P2P Project of the Day: ScotCoin

Extracted from Scotcoin.org, Scotcoin is an equally distributed crypto-currency for Scotland

“The SCOTCOIN Project is a completely voluntary, opt-in crypto-currency, available to anyone that is a resident of Scotland and wishes to participate, willingly.

The SCOTCOIN Project is not linked or associated with any banking, financial or corporate institution, and is not linked in any way to any political party, or governmental power. It is simply an opportunity offered to the Scottish people only, with voluntary opt-in and free market adoption.

SCOTCOINS are an online digital currency, which may have the possibility of being used as a medium of exchange or barter.

The SCOTCOIN project functions as a fully de-centralized or peer to peer network. For those that are familiar with Bittorrent sites where file sharing exists, this is also known as a peer to peer network.

The SCOTCOIN project utilizes the P2P technology, in an encrypted virtual private network, which means that there is not one central source running the network, but many nodes, that agree on the outcome of every transaction, by consensus, and post to a central ledger, called the blockchain.

The Blockchain is a public database and sequential record of all transactions made within the SCOTCOIN network, which records all current SCOTCOIN ownership, and all transactions in the past. By keeping a record of all transactions, the block chain prevents a particular digital currency problem occurring, known as double-spending.

Many other crypto-currencies (like Bitcoin) use a process called mining to create new coins. This is a process whereby many nodes solve complex mathematical puzzles to be rewarded with additional coins as they maintain the overall network for transaction processing etc.

The SCOTCOIN project will adopt a unique model and pre-mine the majority of coins (98 Billion), and distribute them directly to the Scottish people that voluntarily sign-up to the SCOTCOIN project.

There will be a small percentage (2 billion) held back to compensate the network participants (miners).

How will I be able to access the SCOTCOIN Network?

In order for each Scot to receive their allocation of SCOTCOINS, they will need to download a Digital Wallet to their computer or mobile device.

We will have digital wallets available for download by 24th February 2014 and will support Windows, Android, Linux & Mac devices.” (http://scotcoin.org/)

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