​Mile Unity Foundation on Bloomberg Interview with MUF Board | MILEGRAM

​Mile Unity Foundation on Bloomberg

Interview with MUF Board Member George Goognin has appeared in the print edition of recent Turkish Bloomberg magazine issue. We have translated to you the most interesting parts of article.

— Can you please tell about MILE?

MILE is a third-generation blockchain protocol that have solved both scaling problem and a problem of operation speed. Until recently, there was no decentralized blockchain infrastructure that sidestepped the problem of the slow transaction process.

For example, such systems as Bitshares, EOS, and Ripple are centrally managed by a small group of people. By contrast to these systems, MILE blockchain is decentralized and enable 10 thousand transactions per second. The network have more than 10 thousand masternodes (nodes in the cryptocurrency network), which guarantee security and have equal rights.

By virtue of this infrastructure, with the help of financial instruments, we enable countries, that don’t have an international system of financial transfers, to conduct transactions free of charge through our algorithms.

To give MILE more stability, our cryptocurrency is pegged to international reserve asset Special Drawing Rights (SDR), created by the International Monetary Fund (IMF) as an addition to the countries reserve assets.

— Statutory regulation is expected, what do you think about this?

I have been holding meetings and negotiations with government representatives to discuss the introduction of statutory regulation for more than a year and a half.

In my opinion, the technologies themselves do not need to be regulated, as it is almost impossible to control them. What really needs to be regulated is the human factor, in particular, fundraising and exchange processes.

In fact, statutory limits, that we propose, are simple and clear: security tokens, i.e. substitutes for securities, must meet the periods of public demand. Utility-tokens should be considered from the perspective of economic value. And mining cryptocurrency should not be regarded as a private licensed activity, as miners when buying equipment already pay taxes and customs duty.