Influencer and Innovator
Hungary continues to be one of the leading nations in Central and Eastern Europe for attracting foreign direct investment. It’s also Central and Eastern Europe’s largest electronics producer. Over the past two decades, Hungary has become the influencer and innovator. The country is highly active in mobile technology, information security, and related hardware research. Its capital, Budapest, is the financial hub. Budapest is classified as an Alpha-world city in a study by the Globalization and World Cities Research Network. Notably, Hungary maintains its own currency, the Hungarian Forint (HUF) and recently launched its own cryptocurrency token, the Korona.
Hungary’s Korona is Europe’s latest cryptocurrency. While the launch was in Budapest, its headquarters are in Zug, Switzerland. The team explained that incorporation of the Initial Coin Offering (ICO) was not in Hungary as Zug is today’s crypto-valley of Europe. Zug’s mere location is conducive to efficiency and stability – two things both customers and shareholders demand.
The blockchain-based cryptocurrency runs on the Lightening Network and is guided by a Swiss Foundation with strong European roots. Former Wall Street financial adviser Jean-Marc Steigemeier heads the development team. The vision is to create a marketplace for both merchants and consumers. According to a multi-video public service campaign published on the Korona Coin (@koronacoin) Facebook page, the Korona Team would solicit both national and international merchants to include the token. Korona is to become an accepted currency. At the same time, it is offering consumers a base of participating product and service providers. This is the “Korona Ecosystem.” The team would also negotiate discounts and other incentives to attract consumers and provide small and large brands added visibility.
The proposed Korona Ecosystem would include free web-frames for businesses, instant transfers, an international price-comparison system, smartphone payments in brick-and-mortar stores, and business taxation and information services. The Korona crypto-bank processing tokens and the local fiat currency would support all the above. The Korona Team, though based in a neighboring country, understands the Hungarian regional market, culture, and regulatory and financial frameworks. By creating a unique new ecosystem, added value for ICO partners, citizens, and connected European businesses would be established.
The majority of today’s cryptocurrencies unsuitable for real-world transactions. In contrast, the aim is to design Korona for real-world banking and commercial services supported by a new, efficient transfer technology.