The cost of the unknown blockchain project more than doubled overnight after announcing its participation in the EU’s digital economy research program.
The spot price of the Ethereum-based Streamr (DATA) token rose 116% through February 12 after it was announced that the project would be used as part of an EU pilot project aimed at creating a new type of money.
Announced on February 11, Atarka has received 2.75 million euros ($ 3.33 million) from the European Commission as part of an initiative to eliminate “financial shortcomings” caused by the artificial restriction on the supply of digital goods.
When it deviates drastically to the left from an economic principle that claims to give Bitcoin (BTC) some of its value, the program will try to create a trading medium that gains value through sharing instead of scarcity.
ATARCA claims to offer an alternative to the regular economy with the concept of “anti-competitive goods” that become more valuable when used. ATARCA, led by Professor Becca Nikander from the Faculty of Communication and Networking at Aalto University in Finland stated:
“The current economic system is not suitable for the twenty-first century, as people are increasingly trading in abundant goods with a limited means of exchange. The term “restrictive goods” refers to a new theoretical class of goods characterized by abundance which, in contrast to competitive or non-competitive goods, becomes The more valuable the more you use it. ”
ATARCA proposes to create “anti-competitive tokens” that will be tested in an upcoming two-part pilot project with Streamr, the blockchain peer-to-peer streaming network. It is reported that Streamr will be used to test the concept of sharing as a means of payment using real-time data networks as a sandbox:
“Unlike cryptocurrencies like Bitcoin, the value of anti-competitive tokens will not depend on scarcity, but on basic human conditions. Their value reflects how relationships are built over time through repeated interactions, which benefit virtually all parties to a transaction.
The first part of the pilot program will first be implemented in Barcelona using the city’s own digital social currency – the real economy. According to CoinMarketCap, Streamr, an open source project founded in 2017, showed that the value of the DATA token rose to its highest level in three years after the news release, rising from $ 0.08 to $ 0.18 in less than 24 hours.