Identabit — A New Take on Digital Currency


Australia was so far considered as one of the promising countries when it came to bitcoin adoption. On the contrary, Bitcoin has been going through a rough patch in the region for some time now, creating doubts about Australia’s digital currency economy. All hope is not lost, thanks to Identabit.

READ MORE: Bitcoin Takes a Back Seat in Australia. Merchants Stop Accepting it

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Identabit is as identity based decentralized currency created by a bunch of software professionals. The four member founding team of Identabit consists of John Underwood, Dan Larimer, Paul Neilson and Stan Larimer. They believe that Identabit is the answer to all the regulatory and legal challenges currently faced by bitcoin.

Unlike bitcoin, Identabit is built over a technology similar to that of bitcoin. But with a lot of additional features. Being an identity backed digital currency, Identabit is compliance ready and can easily meet anti-money laundering (AML) and Counter Terrorism Financing Act (CTF) requirements. Even though Identabit is an identity backed currency, it ensures privacy of the users as well. This is made possible by restricting access to the currency’s distributed ledger. Identabit’s ledger is known as Permission Blockchain.

The features of Identabit are listed as follows.

  • Identity Enforced
  • Facilitating Adoption
  • Easy to Use
  • Compliance
  • Governance
  • Performance
  • Sustainability

Identabit is a versatile digital token/currency that can be tailor made and used for specific applications as well. It can be used as domain specific cryptocurrency which can be used by one particular organization, industry or sector. Identabit is an open source solution, which can be used by developers to build applications and software using Identabit protocol. It can also be used along with Internet of Things platforms.

Banks in Australia have started to crackdown on bitcoin businesses by closing their accounts without offering any reason. Meanwhile, they are also working on integrating blockchain technology to create an international inter-bank network for international fund transfers. By using a custom blockchain powered network, banks will be able to circumvent Central Bank and SWIFT network, thereby reducing the costs and time involved in international fund transfers.

READ MORE: Australian Banks Unfriendly Towards Digital Currency

GreenCoinX is another identity backed cryptocurrency working along lines similar to that of Identabit.