Blockchain technology continues to revolutionize the financial industry as companies strive to tackle the challenges of digital identity, secure transactions, and currency. One such company making waves in this space is Sovereign Wallet, a blockchain technology firm with a focus on decentralizing identity and tokens, implementing peer-to-peer transactions, and integrating a unified ledger system. Their mainnet platform, MetaMUI, launched in 2021 and aims to fully digitize social infrastructures, including currency, identity management, and certified messaging protocols.
In a recent interview, Phantom Seokgu Yun, CEO and founder of Sovereign Wallet, discusses the company’s approach to digital currency, privacy-centric identity mechanisms, and tokenized securities. Yun explains that MetaMUI prioritizes identity-based transactions for legal compliance, recording transactions based on the user’s digital identifier or DID. To address privacy concerns, they have embraced a decentralized identity mechanism called Self-Sovereign Identity or SSID.
When it comes to ensuring the integrity of their digital systems and addressing security and privacy concerns, Sovereign Wallet recognizes that wallet technologies are still rudimentary despite innovations in consensus protocols and network operations. They aim to offer an advanced wallet that seamlessly integrates with the blockchain network. The MetaMUI wallet generates a key on the user’s device for signing transactions, and they also provide a key recovery mechanism in case of device loss. Privacy is guaranteed as identity verification is decentralized, and no private information is stored on the blockchain.
Sovereign Wallet’s identity-based blockchain technology enables the creation of a highly scalable crowdfunding platform. Unlike traditional models, which often rely on centralized exchange service providers for asset trading, MetaMUI’s decentralized identity infrastructure allows for peer-to-peer trading with verified sellers, reducing the risk of asset hacking incidents.
Their Security Token Offering (STO) platform, set to launch in Switzerland later this year, aims to create an economic system that doesn’t rely on debt. This platform will facilitate large-scale crowdfunding for climate projects, allowing climate-aware individuals to micro-invest and reducing the need for bank loans.
Sovereign Wallet’s collaboration with Indigenous nations in Australia for a cross-border payment network aligns with their goal of replacing slow and costly cross-border payments with internet-based digital currency. They have signed an agreement with the Yidindji, a leading Indigenous nation in Australia, to develop the Allodial Unity Digital Dollar (AUDD) for cross-border payments among Indigenous nations. The AUDD and other participating nations’ currencies will be MetaMUI central bank digital currency (CBDC)-based tokenized currencies, with an algorithmic central bank regulating conversion and circulating volume.
To celebrate Earth Day, Sovereign Wallet has launched the United Net-Zero Nation (UNZN) as a sustainable digital twin of the planet. The UNZN aims to create a digital utopia that influences and transforms the physical world into a sustainable environment. Citizens of the UNZN will have a digital identity linked to their wallet, allowing them to participate in climate project crowdfunding and borderless digital currency payments.
In the UNZN, every citizen offsets their carbon footprint to achieve personalized net-zero status, which could have a significant impact on climate change if everyone achieves it. The UNZN offers a membership-based service with an annual fee, providing a citizen card and plans to offer additional digital infrastructure services such as passwordless authentication, certified messaging, contract signing, notarization, and tokenized asset trading.
The widespread adoption of digital certificates and notarization has the potential to revolutionize traditional bureaucratic processes. Sovereign Wallet envisions a decentralized public key infrastructure to support this system, providing globally compatible digital IDs and verifiable digital signatures. While integrating existing infrastructures presents challenges, Sovereign Wallet plans to start with nations lacking current infrastructure and build a fully integrated system from scratch.
As blockchain technology continues to evolve, companies like Sovereign Wallet are at the forefront of reshaping the financial landscape. Their innovative solutions for digital identity, currency, and secure transactions have the potential to transform the way we conduct financial transactions and interact with social infrastructures.
An Interview with Sovereign Wallet: Exploring Sustainable Finance and Digital Identity