Royal Blockchain Authority
The Royal Blockchain Authority (RBA) is the agency tasked with providing counsel to the Grand Duke regarding blockchain uses and innovations for Westarctica.
Blockchain is the underlying technology that powers Bitcoin and other digital currencies using cryptography. Blockchains are secure by design and are an example of a distributed system that is suitable for recording of various types of events or information.
Creation of RBA
The Royal Blockchain Authority was created by the Minister of Blockchain, the Honorable Brian Erdelyi, a cybersecurity expert. In July 2017, Brian developed a blockchain simulation using information from Westarctica. Grand Duke Travis was so impressed that he eventually created a ministry in the Royal Council to find new and innovative uses for the blockchain technology.
Activities
Digital currencies like Bitcoin and others are becoming a popular digital asset for investment. Assessing the value of these digital assets is complex and susceptible to fraud. Although digital currencies are decentralized and generally unregulated, the Royal Blockchain Authority has proposed a voluntary digital currency trading code of ethics for public feedback.
Westarctica's cryptocurrency
- Main article: Westarctican Dollar
The Royal Blockchain Authority is responsible for developing and distributing Westarctica's cryptocurrency, the Westarctican Dollar (WAD). Although the proposed timeline for deployment of the new tokens was 1 May 2018, as of 8 May, the project has fallen behind schedule.