Scotcoin is a different type of cryptocurrency. It is an ethical crypto with a strong green agenda. Find out more about the crypto redefining crypto. Brian Sloss interviews Temple Melville – CEO of The Scotcoin Project – to find out more.
Cryptocurrencies, it seems, are all the rage. They are now never far from the news, especially in turbulent economic times like the present. Some 4.8m people in the UK hold some form of crypto.
Scotcoin stands out from its peers. It defines itself as an ‘ethical crypto currency’. This makes it rare in the crypto space.
Crypto itself is huge. The crypto market is capitalised at around $1.2tn – yes, trillion –making it the equivalent of the size of the GDP of a Top 10 global economy. Daily trades across the space are upwards of $60bn.
Controversial as crypto may be the reality is that most of the big banking and investment groups have crypto departments and offer access to clients who wish to explore and invest in the crypto markets. These include Morgan Stanley, Goldman Sachs, Citi Bank, HSBC, Commonwealth Bank and Wells Fargo amongst others.
They are involved for a lot of reasons. One of those reasons is the potential to make money. There is a potential to do that of course. There is also – just like the stock market and any type of investment – the possibility of losing money, too.
Crypto has a lot of value and advantages in-built. Crypto transactions are secure and transparent. Cryptocurrencies use advanced cryptographic techniques to ensure both of these with visible public verification of transactions. They are fast and relatively very cheap.
Cryptocurrencies offer borderless and quick transactions at a fraction of the cost of legacy banking systems. The reality is that more and more high profile businesses are accepting crypto as a payment method.
Finally, for investors, crypto allows an interesting diversification option for portfolios.
The direction of travel is clear. Crypto is here to stay and grow. Remember, Bitcoin itself – the original crypto – only dates back to 2010 for the first recorded crypto transaction. It was for pizza. Had the hungry individual held on to their Bitcoin (BTC) it would be valued at around $280,000,000 today.
SCOTCOIN: ADDING PURPOSE
In truth, most crypto currencies do little. They have next to zero purpose beyond being a transfer or a holder of value. This is particularly true of the so-called meme coins, which are basically pointless.
Scotcoin is different.
Firstly, it is linked to a Community Interest Company (CIC). That means its mission is to help those in need. To date it has supported multiple causes and organisations from Ukraine, animal welfare, food and clothing. Crucially, Scotcoin has social purpose and is using the currency to deliver goods and benefits to projects and communities not just in Scotland but worldwide.
Scotcoin also has history and longevity. It was set up back in 2013 and its development to present day has been hallmarked by patience in pursuit of developing the most ethically fixed token and expanding its functionality beyond what is the norm in the crypto field.
Key landmarks in its evolution include its acquisition by the present owners in 2016 and the setting up of The Scotcoin Project CIC (TSPCIC) at the same time to underline its new social and ethical purpose. The CEO of The Scotcoin Project CIC, Temple Melville – who lectures on the Blockchain and Cryptocurrency – explains: ‘The setting up of the CIC was crucial to the development and vision of Scotcoin – crystallising in a very public way that we are different and we are about helping to deliver positive change for our communities.
‘Individuals and organisations will be able to apply for goods and services to help with their own missions, direct from TSPCIC itself. We have preferred partners in the food, clothing and shelter sectors. The preferred partners accept Scotcoin for goods and services with a view to helping those who need it.’
Currently Scotcoin can be used to access food, clothing, furniture as well as a wide range of other goods and services.
In 2017 the first purchase of a property was made wholly funded in Scotcoin and in 2020 the token migrated to become what is known as an ERC20 token (meaning it is part of the Ethereum blockchain) and in 2021 Scotcoin was granted the highest possible security code rating by industry leaders, Hacken, as well as being Etherscan verified.
In the same year Scotscan.io was created – an online portal for those wishing to become part of the Scotcoin community. This was significant. Says Temple: ‘People could go to sign up and get their own personalised @Scot address. Now it was possible to transfer and store and receive Scotcoin within a designated Scotcoin ecosystem. The system is entirely free and almost instantaneous – something very rare in the crypto world. The Scotscan app is also available on Google Play and The App Store.
‘The Scotcoin community itself now numbers in excess of 6,000 and is growing.’
Scotcoin itself requires minimal power to produce – the equivalent being the energy required to boil a kettle. This was one of the reasons for moving to an Ethereum based token, as Ethereum energy usage dropped by 99.5% last year.
Scotcoin envisages a currency scaling globally and delivering benefits all over the world as the key to multiple applications, uses and impacts.
If you have specific enquiries about any Scotcoin-related questions email direct to: [email protected]
More information at: www.scotcoinproject.com
If you’d like to join the Scotcoin community download the Scotcoin app at The App Store and Google Play – search Scotscan. Or visit Scotscan.io