The government has funded Milicent, a British distributed ledger company in the form of the UK Research and Innovation (UKRI) Innovate UK SMART Award. Milicent will be using the funding from the grant to access resources to continue the development of its digital finance network.
Milicent is using next-generation hybrid ledger technology-combining blockchain structure and Directed Acyclic Graph (DAG) speeds to transform the financial system into an open, interconnected, and borderless digital network underpinned by a suite of regulation-compliant stablecoins. This will be the first stablecoin and Central Bank Digital currency project supported by the government.
Cryptocurrency and Blockchain have not truly penetrated the mainstream, but Milicent’s decentralized finance network integrates with the existing open banking framework worldwide, creating a universal financial system that will enable easy flow of currencies across borders as well as between the on-chain and off-chain ecosystem.