Maltese IT Team Develops Innovative Tourism Venture: Muniti, Malta’s Bitcoin

Maltese IT Team Develops Innovative Tourism Venture: Muniti, Malta’s Bitcoin

A ground-breaking project with innovative features aims at becoming the first touristic cryptocurrency.

Muniti - promoting tourism to Malta by portraying it in all its historic beauty by using avant-garde technology as a promotional tool.

Last year, Bitcoin dominated global news, promising to change the way economies are structured and attracting a whole host of followers to its cause: that of creating a decentralised system whereby every person would act as his own banker.

With Bitcoin becoming increasingly more difficult to “mine” via traditional computers thanks to the introduction of dedicated ASIC (Application-specific integrated circuit) machines, several derivatives of Litecoin, which in turn is derived from Bitcoin albeit using sCrypt rather than SHA-256 as a hashing algorithm, have been developed over the past months, only to succumb to the same fate as Bitcoin with the development of sCrypt ASICs.

Muniti’s primary aim is that of boosting Maltese tourism on an international level, whereby people from all over the world are free to mine Muniti and use it to purchase products from Malta, without the potential restrictions of the Euro.

Enter Muniti.

This is a cryptocurrency based on the X11 algorithm developed by Darkcoin's creator Evan Duffield; it consists of a mix of hashing algorithms which makes it more secure, resistant to ASICs, has much faster transaction times than Bitcoin and also 50% more efficient than sCrypt, resulting in a much lower heat emission and power consumption. Muniti has been launched last March, portrayed as Malta’s cryptocurrency which is renowned as a historic Mediterranean island forming part of the EU, with a warm climate, lovely beaches and a vibrant nightlife. Muniti’s primary aim is that of boosting Maltese tourism on an international level, whereby people from all over the world are free to mine Muniti and use it to purchase products from Malta, without the potential restrictions of the Euro.

This project has been initiated by a group of Maltese IT developers with Malta's interests at heart. One of the administrators in the Development Team, Mario Buttigieg, explained that Muniti would be distributed via door-to-door (D2D) distribution initiating on the 5th of June, with each Maltese household receiving a total of 156 Muniti staggered over four “maildrop” distributions spanning a year. Mr. Buttigieg explained that this is possible thanks to Malta’s size and large population density. Another member of the Team, Richard Spiteri, explained that thanks to this distribution, the Maltese denizens would be incentivised to use Muniti, smoothing out the required integration so that visiting foreigners would be able to utilise their earned Muniti on the island.


Related News

VAIOT Becomes the First Regulated Blockchain Project under Malta’s VFA Act

VAIOT, a novel blockchain and AI-based intelligent contracts platform, has created a milestone by becoming the first digital services business to register its whitepaper with the Maltese authorities under its new regulatory framework for regulating digital assets. The successful registration of the project’s documents with the Malta Financial Services Authority (MFSA) ensures the upcoming VAI […]

Hawaii to Consider Bitcoin-Friendly Blockchain Bill to Boost Tourism

Hawaii, the 50th and most recent state to join the United States of America, is jumping on the blockchain train with the announcement of a legislative bill that’s aimed at exploring the technology. House Bill 1481, which was filed on January 25, has been created to help form a team of people to consider the best ways that the use of blockchain can help to boost Hawaii’s tourism and technology. The bill is being sponsored by Democratic Reps Chris Lee and Mark Nakashima. According to the authors of the bill, they state that: “The legislative finds that leading industries and governments are....

Malta’s ‘blockchain island’ strategy falters as banks refuse to play ball

Malta’s plan to become a"‘blockchain island" appears to have stalled, with few retail banks indicating a willingness to work with crypto firms. Malta’s Finance and Employment Minister, Clyde Caruana, has revealed that the nation’s plan to become a “blockchain island” is floundering due to the unwillingness of local banks to work with innovative firms.Speaking to local media outlet Lovin Malta, Caruana noted that few local businesses have been able to secure banking partners, asserting: “Traditional banks have written off blockchain at its early stages.”“The banks must be convinced that....

Thailand Authorities Are Targeting Japanese Crypto Holders to Boost Tourism

Thailand seems to be interested in catching Japanese crypto holders’ attention via tourism. The country wants to establish a crypto-friendly touristic hotspot and the first targeted country is the nation of the rising sun. Program Aims to Add New Segments With ‘High Spending’ Per Bangkok Post, the Tourism Authority of Thailand (TAT) seeks to put the nation as the first to welcome crypto holders by targeting Japanese tourists in the early stage. The maneuver is given in the context of the pandemic that hit hard Thai’s tourism. The program looks forward to emphasizing....

Thailand Plans to Become ‘Crypto-Positive Society’ — Governor Says ‘Crypto Is...

Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown. Thailand Plans to Attract Crypto Holders The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn. ....