A little-known blockchain project more than doubled in value overnight following the announcement of its involvement in a European Union digital economy research program.
The spot price for the Ethereum-based Streamr (DATA) token increased 116% leading into Feb. 12, after it was revealed the project would be used as part of an EU pilot aimed at creating a new kind of money.
Announced on Feb.11, the ATARCA Consortium was awarded €2.75 million ($3.33 million) by the European Commission as part of an initiative to address the “economic inefficiencies” incurred by artificially limiting the supply of digital goods.
In a radical left-turn away from one of the economic principles said to give Bitcoin (BTC) some of its value, the program will try to construct a medium of exchange that gains value through being shared, rather than being scarce.
ATARCA claims to offer an alternative to mainstream economics with its concept of “anti-rival goods” which become more valuable the more they are