A Swiss-Danish group launches a new blockchain technology for transparent and green cryptocurrency



As Bitcoin and cryptocurrencies are currently being criticized for lacking transparency and taking a lot of energy to create, a Swiss-Danish group is launching a new blockchain technology that is supposed to create a clean, transparent and green virtual currency.

Backed by one of the founders of Saxo A/S Bank and a director at Volvo Cars, both consider Zhejiang Geely Holding Group Co.  as the owner, the project will introduce blockchain on Wednesday Jun 9, developed with Aarhus University of Denmark.  The project's cryptocurrency - the Global Transaction Unit (GTU) - will be listed on exchanges in the summer.

A Swiss-Danish group launches a new blockchain technology for transparent and green cryptocurrency

A Swiss-Danish group launches a new blockchain technology for transparent and green cryptocurrency / ph: Linkedin

 The foundation behind GTU is Concordium AG.  Its CEO, Lone Fonss Schroder, who is also Vice President of Volvo Cars, said that the main difference between GTU and cryptocurrencies like Bitcoin will be its ability to provide the transparency desired by regulators and members of the mainstream economy.

According to Lone Fonss Schroder, every transaction comes with an origin. If the regulator wants to see who did what, and if there is a court order, they can see. 

 Concordium earlier this year raised more than $40 million from sales to strategic and private investors, reaching a valuation of $4.45 billion, according to a statement.  Its chairman is Saxo Bank co-founder Lars Seier Christensen.

 The management of Bitcoin and its rivals has emerged as an important challenge as cryptocurrency attracts large number of enthusiasts than ever, despite their extreme volatility.

 But so far there has been no viable model that provides real regulation and transparency.

 According to Lone Fonss Schroder, GTU will not place the same kind of burden on the environment in which Bitcoin mining is criticized, as additional coins will not be created by transferring large amounts of computing power into code cracking. It only use 0.001% of Bitcoin’s energy.

 Bitcoin's carbon footprint has turned former loyalists away from the world's most popular cryptocurrency.

 Tesla founder Elon Musk rocked the crypto market earlier this year when he expressed his sudden preoccupation with how energy-intensive Bitcoin mining is, while still claiming  his belief that cryptocurrencies have a future.

 The creators of GTU say the new coins will be produced using so-called proof-of-stake technology, rather than the energy-intensive proof-of-work that Bitcoin uses.  Concordium says that model could also be more appealing to businesses.

A Swiss-Danish group launches a new blockchain technology for transparent and green cryptocurrency

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