How secure is the KOINA platform?
You want to launch a commercial money system that will create quite some values in the account of your (business) user accounts. So the question about security, risk or fraud seems very important. How do you handle that in the KOINA system?
We are fully aware of risks and will do everything to avoid leaks or fraud. The currency system is based on a state of the art cryptographic blockchain technology and the eWallets will meet the highest available security standards. Though, fraud could happen on one KOINA Wallet, but not on the whole system due to the decentralized architecture. In addition we are working on a cooperation with an insurance company to voluntarily offer a decentralized credit default insurance. Furthermore, a proper risk management is another prevention in which we plan to integrate the wisdom of the KOINA crowd.
KOINA tests have shown some remarkable aspect: people (or people in companies) who self-issue credit get a very different connotation or emotional identification to this money compared to legal tender. It feels like your own and that stimulates a feeling of “KOINA is mine and I will not pull my own leg!” This is supported by the fact, that all members own the system collectively.