Bulgarian-Greek Team Develops New Crypto Currency Which Offers Guarantees for Investor Interests and Eliminates Possibility for Theft
Sofia, June 12 (BTA) - A Bulgarian-Greek team has developed a new crypto currency which guarantees the interests of investors and eliminates the possibility for theft in the system. Stefi Della, the Executive Director of the project for the new crypto currency, anti-derivative token (ADvT), expects that it will shake the largest
market in world history: the derivatives market.
A number of functionalities make the ADvT the first of its kind. "Unlike the other crypto currencies, trades will require identification of the users," says Della. "The only way somebody can use the ADvT is to have a valid e-signature. In this way we eliminate the possibility for theft [of crypto assets] in the system and for evasion of taxes and other charges."
ADvTs create competition among small and large financial institutions thanks to the guarantees that the trade will take effect. Dimiter Kyossev, chief legal advisor in the project, explains: "When a trade is made using ADvT as a security, a portion of the account of the financial institution is blocked until the contract expires. It guarantees that payment will be made by all means."
The potential of the new product was appreciated by Vladimir Tsenkov, an associate professor at the Southwestern University of Neofit Rilski in Blagoevgrad and economic advisor in the ADvT project. Together with a team of 15 people with experience in banking, insurance, IT and international law, he created the profile of the ADvT.
He told BTA that the ADvT was prepared in response to the latest European regulations on derivatives and addresses specific issues. "What got me excited about the project is that we have a tangible product which comes in support of investors. It is something of an insurance for investor based on the security of the block-chain technology," he said.
A co-founder and a chief technical director of the project is Panagiotis Papantoniou, a young Greek application developer, whose skills has already brought about the success of three crypto currency projects. "Technically, there are a number of specifics and challenges because nothing like this has ever been done before. And yet I am sure that we will be ready within the three months we have [after the initial coin offering]," he said.
The project team hopes to change the way trades are made on the derivatives market, whose value is set at 500 trillion US dollars by the Bank of International Settlements. They point out that the key advantage of the ADvT is the economic benefit that is ensured for both sellers and buyers.
Bulgarians make up 80 per cent of the team headed by Stefi Della. She commented that contrary to the frequent complaints everybody hears about the quality of education and labour skills in Bulgaria, her own experience with the project is of "topnotch home-grown experts being capable of dealing with global-scale issues".
The ADvT will hit the market in mid-June with an initial coin offering (ICO).