Cardano has a direct relationship with the prototype of the payment system "The Unit" of the BRICS, as the experimental initiative is being built on the Cardano blockchain.
Details of the relationship
Underlying platform: The Institute of Economic Strategies Research of the Russian Academy of Sciences (IRIAS), the entity leading the pilot project, announced the initiative to build the settlement token based on blockchain on the Cardano network.
Motivation: The choice of Cardano is due to its flexibility, scalability, sustainability, and the ability to execute smart contracts, making it suitable for a transparent and verifiable international payment system.
Accessibility: The use of Cardano aims to make "The Unit" accessible to a broader audience through centralized and decentralized exchanges, facilitating a bridge between traditional finance and decentralized ecosystems.
Collaboration in Brazil: In addition to this specific project, the Cardano Foundation has been collaborating with Brazilian entities, including Serpro (the largest state IT company in the world) and Petrobras (the state energy company), to integrate blockchain solutions in the public sector, reinforcing Cardano's presence in key BRICS countries.
It is important to note that, although the prototype "The Unit" uses Cardano technology, "The Unit" is not a public cryptocurrency like ADA, Cardano's native token. "The Unit" is a settlement token for international trade backed by a basket of assets (gold and BRICS+ currencies), while ADA is the digital asset that powers the Cardano network.
Details of the relationship
Underlying platform: The Institute of Economic Strategies Research of the Russian Academy of Sciences (IRIAS), the entity leading the pilot project, announced the initiative to build the settlement token based on blockchain on the Cardano network.
Motivation: The choice of Cardano is due to its flexibility, scalability, sustainability, and the ability to execute smart contracts, making it suitable for a transparent and verifiable international payment system.
Accessibility: The use of Cardano aims to make "The Unit" accessible to a broader audience through centralized and decentralized exchanges, facilitating a bridge between traditional finance and decentralized ecosystems.
Collaboration in Brazil: In addition to this specific project, the Cardano Foundation has been collaborating with Brazilian entities, including Serpro (the largest state IT company in the world) and Petrobras (the state energy company), to integrate blockchain solutions in the public sector, reinforcing Cardano's presence in key BRICS countries.
It is important to note that, although the prototype "The Unit" uses Cardano technology, "The Unit" is not a public cryptocurrency like ADA, Cardano's native token. "The Unit" is a settlement token for international trade backed by a basket of assets (gold and BRICS+ currencies), while ADA is the digital asset that powers the Cardano network.