Who will change the world in the next moment? The answer is super-sovereign currency.

 

 

Super-sovereign currency refers to a currency with long-term stability that is decoupled with its sovereign state, the public issuance and use of which will not be limited by violence, laws, or policies from the state. As everyone knows,gold and silver have been regarded as super-sovereign currencies for a long time in the history of mankind. In 1717, Newton set a price for gold that every troy ounce of gold values 3 pounds, 17 shillings, and 10 and a half pence. Since then, gold and silver have gradually lost their functional status as super-sovereign currencies, with the status continuing to this day.

 

As you can imagine, there will be almost no country in the present world which permits super-sovereign currencies of any forms to replace their national currencies that take national credit endorsement. Vested interest groups are all the more so and see it as an abomination. However, provided that it is the sovereign currency which takes the monetary function, monopoly is inevitable. National problem of credit abuse will just force everyone to pay the bill for the bubbles and liabilities, and is the root cause for economic crisis.

 

As the weaker main market players, no matter in a broad sense or a narrow sense, we all hope that payments for trading transactions are based on commodities and services that conform to the principle of goods being genuine and the price fair. This is also our vision for the future! How could we get closer to that vision till making it a reality? Weak and vulnerable as we are, what we can do is to do our bit and propel the history forward, even if slowly.

 

Against the background of science and technology, encryption currency is most likely to become the subject for super-sovereign currencies. For the moment, awareness for encryption currency of most people still stays at the stage for investment and up-valuation. This is a good start because people need time to know more about it. We believe that what we need to do first is to popularize the concept of a “super-sovereign currency”, letting people get to know it, and then realize that encryption currency is capable of taking on the historical task of being a super-sovereign currency. In future, it is very likely to be chosen by history. I know that what we are doing now is more like carrying out enlightenment. Currently, there are too few people who can truly realize the qualifications for encryption currency to be a super-sovereign currency.

 

The one reason that we have chosen ECNY to be the name of ETH is that China once proposed to reform the international monetary system and suggested to create a “super-sovereign currency”. The other reason is that we hope to get more people interested in getting to know the concept of super-sovereign currency by resorting to China’s increasingly stronger impact and popularity in the world. If at least every holder is willing to learn about it, our objective is then achieved. So there goes our goal, popularizing the concept through such a form. It will probably give everybody a surprise in the future.

 

What we ourselves and people who stand behind us need to do next is to get more people knowing the concept of super-sovereign currency. Let’s imagine that what if there are one million people holding ECNY? And how about ten million people? Absolutely that history will move forward because of everybody’s effort. Even if it is a little step forward, we will still feel honored and proud, or so we thought. Perhaps someone will argue that there will be no country willing to introduce a super-sovereign currency. Even if there is, there will be hardly any country or organization with such a power to do it. But still we say that ordinary people are the push for history, and their need will eventually be the choice of history. Let’s wait and see.

 

 

 

 Reform of Global Reserve System: Prospects for Super-sovereign Currency