The Walmart supermarket chain has issued a patent application for the launch of a cryptocurrency with features very similar to Facebook’s Libra. Apparently this digital asset will not only be a stablecoin, but it could also generate interest.
The “Libra” Project initiated by Facebook to offer a stablecoin to its social media network has not gone on the market and is already shocking the world. Apart from lighting the alarms in the United States Congress and demonstrating through several sessions by international leaders that it is already revolutionizing the world, it is ahead of a new cryptocurrency designed by the supermarket giant, Walmart.
There are international discussions about whether Libra really accompanies the interests of the global economic system, or at least respects the privacy of its users, however, what is certain is that it will forever change the concept of online hiring and act as a door towards the cryptocurrency market in general.
The application was published yesterday on the page of the US Patent Office, although the date dates from January this year, as can be seen in the document, which means that Walmart is not exactly copying Libra, but rather He has invested months of planning and work on this new proposal. However, its similarities with the stablecoin of Facebook has managed to amaze several members of the community.
After having knowledge about this project, it is impossible not to wonder how many renowned companies will have started their own initiatives for cryptocurrencies using their resources. Considering that the adoption of Blockchain has been on the rise in recent years, it is safe to say that we are facing a new era of crypto.
What’s Walmart Coin all about?
In its application to the US Patent and Trademark Office, Walmart promotes the concept of a digital currency linked to a fiat currency, such as the Euro or USD, the latter being the one it really refers to. Although Libra is directly linked to national currencies and has the backing of many financial institutions that operate with national currencies, Facebook also presented the Project as a basket of fiat currencies and government bonds.
The news media “Coindesk” has reported that the presentation suggests that the Wallmart currency could help provide financing for those with limited access to banking services, one of the main claims Facebook has made for Libra, most likely in an effort for attracting the public (and regulators) about your project.
Despite its similarities, what we now call Walmart Coin has particular features that look great from the perspective of users and investors. One of the most important differences that the patent application has is that the holders of this cryptocurrency could even earn interest. But the case of Libra is different, the interest generated by the potentially vast reserve funds of the scheme would go to the Libra partners that support the company.
In addition, Walmart indicates in its application that its token could store user purchase histories in the blockchain. After this, he would apply the savings related to his subsequent purchases in a manner similar to loyalty points.
Beyond the data storage system that this token will have, the application suggests the possibility of eliminating the need for credit cards and acting as a preapproved biometric credit, such as the fingerprint, for example.
Walmart and its relationship with Blockchain
It is no secret to anyone that Walmart has been taking advantage of the qualities of Blockchain for some time to track products such as fresh vegetables and pharmaceutical supplies. Even last year, interest in a blockchain-based program that would facilitate the delivery system with drone performance was reported. A database with all the information related to the packages would be registered, thus allowing the communication of automated drones.
It has also been investigating several cases of technology use, with projects that include the connection of automated delivery drones. He has also filed other patents related to Blockchain and food traceability, package delivery and energy supply.
No doubt such a currency carried by a commercial giant like Walmart is going to move American public opinion, perhaps at levels of what Libra has done.