Microsoft and a consortium of chip and system makers are introducing the world’s first blockchain-backed virtual currency.
The virtual currency is Etherium, which can be traded on a peer-to-peer network, and is backed by Microsoft’s Azure blockchain.
The currency will be available for download in Microsoft Azure cloud-based cloud services starting this month.
The cryptocurrency will be supported by Microsoft Azure, Intel, and its partners.
Microsoft CEO Satya Nadella described Etherium as an opportunity to revolutionize the way businesses operate and the way we manage money.
“By harnessing the power of blockchain technology, we are offering a new way to make sure we can connect our products, services, and applications with the world around us,” Nadell said in a statement.
“With Etherium we are not only offering new opportunities for our customers, but also creating new opportunities in the world of finance, education, and other businesses.”
Etherium is built on a decentralized, distributed ledger of tokens that will be issued by the consortium of companies that form the consortium, including Microsoft, IBM, Intel and the European consortium of major financial institutions.
Microsoft and the consortium have been working on the protocol for the past year, but Nadello said it was important for Microsoft to build an ecosystem for the currency to succeed.
“We have been building out our ecosystem for years, and today it is ready for the blockchain,” he said.
“Today, Ether is the first new payment system to be built in the blockchain that we know of.
It will revolutionize how businesses and consumers interact with each other and with one another’s assets.
We believe it will be a transformative technology for the payments industry and for society as a whole.”
Ethereum, a decentralized and open-source distributed ledger that aims to be more secure, transparent, and secure than Bitcoin, was first unveiled in August, but has been gaining traction in the financial and legal sectors.
Microsoft said Etherium is the world first blockchain based virtual currency that will offer its users instant liquidity and secure transactions without the need for a centralized exchange.
Microsoft said Ether will enable merchants to provide secure, fast, and efficient digital payment solutions, with transaction speed comparable to the best legacy payment systems.
“Ether will help us to provide our customers with more transactional options, and we believe that this will help them to thrive as an ever-changing global economy,” Nadeslla said.
“We believe Etherium will be the first of many new digital currency solutions to be launched by Microsoft in the coming months.”
Eetherium will not be backed by any central authority.
Instead, its use will be controlled by a consortium that includes Microsoft, Intel Corp., and the world-leading cloud services provider IBM.
Microsoft’s Azure cloud services will offer Etherium and will be used by customers who do not have a Microsoft account.
It’s possible to buy Etherium with fiat money or buy it using Microsoft Azure credit card.
Microsoft will not sell Etherium to anyone, but will allow users to use it for payment services.
Microsoft Azure is the largest provider of cloud computing services, including Azure Internet Apps, Azure Storage, and Azure Virtual Machines.
Microsoft also said that it is partnering with BitPay to offer Ether for online payments.
It is also working with a consortium, BitPay, to create a platform for online digital payment.
Microsoft and BitPay have been partners in the development of Bitcoin and Ethereum.
BitPay has a team of more than 40 people in Redmond, Washington.
