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Scotcoin KYC and AML

KYC - AML

The Scotcoin Project CIC (“Scotcoin”)

Scotcoin announces that it has terminated its contract to develop a new KYC and AML blockchain solution for the digital currency following a lengthy and difficult period of discovery and consolidation in respect of the contract.

However, we are also pleased to announce we are in advanced discussions with a new supplier and we expect to be in a position to make an announcement in the first quarter of this calendar year. We are currently going through the financial and legal due diligence process.

The proposed new contract will provide Scotcoin with its own distributed ledger technology infrastructure which will be fully compliant with KYC and AML in all respects. It will be capable of processing a high volume of confirmations and transactions per second at minimal cost. It will also provide Scotcoin with its own fully compliant wallet.

Upon delivery of the solution it is anticipated that migration terms including incentives will be announced shortly thereafter.

Scotcoin will be entering into a consultation process with key stakeholders over the coming weeks and further announcements are anticipated.

Willie Fleming, Director, The Scotcoin Project CIC said: “We have had a very difficult year and have had many obstacles to overcome. These have held us up beyond what we expected. We are confident that now we have the right partners to take us forward to fruition”

 

Contact Details:

Director
Willie Fleming
[email protected]

Information on Scotcoin is available @

https://scotcoinproject.com
https://twitter.com/ScotcoinProject
https://facebook.com/scotcoin

bitcoin vs scotcoin

Scotcoin – Scotland’s Own Digital Currency, a World Coin With a Scottish Ethos

 

– A speech by Temple Melville to Scottish Fintech on Wednesday 19th September 2018

 

“Good afternoon! I represent Scotcoin, Scotland’s own digital currency, a World Coin with a Scottish Ethos.

I have just three things to tell you about today, all of them important. One is potentially profitable for you, one will benefit all the people of Scotland and one will target individuals and groups in need.

But before I do that, does everyone here know what blockchain is? And do you know that blockchain is an enabling technology, that it can exist without Bitcoin or any other coin, but that Bitcoin could not exist without the blockchain? Scotcoin is on a blockchain – more a little later.

So number one, how will what I have said be profitable be for you?

A little history. Scotcoin began in 2013 and is now one of the longest-lived country crypto currencies. We presently sit on the Counterparty Protocol which makes use of the Bitcoin blockchain. The problem is this particular blockchain has several drawbacks. Not the least is that in the world of regulation that is coming to cryptos, there is no method for ensuring who is sending what to who. So we at Scotcoin decided a couple of years ago we had to do something different.

bitcoin vs scotcoin

As you can see, Bitcoin can only do seven transactions per second. It takes 12 minutes to confirm a transaction, the cost per transaction when volumes are high is extremely volatile, and it uses more electricity than Denmark. None of that is very good.

Scotcoin, on the other hand, intends to move to its own permissioned blockchain shortly which will encompass KYC (know your customer) and AML (Anti-money laundering) to comply with all present and potential future regulations. We at Scotcoin are well ahead on this track – a committee of MPs has just published a paper daying that crypto currencies and Bitcoin in particular should be regulated.

You can see from the graphic which shows results from our testing that we should be able to do more than 50 transactions per second. We should also be able to confirm transactions in mere seconds, and the power usage should be infinitesimal in comparison to Bitcoin. If we can deploy our new blockchain with these parameters, Scotland will have another world beating industry.

We have several thousand holders of Scotcoin and have holders in more than 50 countries worldwide. On migration to our new blockchain, present holders of Scotcoin will be rewarded for their support by receiving a 4-for-1 bonus, an effective increase in value of up to 5 times.

Yes, you heard that right. I’ll repeat that. An effective increase in value of 5 times. That means if you have £10 of Scotcoin in its present form, in its NEW form you will have £50. So point one, that is how it will be profitable for you in the first instance, as long as you already have Scotcoin, or buy some very shortly.

In respect of point 2, we intend to occupy the social good works ecosystem and our plans are well advanced to do this. Scotcoin has been offered to the Scottish Government and discussions are ongoing. But in essence, the idea is that there will be established a commonweal fund that will be able to be used throughout Scotland to assist where the powers that be may not be able to step up to the mark. The point is that everyone in Scotland should benefit from this fund, and quite frankly this will be helping the Scottish economy to progress in the future.

