Meet Up: Avalon 8 May 2019

Our Meet Up to catch up on all things Scotcoin happened on Wed 8 May at the Avalon, Glasgow:

Scotcoin Charity Work

Tommy Reid from the charity EatUp joined us to explain how Scotcoin is helping them improve life for people in Scotland. In fact that is our mission statement – improve the lives of people in Scotland. As we have frequently said, it is our intention to inhabit the Charity sector. We have several ongoing initiatives which we intend to nurture and grow in this respect, and feel sure this is something holders can relate to and will wish to support.

So, where is Scotcoin at the moment?

New team members: Social Media and Business Outreach Managers

  • Elizabeth Myles –Geddes, joins us as our social media manager. If you have any stories or information you think relevant, please get in touch with her to co-ordinate and schedule posts.
  • Michael Robertson is undertaking a project for us to enhance our reach in the Scottish business community.

He and Elizabeth will be working closely to make sure all our efforts are connected and moving in the same direction.

Development progress

In terms of development, we are well through the work needing to be done both with our development partners and our own technical people, who are obviously going to be trained in what the new blockchain is and can do. There have been many hostages to fortune in the past because this is not like making a paper aeroplane, it is an extremely complex and difficult AND expensive process which moves at its own pace.

Real life examples of how long complex development can take:

  • MaidSafe from Troon who said several years ago they were within a month or so of launching and still have not done so.
  • Interbit, Canada, who are working with International Banks on various projects. They used to be called BTL, but in essence they have continually missed their deadlines.

My point is that large software development programs require patience and time, and ours is no different. But we WILL get there.

Networking Scotcoin

More importantly, we continue to work towards collaboration with other coins and other uses of coins.

  • Women’s Coin: We are in the process of formalising an arrangement with Women’s Coin. Their object is to empower women everywhere and enable them to work for themselves within their own ecosystem. This would represent a large expansion of people who might use Scotcoin and as a result we firmly believe that not only would we have more Scotcoin holders, but also more businesses accepting coin.
  • Blockspot verified: We have recently been verified by Blockspot. Blockspot are the largest and most trusted verifier of Crypto currencies, covering all metrics. We will shortly be undertaking a joint promotion with them which we hope will expand the numbers of our coin holders.

As of now as I’m sure you are aware, Scotcoin is using the Counterparty Protocol, which is in essence the Bitcoin blockchain. Part of that protocol is the requirement that trading on the Counterparty DEX or decentralised exchange can only be undertaken using Counterparty’s own coin, which is XCP- in other words a secondary intermediary token with all that implies for volatility and instability. Once we move away from Counterparty, there will be no requirement for an intermediary token. This in itself will enhance the value of our coin. We intend to be available on a minimum of three exchanges, subject to their requirements. It’s worth reiterating that the reason for the migration is that as we have said before there is no chance that in the future regulators and central banks will allow funds to be sent anonymously with no idea of where those funds have come from, who they are going to and whether or not they have had tax levied on them. This is the whole point of our migration, and we have continually said that our KYC and AML protocols will comply with any and all regulations as required. It should be noted however that there is no compunction on anyone to migrate. It is entirely up to the individual to make their own decision.

There is a very important point here. The entire development process has to date been funded from donations of coin or money from the holders of the IP. Yes that coin has then been sold, but that does not detract from the point that we donated the coin in the first instance to the project. In other words, people buying coin received value for their money. Effectively, so far, everyone  has had a free ride on the backs of the IP holders. In addition, we have several hundred wallets which, for whatever reason, have very little Scotcoin in them – indeed, some of them have less than one SCOT. It is our intention to close out any wallets with under 100 SCOT in them prior to migration. We do, however, wish to keep these wallet holders as our continuing holders. In order to do this, at the moment we are current selling at the equivalent of just over £14 per 1000. We will shortly be offering limited coin at a heavily discounted price to enable people to participate in the migration who presently would not be able to be a part of it. It should also be said we will accept other Crypto currencies in exchange. If you are in this category, and wish to participate, please get in touch with myself. It is also worth mentioning that Scotcoin, the coin, is distinctly separate from The Scotcoin Project. The latter is a CIC with the task of educating and explaining blockchain and crypto currency to people in Scotland. Scotcoin is one of many crypto currencies which we hope will become defacto the one and only crypto currency for Scotland.

I would refer back to our previous ideas about the migration. We have  had feedback from holders and our idea of aligning existing SCOT to nearer £1 per Scotcoin by the compression of 100 SCOT into 1 NEW SCOT ( colloquially referred to as V3) has not been well received. Accordingly we are rethinking this and will advise in due course.

The costs associated with the blockchain are of the order of £250,000. In order to fund the blockchain it is clearly unfair that the IP holders should pay for everything as it benefits everyone else. There are still holders of Scotcoin who have never bought any, somewhere in the region of 150-200 at last count, having been given them in an airdrop at the beginning, and hence never contributed anything to the ongoing costs. It is our intention that our new blockchain will be properly and fairly funded and for the benefit of everyone within the Scotcoin community.

The existing V2 coin on Counterparty will in the first instance be exchanged into an ERC20 token. This alone will enhance value considerably, although, as already stated, no one has to migrate if they don’t want to.

Moving onwards, we have said before that we intend to have an advisory board, and to this end we would be pleased to receive suggestions and have candidates come forward. The board will consist of 6 to 8 members, will probably meet 4 times a year, and its members will receive Scotcoin for their efforts. They should all have an interest in Scotcoin and what it can do for Scotland, as well as a vision for its future. Please get in touch with me [email protected] for the above, or indeed for anything else you want to talk about.

One last thing, I did an interview with John Beattie of BBC Radio. It was quite a long interview and will certainly be cut, but it will be available from tomorrow as far as I know at the moment.

Also we are in the final stages of testing hosting which we will sell in exchange for Scotcoin. We also intend to offer SEO services, keyword research, website development all in exchange for Scotcoin. We will give full details at our next meetup.