Beyond Bitcoin? Little known project jumps 116% on €2.75M EU ‘new money’ grant

The value of the unknown blockchain project more than doubled overnight after announcing its participation in the European Union’s Digital Economy Research Program.

The spot price for Ethereum-based Streamr (DATA) token rose 116% through February 12, after it was revealed that the project would be used as part of an EU pilot program aimed at creating a new kind of money.

The ATARCA consortium, announced on February 11th, announced the award of 2.75 million euros ($ 3.33 million) by the European Commission as part of an initiative to address “economic shortcomings” caused by artificially limiting the supply of digital goods.

Dramatically to the left and away from an economic principle that is said to give Bitcoin (BTC) some of its value, the program will attempt to create an exchange broker that gains value through sharing, rather than scarcely.

ATARCA claims to offer an alternative to mainstream economics with its concept of “anti-competitive goods” that become more valuable the more they are used. ATARCA, led by Professor Becca Nikander from the Department of Communications and Networking at Finnish Aalto University stated:

“The current economic system is not suitable for the twenty-first century, as humans increasingly trade in abundant goods with a limited medium of exchange. The term“ anti-competitive goods ”refers to a new theoretical class of goods that are characterized by abundance and which, unlike competitive or non-competitive goods, become more Value the more it is used. “

ATARCA proposes the creation of “anti-competition tokens”, which will be tested in the next two-part beta phase in conjunction with Streamr, the peer-to-peer blockchain data-streaming network. Streamr is said to be used to test the concept of sharing as a means of payment, using the real-time data-sharing network as a sandbox:

“Unlike cryptocurrencies, such as Bitcoin, the value of anti-competitive tokens will not depend on scarcity but on fundamental human relationships. Their value reflects the way in which relationships are built over time through repeated interactions, by default, which benefits all aspects of transactions. “.

The first part of the pilot program will be implemented initially in Barcelona, ​​using the city’s own digital social currency, the real economic currency. Streamr, an open source project founded in 2017, saw the value of its original DATA token rise to its highest level in three years upon the news announcement, rising from $ 0.08 to $ 0.18 in less than 24 hours, according to data from CoinMarketCap.