As chairman of the board of the Nighthawk Group, an international barter and trade organization involved in other luxury assets, James Bolin possesses a deep knowledge of global markets and commerce. Operating in several countries, Nighthawk and its partners has amassed a global presence that holds major strategic influence on the world monetary stage.
Possessing both a wide knowledge of finance and an even deeper historical view of money, Bolin sees life and progress as predicated by innovation and calculated risk. He believes that our world is facing an unprecedented period of global wealth transfer that will have profound implications for the future of money. This trend, said Bolin, has led him on an ambitious quest to create a trade dollar of value that is cash convertible. The Blockchain is the technological mechanism that he thinks can deliver on this promise.
In partnership with New York entrepreneur Dean Anastos, Bolin created the kryptonite trade coin (KTC), an asset based digital currency. Kryptonite’s value is to act as a “gateway” currency allowing holders to buy or trade assets or services worldwide. Using smart contracts on the Ethereum blockchain, kryptonite will allow users to employ encrypted wallets for highly secure transaction between parties.
Anastos, founder and CEO of BlockchainDevelopers.org, is working with Bolin to weave together the critical infrastructure necessary to make this vision a reality. Luckily, experience is on their side. For many years, Blockchain Developers has worked on the front lines of this space, specializing in token creation and using smart contracts on the Ethereum blockchain.
The digital currency’s name, kryptonite, is best known from DC Comics’ Superman. In the Superman story, kryptonite is the superhero’s greatest weakness. By giving their digital currency the same name, Bolin and Anastos want to carry over the theme in the hope that they can deliver a solution for the current weaknesses of global trade and barter markets.
This project aims to remove restrictive regulatory trade barriers, allowing individuals, businesses and other legal entities to purchase or sell valuable assets and services.
Trade transactions can be executed more rapidly and securely across geographic boundaries through KTC. Bolin noted that the coin will have the ability to be traded or sold, both publicly and privately. Moreover, he said that it will be listed on public exchanges with no central authority or third-party limitations hindering its use.
“Our intent is not to reinvent the wheel,” said Bolin. “Rather, we’re seeking to disrupt this space by leveraging the mechanisms and secure applications that the blockchain can deliver. Kryptonite will deliver on this promise by providing buyers, sellers and traders with unlimited financial flexibility including the ability to obtain cash (fiat currency) from digital barter transactions.”
Bolin also said that there is a big need for a recognizable international coin that dovetails off of Nighthawk’s influence with its collective partners and deep roots in high-end luxury entertainment, travel, media, dining and hotel markets worldwide.
“We have extensive barter and trade relationships in this space that are a perfect match for our universal coin.”
He believes that governments will also want to become key players in the Kryptonite digital community. “Our coin would allow governments to accept it with the overall goal of bringing everyone who is in the international trade world into something that’s cash convertible and can be used through debit cards and otherwise.”
Anastos weighed in on this narrative, “We are essentially taking an old-world business model [global trade and barter that has existed for many years and are tokenizing it. We are bringing it now to the blockchain where everything will be done through smart contracts, where people can view all the assets that are a part of our platform and participate through the Kryptonite ecosystem that we are going to build out.”
Bolin and Anastos both highlight a unique feature of Kryptonite amid the increased scrutiny received by digital token issuers from regulatory bodies: Kryptonite is intended to be transparent using an accounting firm to assist with setting up and coordinating protocols and regular audits.
“We’ll show that Kryptonite coin is always backed up with the luxury assets,” said Bolin. “And we are also going to be SEC compliant and abide by AML laws. Through transparency we intend to reiterate to the world that we are real and that these assets are real.”
Bolin concludes by reiterating his belief that cryptocurrencies will likely create the greatest wealth transfer in the history of mankind, “Our ultimate goal is to have the number one, most respected coin in the world. We believe that our sound business practices and present business model will allow us to achieve this in due time.”
This promoted article originally appeared on Bitcoin Magazine.