Posts

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

Scotcoin Socialbite

Buy £20 of Scotcoin and we’ll give £5 to Social Bite

From now until 31st January 2019, Scotcoin and Social Bite have joined forces to help the homeless to have a better end to their year.

There is no limit on what number of Scotcoin you can buy and Scotcoin will donate £5 for every £20 you buy.
So buy £100 worth and we will donate £25. And don’t forget the more Scotcoin you buy the better the value and effectively the cheaper they are.

 

Social Bite is on a mission to build a collaborative movement to end homelessness in Scotland. Using a pioneering social enterprise model, they enable people affected by homelessness to transform their own lives. They are building a movement to end homelessness by generating funds, awareness, and action across all sections of society; believing that a Scotland where everyone has a safe place to call home is possible.

With 6 cafes across the country, one restaurant (Vesta in Edinburgh), and a central production kitchen providing corporate food delivery service to over 200 organisations in three of Scotland’s largest cities. Around one-quarter of their staff have a background in homelessness, they believe that everyone has potential and deserves opportunities to reach this. For more information, visit their website (www.social-bite.co.uk).

 

The Scotcoin Project CIC (Community Interest Company)

Scotcoin began in 2013 and is now one of the longest-lived country crypto currencies. Scotcoin presently sits on the Counterparty Protocol which makes use of the Bitcoin blockchain. Scotcoin will be moving 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. Scotcoin has several thousand holders of coin and holders in more than 50 countries worldwide. On migration to their new blockchain, present holders will be rewarded for their support by receiving a 4-for-1 bonus, an effective increase in value of up to 5 times. Scotcoin intends 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.

Temple Melville of Scotcoin said: “ This is a really exciting initiative. One of our stated objectives is to help eradicate homelessness, and Social Bite is already well established within this area. We are delighted to be partnering with them, and sincerely hope we have to give them lots of money over the next few months!”

Andrew Baillie of Social Bite said: “We are thrilled to have the support of ScotCoin as we work to end of homelessness in Scotland. Their donation will help to fuel initiatives such as our Social Bite Village and Housing First programme”

 

Website: scotcoinproject.com Tel: 07494540764

Website: social-bite.co.uk Tel: 0131 220 8206

 

 

Scotcoin - Welcoming Better Regulation

Welcoming Better Regulation

For the past 2 years, Scotcoin has performed KYC checks on all purchasers via the official exchange. We wholeheartedly welcome better regulation – and are leading the way!

 

Bitcoin and other digital currencies are a “Wild West industry” and need to be regulated to protect investors, a committee of MPs has urged. | BBC News

‘Wild West’ Bitcoin ‘should be regulated’ – FULL ARTICLE

 

 

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.”

Dundee Scotcoin Meetup

Dundee Scotcoin Meetup

ICO? Take care

ICO? Take care…..

A Boston College research paper entitled Digital Tulips has found that fewer than half of all ICO projects survive more than 120 days after the completion of their sales of tokens to the public.

That is really scary. And this fact does not seem to be putting people off. Another $10-12 billion of ICOs will be out there during this year.

I was reflecting on the longevity of Scotcoin.

In the same way that most small businesses go bust within one to three years, it appears that ICOs ( ok it’s digital so it’s faster) go bust in 3-4 months.

It’s not surprising really. Most of them are designed as get rich quick schemes for the perpetrators with no economic or financial sense. That’s why some of the earlier coins and tokens have lasted – they have a purpose and a measurable impact, unlike their imitators. In the same way that it is said there are only 7 plots in total for literature, there may not even be 7 in crypto-currencies.

So Scotcoin, actually in existence for 5 years, is almost a granddaddy. In fact, in terms of country coins we might actually be the oldest – if anyone else knows better please let me know.

But I wanted to reflect on the words of an Economics Professor – Hyman Minsky. Being a true Keynesian myself – and believe me what we have had for a long time is NOT what Keynes said – I find Minsky’s idea of his Financial Instability Hypothesis extremely enticing. Basically he says on the economic upswing, people take greater and greater risks – until the bubble bursts and we end up back down at the bottom of the boom and bust cycle again. Sadly, Gordon Brown no more banished it than controlled it – and then made a mess of the Banks’ recapitalisation. In fact, it means we are on a treadmill we can’t get off. Digital money, espoused by Milton Friedman more than 20 years ago, has enormous attractions when all around is collapsing.

But Minsky said something very wise.

Everyone can create money; the problem is to get it accepted.”

That’s what we are working on at Scotcoin.

 

Scotcoin needs Bitcoin

Scotcoin needs Bitcoin!

Scotcoin needs BitcoinWe’ll buy your bitcoin for Scotcoin

Despite our new blockchain not needing Bitcoin, we will all need some Bitcoin in order to effect the migration from our present Counterparty Protocol.

It’s not very much per wallet but in order to send the existing coin to its new wallet, Bitcoin will be needed.

We are in the process of identifying those wallets where there is currently no Bitcoin. It is our intention that those that do not have any bitcoin in them will be sent enough to effect the migration.

To this end, we are making a special offer to people who HAVE some Bitcoin. If you buy Scotcoin for Bitcoin, we will give you a 15% discount to the present price on the exchange. The Bitcoin price will be at the GBP price as shown on Preev.com

If you would like to take advantage of this offer, please contact [email protected]

Scotcoin In The News

Scotcoin In The News:

 

The Herald ran an interesting article on Tuesday on blockchains and potential future uses.

Click here

 

Bank of England Governor Mark Carney also name checked Scotcoin when talking about increased regulation for cryptocurrencies – he agrees with us, regulation is coming and it’s a positive thing for the industry.

Click here

 

 

2018 – An Exciting Year For Cryptocurrency

2018 is going to be an exciting year for cryptocurrency… 2017 saw:

 

  • The first property deal conducted in Scotcoin
  • Scotcoin’s price in pizza established (very important for late night coding!)
  • Creation of a new Scotcoin wallet video
  • Our website had a bit of a facelift
  • Right at the end: We had a successful Proof of Concept delivered.

Visit the Exchange

As part of our ongoing commitment to security, the website recently had an overhaul including some work on the Scotcoin Exchange. You’ll now be able to buy Scotcoin directly from £Sterling.