Marshallese sovereign

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About the project

What is SOV?

SOV (short for “sovereign”) is a blockchain-based currency and the new legal tender of the Republic of the Marshall Islands.

On February 26, 2018 The Republic of the Marshall Islands’ legislature passed a law making SOV the new legal tender of the Marshall Islands.

This means that — unlike Bitcoin, Libra, and other cryptocurrencies — SOV is money, just like the dollar or the euro.

But SOV also has advantages over traditional government-issued currencies, as it leverages innovations in cryptocurrencies.

Why do we need SOV?

Our Money is broken. Cross-border finance is inefficient, needlessly complicated, and prohibitively expensive. The patchwork of international regulation is dense, opaque, and easy to circumvent.

Governments and banks can create new money at will, Bad actors exploit the ease with which traditional government currencies and cryptocurrencies can cross borders to launder money and finance terrorism. Worst of all, billions of people are unable to access even basic financial services due to cost or lack of access.

We need a sustainable, secure and fair approach to money.

How does SOV work?

SOV is a digital currency. Every transaction is stored on the SOV blockchain, ensuring transparency, security and reliability.

When the SOV chain first launches, 24 million SOV will be created. Of these, 40% will be available for sale to people around the world.

Each year, the supply of SOV will increase by just 4%. This rate has been chosen to promote long-term sustainability and is algorithmically fixed by the SOV blockchain, so the supply cannot be manipulated. This increase goes to the SOV holders and miners - not to the banking system as in traditional finance.

What makes SOV sustainable money?

Like all resources, money cannot be limitlessly exploited. Our global addiction to creating money is sending us towards a cliff edge. We need a new and sustainable approach.

SOV removes the temptation to overexploit the money supply by fixing its increase at 4% annually. What’s more, everyone benefits when new SOV are created, not just banks and governments.