Online cryptocurrency exchange platform Jubilee Exchange has partnered with DigiBank, an offshore bank with a Class A licence sited in the Commonwealth of Dominica, to develop a new cryptocurrency DGCoin.
A transactional cryptocurrency, DGCoin will help creating a decentralised and globally deployed online infrastructure to offer global banking and financial services to the customers.
The platform will be based on a unique blockchain named DIGI, an acronym of Decentralised Intelligent Global Instruction.
Digibank officials opined that in the long term the application of blockchain technology where cryptocurrency and FIAT currency transactions will be linked to set a new banking standard where the customers can utilise decentralised banking services.
The project is set to commence this year and scheduled to be implemented in four consecutive stages.
The first stage includes the foundational layer comprising private network blockchain written in accordance to ERC20 standards and maintained by a decentralised network of miners and masternodes under the Proof of Service model.
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The second stage is the Peer to Peer Services Layer that features individual and peer to peer financial and banking services including personal deposit and withdrawals, international remittances, FIAT and cryptocurrency trading.
In the third stage of Decentralized Productive Wealth Management, community driven wealth management services such as micro-financing, business loans, project crowdfunding are included.
These services operate on the foundational infrastructure provided by the first Layer.
The final stage features the deployment of a global network of Automated Teller Machines (ATMs) and Service Kiosks that will conduct cash deposits and withdrawals, basic banking instructions and electronic payments.