An Australia-based startup has announced plans for a digital currency called Identabit that will enable regulatory acceptance by way of user association. The startup, Thinking Active, characterizes Identabit as the first identity-ensured, decentralized currency. It represents a way to liberate decentralized currencies and will be an alternative to bitcoin, according to a recent press release.
Identabit is the result of a collaboration between Thinking Active, owned by New York software entrepreneur John Underwood, and Cryptonomex, a Virginia-based software company led by Dan Larimer. The press release identifies Larimer as the principal architect of the Blockchain 2.0 project, BitShares. (Bitshares, according to the release, was the first chain to introduce decentralized autonomous corporations (DACs), smart contracts, a decentralized exchange and delegated proof of stake (DPoS), a scalable way to confirm block chains.)
Identity-Ensured Bitcoin Alternative
One goal of Identabit is to protect decentralized currencies with what Underwood calls an identity-ensured bitcoin alternative.
With the increased regulatory attention directed at bitcoin, brought on by the stream of crime empowered by anonymity, we concluded that there was a need for a chain that enabled AML/CTF compliance, enhanced funds security, denial of crimes empowered