Earth Dollar Partners With Blockchain Associations for Global Point-of-Sale Cryptocurrency Project
Originally published on: BTCMANAGER
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July 13, 2018
Earth Dollar™, an asset-backed cryptocurrency has announced a strategic partnership with the US Blockchain Association, the Nevada Blockchain Association, and other non-profit blockchain-related organizations worldwide to launch a global cryptocurrency point-of-sale payment system available to both online and offline retailers.
Global Cryptocurrency Payment System
Earth Dollar will be used as one of the principal reserve currencies of the Global Cryptocurrency Payment System (GCPS), which means that it will be used to measure value against other currencies used on the platform, and it is the standard unit for paying all exchange and transaction fees. The list of supported currencies on the platform currently includes Earth Dollar, Bitcoin, Bitcoin Cash, Litecoin, Las Vegas Token, and fiat currencies. Negotiations are ongoing with other cryptocurrencies to join the platform. Socially altruistic coins designed to help American communities take priority in the negotiation process.
Under the GCPS partnership’s plans, over 50,000 crypto-enabled ATMs and POS terminals connected to millions of debit card holders will feed into the GCPS platform. This will enable millions of users in the US, Canada, Ghana, Georgia, Eurasia, and elsewhere to use crypto-based POS payment and withdrawal services. The platform’s infrastructure can comfortably handle transaction volumes of up to 250 million daily users.
Las Vegas is a primary staging point for GCPS. The plan is to make Earth Dollar and other cryptos readily accessible to the 2 million residents and estimated 40 million tourists who visit the city every year. This enables them to carry out transactions ranging from cash withdrawals to souvenir purchases and hotel bookings.
The US Blockchain Association and the Nevada Blockchain Association will collectively deploy more than 50,000 cryptocurrency ATM and point-of-sale terminals across the US. The key will be to cover metropolitan areas with high population concentration. Alongside Bitcoin, Bitcoin Cash, Litecoin, and the Las Vegas Token, users can use Earth Dollar at any supported POS/ATM location to make purchases or withdrawals.
As a contribution to the alliance, Earth Dollar will provide more than 5,000 crypto-enabled ATM/POS terminals to be installed across seven indigenous territories in Canada and Ghana, serving as an official local currency for over 6.5 million people. Providing co-branded Earth Dollar debit cards to alliance members is another way Earth Dollar will contribute to the alliance.
Earth Dollar Functionality
The Earth Dollar will be asset-backed by 3.22 trillion Euros in Natural Capital Assets from 18-million hectares of land and the products of that land. As stated on their website:
“Seven indigenous nations and government districts have pledged 18,000,000 hectares of land, which will be designated and protected as World Heritage Sanctuaries. The fruits of the land (usufruct) including the Natural Capital Asset can be monetized to back the value of the Earth Dollar/Smart Asset Tokens through a sponsorship program.”
The stated goal of Earth Dollar is to build a sustainable and decentralized “‘Living Economic System’ built on the blockchain that can generate new wealth by restoring the Earth, instead of the current economic model of extraction and consumption.”
A major part of a successful Earth Dollar project will be crypto accessibility. David Kam, Chairman and CEO of Earth Dollar, said:
“Our goal is to bring Crypto to the world. The only way we see Cryptocurrencies becoming more mainstream is when people can walk into any shop to buy a coffee, groceries, or other common goods with crypto. For this cause, we are delighted to partner with these Associations to deploy the Global Cryptocurrency Payment System, worldwide.”
The use of cryptocurrency not only gives people options for financial decisions and transactions, but it will save people money in Nevada. In line with Nevada State Law SB398, which prescribes zero sales tax for processing goods and service payments on blockchains, all Earth Dollar payments made in Las Vegas and across Nevada are not subject to sales tax, which reduces their cost to consumers.
US Blockchain Association president and director, Alisha Forrest Scott, sees an additional function of Earth Dollar and cryptocurrencies in its impact on women. She noted that women make the majority of purchasing decisions in the market and that helping them learn about cryptocurrencies will help them save money and retain privacy:
“Women will ultimately save a lot of money using our system, compared to the current payment processing fees that all consumers have had to accept. With these systems, women will enjoy more purchases of fun, fashion, and experiences they wish for, as they do with the USD. By using Cryptocurrencies, it will become easier, safer and more private.”