor Vladimir Frolov, who has founded several regional banks in Russia in the past, has announced a new payments system based on cryptotechnologies. According Frolov’s recent Facebook post, the project dubbed Copernicus Gold will kick off in early 2017 in Singapore.
The project was first announced last summer. Fifteen pre-selected participants are going to proceed with testing the system soon. According to Frolov, Copernicus Gold should become an alternative for the international payments system SWIFT.
Vladimir's publication on Facebook
“We’ve already reached the level of a thousand transactions per second, which means that in case of a uniform load there may be up to 100 million transactions a day. Our project does not take deposits, and it has nothing to do with credits or speculation markets. Our customers’ money is located in bank accounts, so the risks are equal to those of a bank that services us. For instance, if you connect to the Central Bank and open a correspondent account there, your risks will be the same as the Central Bank’s,” Frolov says.
According to the project’s founders, the system’s reliability and operability are maintained by the blockchain technology, while the remittances are backed with gold.
Earlier this year SWIFT announced a possible “roadmap” that might include blockchain technology. The system’s representatives also insisted blockchain required a more reasonable approach, while its advantages are attainable with relatively simpler solutions.