For Immediate Release: 11/20/2019
Clint Ehrlich, Krnc Inc.
KRNC blockchain tops $100 million pre-launch
"Not an ICO," says founder, "It's a hard fork of fiat money."
Los Angeles, California. A new blockchain protocol has attracted more than $100 million from the public before launch, it was announced today by Krnc Inc. It sounds like a repeat of the ICO craze of 2017, when vast sums were invested in high-risk crypto schemes. But this time, there's a twist: Everyone who signs up gets to keep their money.
"This is not an ICO, it’s a hard fork of fiat currency,” said Clint Ehrlich, the creator of the protocol, called KRNC. “We aren't asking the public to invest money; we’re letting people sign up to claim the forked version of the U.S. dollars they already own.”
Forks, which loosely resemble stock spinoffs, are a familiar concept in the blockchain world. Users automatically receive cloned versions of their assets when the balances recorded on one blockchain are duplicated in a new protocol.
This process has been used to create two of the world’s top five cryptocurrencies, Ethereum and Bitcoin Cash, which are worth nearly $25 billion. However, a fork has never been performed on a fiat currency like the U.S. Dollar. KRNC aims to change that.
When the protocol is launched next year, everyone who owns electronic U.S. Dollars will gain access to a forked version of their money on a decentralized blockchain. Instead of the full faith and credit of the federal government, the new assets will be backed by the same algorithmic scarcity as Bitcoin.
If KRNC’s forked version of the U.S. Dollar is able to capture even a small fraction of the original’s $15-trillion market capitalization, the new digital asset could dwarf the value of all cryptocurrencies combined. It could also pose fewer risks to the world economy, since the value of the public’s fiat savings would be preserved.
“The fact that participation is free is what makes KRNC fair and secure," said Anna Guzova, the project's lead mathematician and economist. “KRNC has already attracted $100 million because there’s no cost to join – and that’s why it can reach $100 billion and beyond.”
Users who register in advance will need to digitally verify their claimed balances before receiving forked currency, a process described in the protocol’s technical paper. The goal is to provide unprecedented protection against 51% attacks, since no adversary can acquire the majority of the world’s fiat bank deposits.