Inspired by the working model of the International Monetary Fund (IMF), IMF Blockchain is providing the futuristic outlook of the crypto economy. The firm aims to strengthen inter-blockchain cooperation to ensure decentralization in the crypto space. The projects with previous failures due to scarce resources or some other difficulty will be provided with proper guidance and resources through this initiative.
The Crypto market has seen wider adoption over the last two years. A lot of new initiatives started and failed either due to a lack of resources, proper guidance, or technical infrastructure. Leaving the centralized factor aside if we look at the fiat financial structure, then it is more mature and well-structured. The institutions like the United Nations, the World Bank, and International Monetary Fund (IMF) help the country with poor economic conditions to strengthen human and institutional capacity. IMF Blockchain has adopted this working model.
With the crypto market in the scene, the world is moving faster towards digitalization. A totally virtual world is being built to provide ease to people. Cryptocurrencies are working as an alternative to fiat currency. If IMF already exists then why not just take the working model of this and implement it in the crypto ecosystem.
Working of IMF Blockchain:
IMF Blockchain is bringing the concept of cooperation and technological advancement in the crypto space. A network of blockchain will be created in which each member will get support from the rest of the community. Just like International Monetary Fund, IMF Blockchain will oversee the financial condition of member blockchains, provide modern tools, and lend the money to the members in need.
IMF receives a specific amount of funds from each member country depending on their economic condition. This rule also will be applicable in this ecosystem. Each member of this community will pay a specific amount of funds depending on their economic condition. These funds will be used for various purposes like marketing, community growth, and helping the members in need.
The blockchain has also created its Token ($IMF) which will be tradable on all the member blockchains. Any individual can be a member of the IMF ecosystem by paying a specific amount to the blockchain. These collected funds from the members will be used to help the members in need. There are three specific fields in which IMF Blockchain will help the members. Let’s look into these fields to have a better understanding of this project.
Monitoring Member Blockchains financial Condition:
In IMF, economic surveillance of member countries happens at both national and global levels. The member of this ecosystem will also be surveilled at different levels. The developments in the blockchain will be monitored and revealed in the next evaluation session. A series of suggestions and a plan of action will be given to the member facing stability risks in the crypto market.
IMF provides member countries with loans to nurture their economies. On the same pattern, the member of this blockchain can borrow the funds for their economic growth. The members will get the loan from the firm if the majority agrees to it.
Lending through the IMF takes two forms. The first is at non-concessional interest rates, while the other comes with concessional terms. The latter is advanced to countries with low income and bears very low or no interest rates at all.
IMF provides a number of technical assistance to its members in a wide range of areas such as public financial management, tax policy, administration, and banking.
In IMF Blockchain a number of training programs will be started to provide the necessary assistance to the members with weak infrastructure and economic conditions. As the main goal of the firm is to provide financial stability to its members, a team of experts will be hired to assess the economic condition of member blockchains.
Any blockchain or individual who wants to be a part of this ecosystem will sign a treaty/Smart-contract. By signing this treaty, he will be a member. Each member will pay a specific amount to the firm for operational costs. This collected fund will also be used for marketing and lending purposes.
The organization aims to strengthen human and institutional capacity. This is very important for blockchains with previous policy failures, weak institutions, or scarce resources. Through capacity development, member nations can help strengthen and improve growth in their economies and create jobs.
The IMF blockchain is providing such an infrastructure that is already tested in the fiat financial system. A competent team of this project is determined to approve the project from the International Monetary Fund (IMF) itself. With a future strategic vision and a strong team, Hero Book can be said to be a project with a prestigious vision, rich in potential for sustainable development and well worth participating in and experiencing.