Connect with us

Crypto

The US government is getting a crypto startup to design blockchain features for the dollar

No, don’t expect a USCoin anytime soon.

us dollars on table for blockchain technology
Image: Unsplash

Cryptocurrency may not be in the spotlight like it once was, but that doesn’t mean that people, companies, and governments aren’t still looking at these blockchain-based digital currencies. Even the US government seems to be getting in on the action, according to a new report from CoinDesk.

The National Science Foundation, which is an independent agency of the US government, has signed a $225,000 contract with startup Key Retroactivity Network Consensus (KRNC) to explore certain aspects of cryptocurrency, specifically the security revolving around them.

This doesn’t necessarily mean we’ll see a US-approved coin soon, as the contract is more about understanding some of the underlying tech found in blockchain. What would this mean for people like me and you? Well, most likely nothing on the surface, but it could mean that future digital transactions are more secure.

While there is plenty to be skeptical about when it comes to actual cryptocurrencies, the technology that powers them is definitely interesting and something that could be used in other aspects of digital life.

Anna Brady-Estevez, the National Science Foundation program manager for the grant, tells CoinDesk, “Our funding of this protocol shouldn’t be misconstrued as an endorsement of any initiative to upgrade the U.S. dollar or make it more like bitcoin or any other cryptocurrency for that matter.”

Speaking of cryptocurrencies, I wonder what happened to Facebook’s Libra coin?

What do you think? Do you see merits in blockchain technology for the US dollar and digital transactions? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

Comments

More in Crypto