The current financial system has failed again and again and the world needs a system which cannot be manipulated, is not biased and is fully transparent.

a) Fiat money is currencies whose values are NOT underpinned by physical assets such as gold or silver. It is backed by the government that issued it and is designated to be legal tender. For instance, the US dollar doesn’t have any real assets like gold, silver or other physical commodity backing its value. The value of fiat currency is supported by the confidence the general public has in the central bank and the government of the issuing nation. If a country were to become bankrupt, its fiat currency would lose value significantly.

b) 2008 financial crisis also made it evident that there is no global oversight of how money is being handled, or it’s been packaged for e.g., collateralized debt obligations (CDOs). To avoid any such crashes in the future and to safeguard everyone’s hard earned money, we need one global currency which can be tracked and a technology which can be integrated globally with the required governance, security, and privacy.