Happy hackathon for Lithuania

Central Station | 4 Jun 2018

Lithuania's central bank 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 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.

"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.

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

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

The coin's release is one of the events to mark 100 years since Lithuania's rebirth as a nation in 1918.

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