And finally, point 3. I’m sure you’ve all heard of Social Bite and The Big issue. These organisations help people that have problems to get on their feet again. This is both our goal and our desire. I can think of no better future monument to Scotcoin than if people are able to say, Scotcoin eradicated homelessness in Scotland. And we are in good company here – Jeff Bezos has just announced a $2 billion fund to do exactly that.

So from all our perspectives, let’s pull together to make Scotcoin a World Coin, But with a Scottish Ethos.

And to be clear, what do we mean by a Scottish Ethos? Scotland has a long history of financial innovation and strong security for its money. We aim to keep to these traditions for Scotcoin. But the Scots also have a long and noble tradition of good works, charitable giving, of invention and forward looking. We aim to bring all these to bear by using Scotcoin in a way to enhance people’s lives right here in Scotland.”

Why More Countries are Exploring Digital Currencies

Last week, reports emerged indicating that Russia had entered into talks over the development of a new national digital currency which would operate alongside the ruble. Now, the Bank of Tokyo-Mitsubishi UFJ has confirmed that it has been undertaking its own experiments with digital currency. Both parties are huge players in the world economy. For most people, this begs the question, what is it about cryptocurrency that currently has the world abuzz?

Quite simply, digital currency stands for innovation in payment methods. Whilst at first, many regulators treated cryptocurrencies with scepticism, now they are open to the possibilities that they represent. Many governments around the world are now in agreement that resources must be dedicated to understanding and researching blockchain and its possible implementations.

Our product, Scotcoin, is a digital currency. We hope that in time it can be used to revolutionise the way we make payments in Scotland. It is decentralised and as such, is continually being improved upon. So, why should you use Scotcoin? Well, let us tell you a little bit more about our vision and the benefits of using our product.

Our Vision

It is our hope that Scotcoin will become an effective alternative to the pound sterling. The way we make transactions is changing. You only need to glance at a news outlet to see how payment methods are becoming more and more entwined with technology. With Scotcoin, we want to ensure that this occurs in Scotland in the right way; in the safest and most secure way. This is the reason why we operate on a secure and continually innovating counterparty platform.

In the future, you will be able to use to Scotcoin with the same ease as using pounds and pence. The number of Scotcoins is fixed at 1 billion. So, the higher the demand for the coin then the higher the value.

If you wish to purchase Scotcoin, check out our full list of vendors.

The Benefits of Scotcoin

Security

We operate on the counterparty platform which operates on the same blockchain as Bitcoin. For those of you who are new to the world of digital currencies, this statement may mean nothing. However, we hope to provide more material to discuss why this is significant in the future. For now, quite simply, it means that our product is always being improved upon by the best minds in the world. As the blockchain is continually evolving, security is continually strengthened.

Only recently Judd Bagley of Overstock.com, one of Bitcoin’s first ever retailers stated that ‘the distributed nature of the network that verifies the integrity of the transactions and associated account balances makes a successful attack mathematically impossible.’

Peer to Peer Transactions

Unlike other payment transfer methods, Scotcoin removes the need for a bank or a building society to facilitate the transaction. In fact, it is more like using cash. As there is no bank or building society involved, there are no account numbers. Therefore, you do not have to share your information. You can ensure your anonymity.

Also, whilst banks are restricted to set operating hours, Scotcoin is not. Banks close at the end of the day, often causing delays in digital payments. Scotcoin transactions can take place all day, every day. They are completed almost instantly.

Very Low Processing Fees

With Scotcoin, you will be charged little or no processing fees for carrying out a transaction. Merchants, in particular, may find that they are losing valuable funds in processing fees for debit/credit cards or even PayPal transactions. At present, a merchant can typically expect to forfeit between 2.7-3.5% per PayPal transaction. You will face nowhere near this level of fee when using Scotcoin, meaning you keep more of the money that you’ve earned.

Digital currencies are changing the way we make transactions. Scotcoin is part of this positive change in Scotland. For further information on how you can become part of the innovation, see our merchant’s page or contact us. We want to make payments easier for everyone in Scotland. Help us achieve our goal.