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25 January 2017
Over the last three years a number of national cryptocurrencies have been created as an alternative to conventional types of legal tender. In many cases the economic turbulences were prerequisites for such innovations, although sometimes the scenario resulted from other circumstances. The vast majority of national cryptocurrencies, the so called altcoins, are concentrated in Europe, with few exceptions, and they have set the goal to become a civil solution. Some of the projects have failed, however, today we are going to look at those of them which have survived to date.
Introduced by Baldur Friggjar Odinsson, Auroracoin was created as a national cryptocurrency of Iceland. Launched in January, 2014, it was developed to stabilize the economy of the country and to discover a digital alternative for its citizens, who had suffered from the disadvantages of the governmental financial system. Its creators had an intention to take the power away from the politicians and return it to the people, particularly after the outcome of the 2008 crisis.
This cryptocurrency gives the users an opportunity to securely send money anywhere, and anonymity is also possible, should such necessity occur. But the consumer’s identity still can be tracked by transactions. It has a limit of 21 million coins, thus, the more people use it, the higher is the price. Two years after its launch, Auroracoin was re-based on DigiByte, changing the original script hashing algorithm and decreasing the block confirmation time to 61 seconds as a result.
Scotcoin was created as an alternative to the traditional currency, for its creator, David Low, strongly believes that altcoins show signs of the economical revolution and they will give Scottish people an opportunity to get acquainted with the new financial technology. Scotcoin is a non-profit project based on donations and to popularize its product everyone who attends their presentations is given a special wallet with the cryptocurrency under certain conditions.
Consumers can use Scotcoin by downloading a special mobile application, then they need to buy money using the exchange and send their coins to a wallet address the system generates. 1000 in Scotcoin equals £3, but it’s more cost-efficient to buy 5000 for £11.25. The mission of the project is to spread the cryptocurrency, creating the network of businesses and individuals who are ready to accept it, which should lead to more independence from pound. It offers fast p2p transactions and low processing fees.
Strelingcoin was created as a decentralized open-source cryptocurrency for the UK and the British Isles in 2014. All users of the Sterlingcoin wallets share the public ledger which makes the system transparent and increases the level of security. It uses the proof-of-stake consensus mechanism and the X13 hashing algorithm which helps to increase resistance to coin mining. The total number of coins is 63,900,000.
Sterlingcoin can be uploaded to Mac, Windows and Linux and it has a system of bonuses for clients who bring new merchants. The rewards are also available for those who have new software suggestions, or can entertain the developers with funny material about their product. It uses modernizations from PeerCoin and Novacoin to always keep pace with new technologies. The latest price for 1000 SLG is approximately $13, and it’s still going strong.
Deutsche emark is a cryptocurrency launched in the end of 2013 to bring back forgotten mark as the first national altcoin. The p2p payments are available to anyone who has a Deutsche emark wallet, the fees are low, transparent and secure and the users don’t need to contact banks. The cryptocurrency is mined with all ASIC hardware including the oldest generation, which isn’t compatible with some other altcoin systems.
Deutsche emark is available on Mac and Windows and can be downloaded fast. The latest price for 1000 DEM is approximately $25 and 500 million DEM are predicted to be mined by 2051. Just like Bitcoin, it operates on SHA-256 Proof of Work. Deutsche emark sets 2 minute block targets and has a variety of pools and two exchange platforms. With the idea of missing old times behind this project, it has successfully attracted attention of many local merchants and proving to be viable enough and competitive.
It serves as one of the most brilliant examples of the outstanding cryptocurrency introduction. In February, 2014, Payu Harris, a Native American activist and trader of cryptocurrencies, created Mazacoin to manifest the independence of Native Americans and their community. Its development refers to the treaty they signed with the US government in 1868. The certain amounts of currency were released in fixed periods of time and regulated by Kimitsu Asset Management and the additional coins were concealed or placed in a trust fund.
Mazacoin is based on a proof-of-work consensus mechanism and all data and software are updated regularly. The cryptocurrency belongs to a sovereign state, therefore there is no need for it to be a part of the competition with traditional payments. It is equipped with both mobile and desktop wallets the consumers are able to download. The latest price for 1000 MZC is around $0.18. Mazacoin has filled the bill for natives, thus it still thrives.
Whether these national cryptocurrencies were established out of nostalgia or intended to stabilize the economy, they have managed to remain stable and successful. When it comes to maintaining balance of the national altcoins it is crucial to set the goals and determine the potential consumers. The companies mentioned above have made such an accomplishment by trying to protect the economy and independence of their nations.
Exciting articles several times a month