Description/achievement of initiative
Mile Unity Foundation (MUF) is a non-profit international organisation, educating governments, business, scientists and media about the applications of the blockchain technologies to empower the real economy. Foundation has broad experience in global crypto regulation, creation of legislative frameworks, international trading, cryptographic software and hardware and education.
MUF is following the technology for free, fast and secure payments, aimed to empower cross-border trade between developing countries and countries with the limited access to the international trade. The system built on the blockchain Mile with the stablecoin XDR, which is used for implementation of cross-border trade and international payments.
Implementation methodologies
XDR is a tool for free and equal access to the cross-border trading, investments and money remittance. The system is decentralized on 10 000 nodes over the worlds owned by different people and organisations; the system process around 10 000 transactions per second; there is no commission to process the payment within the network. Here are some technical characteristics of the system: transparent emission; new consensus algorithm – sdBFT; no mining, but minting (any PC with 4Tb HDD can be a node).
Blockchain is already working, all transactions and information about wallets could be seen in blockchain explorer. iOS and Adnroid wallets are available for download in Google Play and Apple Store.
Here is the business process overview to process FDI attraction:
- Each county can establish a FDI Operator, which is locally regulated.
- Each project can apply for the listing at the FDI to raise funds (debt/equity).
- Every project is publishing the online offer, a digital contract with investors, describing the Investments timeframe and volume, Rights and liabilities of every party, PNL.
- All projects are evaluated by the experts’ community via the multiple KPIs and math modelling.
- All project are finalizing the online offering (legal e-contract) to the investors, then it’s being listed at the FDI Operators’ market.
- Investors can put any fiat or digital asset, FDI Operator is converting them with market discounts to the stable basket of currencies following the IMF SDR index (XDR).
- All funds converted in XDR automatically to secure from the volatility and to acknowledge the investors’ wallets.
- XDR digital unit of account is used to track the expenditures and incomes, automate transparent reporting and perform a cross-border transactions.
The implementation of the project for cross-border trade is already in use. MUF will assist to find the counter transactions at almost the same volume,
and guide with all the legal documentation and technical process in order to start making deals.
Arrangements for Capacity-Building and Technology Transfer
The technology has already been presented to the Ministry of Finances if India, Ministry of Economic Development of Brazil, International Chambers of Commerce and Securities and Exchange Commissions of Brazil, Central Bank of Uganda, as well as to the leaders of the Silk Road Chamber of Commerce (SRCIC), China Council for Promotion of International Trade (CCPIT) and G-Global. MUF is an official partner of the BRICS Alliance, Global Silk Road Association (One Belt One Road Initiative), Brazil Trade-Commerce Chamber, Astana’s Office for Investment and Entrepreneurship Development, AstanaHub. Mile Unity Foundation signed a number of partnership agreements governmental and supranational ogranisations, private enterprises. The technology has already found its application in many countries and businesses.
In 2017 MILE blockchain have been launched in main net, allowing free, fast and secure transactions with stable unit of account tied to IMF SDR and unique consensus.
In 2018 July Mile Unity Foundation have been publicly launched and opened South Korean Embassy in Seoul in September 2018. This month Memorandum of Understanding and Partnership has been signed between MUF and Brazilian Chamber of Industry and Commerce becomes an official MUF partner. Beijing official meeting at the diplomatic center with ambassadors of MUF and Central bank representatives.
In October 2018 the project has been presented to the President of Namibia and Minister of Investments; to Uganda Central Bank and Tax Office authorities.
The same month Diplomatic mission was Turkey with Trading and Industry Chambers, major Universities and Presidents’ Administration. Opening the Silk Road Association, becoming a part of One Belt One Road initiative with 87 countries partnered was done in October 2018.
In November 2018 MUF Diplomatic mission was in Japan
had meetings with shogo shosha leaders and government advisors.
There are over 1200 users this technology and over 3000 community members all over the world.
Coordination mechanisms/governance structure
MUF is following the tools for building fair economy and providing free and equal access to the cross-border trading, investments and money remittance in developing countries.
To provide it there should be an infrastructure with certain qualities:
- Fast cross-border exchange of goods, commodities, money and other assets;
- Transparency for targeted use of funds and protection of investors;
- Stability and political neutrality;
Therefore, MUF is popularizing open source blockchain technology Mile in order to facilitate attraction of Foreign Direct Investment to the developing countries (1) and empower cross-border trade (2):
(1) FDI attraction
MUF represents modern digital platform for attracting investments to the countries via the global crowdfunding platform. This global p2p digital platform will help to the businesses and enterprises to attract loans and investments to infrastructure projects. This tool for free, fast and secure funds collection allows to attract investors from any country in the world. The main feature of the tool is a stable universal unit of funds collection attached to IMF SDR (Special Drawing Rights) which saves the funds from currency volatility. This p2p digital platform is already created and open for public use. All governments and businesses are able to use this platform free of charge.
(2) Cross-border trade acceleration
4 billion people have limited access to the cross-border trade. About 150 countries have at least one of those issues: sanctions, embargos, trading wars, disconnection from BIS,
SWIFT or SEPA, lack of banking infrastructure or weak financial governance.
It is obvious that there is a need for new tools to accelerate cross-border trade without using traditional means of payment (SWIFT, BIS). MUF is following blockchain technology which has unique feature applicable for cross-border trade, which helps to process fast, free and secure international payments of any amount, avoid conversion between two currencies via USD, and to minimize slow and expensive cross-border transfers of fiat currencies though SWIFT.
Comparatively to the traditional payment instruments, like SWIFT or BIS, which takes around 3-5 to process the payment, double conversion through the USD, up to 5% cost of the SWIFT-proxies, there is a risk of sanctions and embargos; usage of XDR gives an opportunity to process a payment within 20 second, to arrange free trade with any country and avoid currency conversion and third-party censorship.
Partner(s)
International Alliance of BRICS Strategic Projects, Astana International Financial Service, Global Silk Road Association, Silk Road Chamber of International Commerce, Russia-Brazil Chamber of Commerce,