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How Paraguay is Redefining Blockchain Sovereignty with Legaledger – No More Gas Fees!

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Paraguay has made a notable advancement in the blockchain industry by creating the Paraguayan Blockchain Chamber, focused on promoting financial innovation on a sovereign blockchain. Ricardo Prieto, the Chamber’s director, outlined the initiative’s main goal: developing blockchain solutions across both public and private sectors, including government, finance, commerce, and civil and military domains.

The project, called Legaledger, is built on Hyperledger and Besu*

platforms, positioning it as the world’s first third-generation blockchain network with national sovereignty. A key feature of Legaledger is its exemption from gas fees for military and legal security transactions, in line with Paraguay’s Digital Law 6.822/21.

Prieto emphasized Legaledger’s innovative fractal architecture, which is the first to utilize a dual blockchain framework (Hyperledger Fabric + Besu) with the ability for regional and global replication. This design allows seamless interoperability between countries, addressing a concern highlighted in a report by the Bank for International Settlements (BIS) on the risks of using third-party blockchains for legal security.

In 2021, Paraguay passed Law 6.822/21, governing trust services for electronic transactions and documents. This law laid the groundwork for Legaledger, offering a blockchain network with national sovereignty, no gas payments, and strong legal security, with the potential for global replication and perfect interoperability between countries.

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Prieto explained that the third-generation blockchain was designed to ensure legal security for blockchain-based transactions and procedures, which global blockchain networks often fail to provide. Additionally, the initiative enables the digitization of government, civil, and military judicial processes, as well as the tokenization of financial and real-world assets (RWA), all under a framework of legal certainty.

Since its inception in 2021, the project has faced challenges, particularly in tokenizing real estate assets. Legal consultations revealed that public blockchain tokens alone do not guarantee legal security for property ownership, underscoring the importance of public registries and notaries in ensuring lawful ownership transfers.

Legaledger’s fractal design can be applied across various sectors, maintaining interoperability for sequencing, publishing procedures, and international operations. Prieto pointed out that, unlike other countries, Paraguay’s unique digital law allows for the secure digitalization of rights over tangible and intangible assets on a sovereign blockchain.

By implementing a sovereign blockchain with legal security, countries can establish an international digital jurisdiction, enabling high levels of procedural digitalization and asset tokenization under a legal framework, concluded Prieto.

Source: crypto-news-flash.com

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Sui’s Path Forward: Bybit Web3 and Sui Foundation to Host Exclusive Debate Live at Taipei Blockchain Week

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Oxbridge / SurancePlus Announces Upcoming Participation in Key Industry Events

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Prosper Powers Bitcoin MENA 2024 as Official Hashrate Sponsor

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Prosper, the leading decentralized protocol offering institutional-grade Bitcoin mining power on-chain, proudly announces its role as the official Hashrate Sponsor for Bitcoin MENA 2024. The highly anticipated conference will take place on December 9-10, 2024, at the iconic Abu Dhabi National Exhibition Centre (ADNEC), bringing together industry experts and key players from the global Bitcoin ecosystem and the wider crypto industry.

As the official Hashrate Sponsor, Prosper will feature prominently at the event and host an interactive booth where attendees can engage directly with its team and explore how Prosper is setting the standard for institutional-grade Bitcoin mining power on-chain, further unlocking Bitcoin’s full potential as the most decentralized cryptocurrency.

“As one of the most innovative community-focused projects under Animoca Brands, we are excited to showcase our unique offering at this year’s Bitcoin MENA event which aligns perfectly with our mission to democratize access to Bitcoin and its mining power,” said Milton Lam, Advisory Council Member & Launch Partner, Prosper. “Our participation underscores our leadership in institutional-grade Bitcoin mining innovation, advancing the possibilities of the world’s original and most decentralized cryptocurrency.”

Bitcoin MENA 2024 will bring together global leaders and influential voices, including Eric Trump, Prince Filip of Serbia and Saifedean Ammous, to shape the conversation on Bitcoin’s future.

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Eric Trump, Executive Vice President of the Trump Organization, will deliver a keynote address at Bitcoin MENA 2024, marking a significant milestone for the event. His participation brings a wealth of business acumen and leadership experience to discussions on Bitcoin’s growing adoption in the Middle East. Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, the Trump family’s growing support for Bitcoin as a solution to combat inflation in the U.S. underscores the event’s importance.

Other notable attendees include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard and Abdulla Al Dhaheri of the Blockchain Centre Abu Dhabi. Their involvement highlights Bitcoin MENA’s influence and Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy.

The Abu Dhabi edition of the Bitcoin Conference promises to be a transformative event, uniting institutional investors, developers, influencers and enthusiasts to explore Bitcoin’s rapidly growing potential in the region and globally.

The post Prosper Powers Bitcoin MENA 2024 as Official Hashrate Sponsor appeared first on News, Events, Advertising Options.

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