Lithuania holds hackathon to mint digital collector coin

June 3, 2018
Lithuania's central bank held a hackathon aimed at issuing the world's first digital collector coin

Lithuania's central bank on Saturday held a hackathon aimed at issuing the world's first digital collector coin to mark this year's centenary of independence for the Baltic eurozone state.

The programming prototype designed by a team of IT developers from Ukraine that won the event, held in the capital Vilnius, was not based on existing blockchain, or so-called distributed ledger technology.

The peer-to-peer computer platform which underpins trading in bitcoin and other cryptocurrencies is decentralised, making it impossible for any single administrator to control it.

But Lithuania's central bank was keen to have a more private and manageable system.

"The winners have come up with a technology allowing central banks to maintain control," Egidijus Paleckis, who is in charge of the project, told reporters.

Marius Jurgilas, a member of the executive board of the Central Bank of Lithuania, encouraged the hackers to "make history" by bringing "numismatics and the digital world together" as he launched the event on Saturday.

The hackathon attracted eight IT teams including some from Cyprus as well as Lithuania.

Julius Jankauskas, a numismatist and coin collector who was part of the jury, explained that the project is aimed at "issuing a digital currency linked to a physical coin".

"The buyer can buy this digital currency, it can be sold several times. If he decides to exchange it for a real coin at the bank, the will have no value," he explained.

The central bank must still decide on the mintage, denomination, price and date of issue, which will come before the year's end.

The 's release constitutes one of the events to mark 100 years since Lithuania's rebirth as a nation in 1918 after being wiped off the map for 123 years.

It also falls under the eurozone nation's bid to become a northern European hub for financial technology or fintech firms and blockchain-based start-ups, especially for those that may be seeking to relocate due to Brexit.

Explore further: Lithuania plans hackathon to mint digital collector coin

Related Stories

Estonia makes 'token' effort to take euro crypto

January 28, 2018

Estonia is looking to drag the euro into the crypto age—and tame the volatility plaguing bitcoin and its peers—by creating a digital token backed by the single European currency.

Central banks warned to weigh risks of virtual currencies

March 12, 2018

A global financial body warns central banks should carefully weigh the risks before introducing their own virtual currencies, saying such innovations could risk destabilizing banking systems and unleash disruption across ...

Bitcoin dispute results in split-coin

August 1, 2017

A dispute among developers of virtual currency Bitcoin gave birth Tuesday to a new version of the crypto coin after they failed to agree on software changes.

Recommended for you

NASA's Mars 2020 rover is put to the test

March 20, 2019

In a little more than seven minutes in the early afternoon of Feb. 18, 2021, NASA's Mars 2020 rover will execute about 27,000 actions and calculations as it speeds through the hazardous transition from the edge of space to ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.