For Immediate Release: 10/21/2019
Clint Ehrlich, Krnc Inc.
“Crypto gold” standard announced
Plan to stop Bitcoin and Libra by upgrading U.S. Dollar
Los Angeles, California. A high-tech plan to revive the gold standard was announced today, using a new blockchain protocol called KRNC. When the KRNC protocol goes live next year, national currencies like the U.S. Dollar and the Euro will be upgraded with “digital gold” to ensure they hold their value in the face of competition from cryptocurrencies like Bitcoin and Libra.
The team behind the protocol includes veterans of the Federal Deposit Insurance Corporation, Russia’s Foreign Ministry, and UniCredit, one of the world’s largest banks.
“This is about stopping a global economic crisis before it starts,” said Clint Ehrlich, the
the project’s founder and chief scientist. “If today’s sovereign currencies become obsolete, billions of people will lose their life savings. To neutralize that risk, we need to upgrade the money the public already owns.”
The KRNC protocol employs a new technology, Proof-of-Balance, which is designed to replace the Proof-of-Work and Proof-of-Stake systems employed by cryptocurrencies. An international patent application has already been approved for the technology, which enables more than 10,000 times the security and performance of today's blockchains.
“The designers of older protocols will say those numbers are impossible,” said Anna Guzova, a mathematician who co-authored the KRNC technical paper. “I don’t blame them. This kind of paradigm shift – from symmetric to asymmetric security – hasn’t happened since the 1970s.”
On Twitter, Meltem Demirors, an MIT and Oxford lecturer who heads one of the world’s largest crypto funds, praised the KRNC project for employing rigorous mathematics. She called its technical paper “excellent new research,” but showed no signs of reconsidering her support for Bitcoin.
Other major players in Silicon Valley have also taken notice. Y Combinator, the world’s most prestigious startup accelerator, will soon fly KRNC’s founders to its Mountain View headquarters for an in-person interview to learn more about the new technology