It has only been two short years ago since the government of the United Arab Emirates, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, unveiled the Emirates Blockchain Strategy 2021.
An ambitious vision of progressive thinking, this Strategy 2021 carried the hopes of the entire nation as its people sought to enter the new era of innovation with a bang, straddling the slew of emerging technologies collectively known as blockchain.
Since then, the Gulf nation’s efforts in digital transformation have focused on transforming state transactions, beginning at a federal level, where the target is to convert at least half of all Emirati civil service transactions on to the blockchain by next year.
This isn’t just jumping on the hype bandwagon either. The UAE government believes that it will save AED 11 billion (approximately $3 billion at time of writing) in transactions and documents processed annually, thanks to the savings from 398 million printed documents and 77 million work hours every year!
Any suggestion that this embracing of blockchain is only at the government level isn’t true, either, as even in the private sector, there are plenty of signs that point to blockchain adoption, recognition, and acceptance at every level of society.
In the financial markets as well, enterprise projects are keen to heed the call to crypto. This week, for example, amid a global rise of market sentiment as the global economy shudders on the back of production cuts and unemployment, an Emirati-backed decentralized finance (DeFi) platform will launch their democratic crowdfunding even on the open market, via the HotBit exchange.
The DeFi platform, Crypto Price Index (CPI), whose token sale begins on July 15th, 2020, will join over 2,250 crypto coins now in the global market, with its own unique take on personal DeFi: an index of the 200 cryptocurrencies.
CPI CEO Herbert Law believed that unlike traditional means of financial services access, DeFi also meant that the entry barrier was lowered to such a degree that anyone with internet access would be able to enjoy these new digital financial services.
CPI/CPIX Tokens – Distributed Governance & Custom Baskets
Law added that such an offering was steeped in the precepts of predictable and controlled prosperity through automated and transparent smart contracts that reduced the risk of undercollaterization in traditional finance: “CPI will bring much-needed stability to crypto markets with its suite of tokens whose value is based on the average of top-trading tokens.”
Additionally, CPI’s governance is also decentralized, with voting rights distributed across all holders of CPI ERC20 tokens, essentially letting holders and ecosystem users determine what they want as features of the CPI system.
Not only that, holding CPI lets users mint CPIX wrapped tokens, which then gives them the ability to monitor a custom basket of other digital assets. The CPI30, for example, looks at 30 coins to monitor, while CPI10 looks at a narrower baster of 10 cryptocurrencies.
These private efforts haven’t gone unnoticed by the royals in the UAE either. Last year, CPI welcomed His Highness Sheikh Abdullah Bin Rashed Al Sharqi to its advisory board, who spoke great volumes of the nation’s entrance into the world of DeFi. He declared:
“Decentralized finance is one of the most important movements of our time. By providing up-to-date pricing data, Crypto Price Index has the potential to become one of the most valuable sources of information for digital asset traders and market participants.”
With this and many other crypto and blockchain projects steadily progressing, the UAE has taken great strides in establishing itself as a recognized hub for innovation in the region. The race for blockchain excellence is just getting heated up.
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Last modified: August 12, 2020 3:09 PM UTC