The unknown blockchain project has more than doubled its value overnight after the announcement of its participation in the EU research program on the digital economy.
The spot price of the Ethereum-based Streamr (DATA) token rose 116% until February 12 after it became known that the project would be used as part of an EU pilot program aimed at creating a new type of money.
The ATARCA consortium, announced on February 11, announced a 2.75 million euros ($ 3.33 million) commitment from the European Commission as part of an initiative to address “economic weaknesses” caused by artificial restrictions on the supply of digital goods.
Far left from the economic principle, which is said to give Bitcoin (BTC) some value, the program will try to create a medium of exchange that gains value through sharing, rather than being in short supply.
ATARCA claims to offer an alternative to the conventional economy with the concept of “anti-competitive goods” that become more valuable as they are used. ATARCA, chaired by Professor Becky Nikander from the Faculty of Communication and Networking, Aalto University in Finland, stated:
“The current economic system is not suitable for the twenty-first century as people increasingly trade in abundant goods with limited means of exchange. The term “restrictive goods” refers to a new theoretical class of goods characterized by abundance and which, in contrast to competitive or non-competitive goods, becomes more valuable the more they are used. ”
ATARCA proposes to create “anti-competitive tokens” that will be tested in the next two-part beta, along with Streamr, a direct peer-to-peer streaming network. The Streamr is said to be used to test the concept of sharing as a means of payment, using real-time data networks as a sandbox:
“Unlike cryptocurrencies such as Bitcoin, the value of anti-competitive tokens will not depend on scarcity, but on basic human conditions. Their value reflects how relationships are built over time through repetitive interactions, by default, that distribute all aspects of a transaction. “.
The first part of the pilot program will first be implemented in Barcelona using the city’s own digital social currency, the real economic currency. According to CoinMarketCap, Streamr, an open source project founded in 2017, showed the value of the original DATA token climbed to its highest level in three years after the news release, rising from $ 0.08 to $ 0.18 in less than 24 hours, according to data from CoinMarketCap.