Blockchain has moved on since we started this journey. If Bitcoin was first generation Blockchain, Hyperledger was second generation. We are now into THIRD generation, which is described as permissioned decentralized blockchain.
Libra, Facebook’s offering in the digital currency space is exactly that, and Microsoft is clearly committed to blockchain technology. That being the case, you can bet Amazon and Google are not far behind.
In many ways Scotcoin is lucky that solutions which less than a year ago appeared final and long term, have in fact proven to be less than robust. But we at Scotcoin have remained committed to research and partnerships with credible players in the industry.
We have refined our approach to define 5 pillars on which any solution must stand.
- 1. An efficient and cost effective migration process. We have some 3500 holders of Scotcoin we need to migrate safely and securely
- 2. A robust blockchain solution
- 3. Un-issued surplus coin creation (for reward and future distribution)
- 4. Access to an efficient secondary market or markets and
- 5. Crucially, a reliable and durable delivery partner with likely longevity. Present management both of Scotcoin and providers of blockchains will unfortunately not live forever. That means the company we choose to go with must be extremely well capitalised and look to have longevity.
In terms of progress, for 1/2/3 and 5 we have solid ticks. 4 is the crucial one and is the most difficult for all altcoins.
It is however one we have to make sure works for all our holders. In essence it is the provision of liquidity to all Scotcoin users and this has to be guaranteed.
As ever, America is 6 to 9 months ahead of the UK and Europe in this regard, but that does mean we are able to look at solutions being offered and choose the best features. As usual, everything reverts to the mean and what a few months ago was thin on the ground is becoming almost commonplace today.
We have been through the classic hype cycle of euphoria followed by crash and burn, then slow revival and quiet confidence.
It looks very much as if we are now in this latter stage, with positive developments and progress on the provision of blockchain technology and you can be assured the Scotcoin team is across this.
We at Scotcoin as I say are very much in the penultimate stages of choosing the long term provider we need, and look forward to announcing our collaboration with them in the near future, which we aim to secure the future of your Scotcoin predicated on our five pillars.