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Bad Pony Media

GLASGOW FILM COMPANY LEADS CASTING FOR NEW SCOTS NOSTALGIA AD CAMPAIGN

BAFTA celebrated GLASGOW production company BAD PONY MEDIA have announced a nationwide casting call for a nostalgia led ad campaign looking to promote SCOTTISH crypto-currency brand SCOTCOIN.

The multiplatform ads, which will be filmed at the Bad Pony Media studios in the heart of MERCHANT CITY in Glasgow, will feature people from across Scotland talk about their most memorable “firsts” – including first kiss, first concert and first time driving a car.

CEO of THE SCOTCOIN PROJECT CIC, TEMPLE MELVILLE, said: “We’re absolutely thrilled to be collaborating with the team from Bad Pony Media. We are looking for people of all ages and from all across Scotland to be part of the campaign and tell their stories.”

SCOTCOIN, which launched in 2013, is the world’s only dedicated Scottish digital currency. Initially conceived as a way for forward-thinking Scottish SME’s to challenge traditional business banking methods and charges, SCOTCOIN has grown to become a globally traded crypto-currency – similar to BITCOIN, and the soon to be announced new coin will have full smart-contract capability and a proud heritage in Glasgow culture.  Scotcoin Project CIC is the educational arm of the SCOTCOIN brand, which is set to promote knowledge of crypto-currency, Blockchain and digital money matters.

The ads themselves will be directed by multi-award-winning director/producer FRANK MCGOWAN. McGowan recently returned from the US, where he worked alongside WHOOPI GOLDBERG and BILL MURRAY for Bad Pony Media’s new HOLLYWOOD MEETS GLASGOW and SCOTLAND GOES GLOBAL projects.

He said: “These ads will be something really special as we’re looking for real people and real stories. They will be used across all platforms to promote how easy using digital currency for the first time can be. It’s going to be a lot of fun!”

SIGN UP HERE

Meetup 15th October 2019

I’m going to start by telling you all a story which has huge significance for digital currencies.

I was in a pub down south with a friend. A little while later, another gentleman came in who my friend knew. After introductions the new arrival asked me “ What do you do then?” I replied that I was involved with cryptocurrency.

“What’s that then?” he asked.

“ It’s like Bitcoin.”

“Never heard of it” he replied

I thought for a moment.

“Do you use Facebook?”

“Oh course” he said.

“ Have you heard of Libra?”

“Oh yes, I know all about Libra,” and he really did. He had read all about it.

So my point is back in say March this year there might have been 40-50 million people who knew something about crypto or digital currencies.

But NOW, a potential 2.7 BILLION do.

And that is a game changer. There’s lots of issues about Libra, not least their problems with SEC and the Senate and people dropping out, but it remains the case that it has opened up the debate that was needed

We will be having the second Advisory Board meeting next week. We have high hopes that this will prove a useful and helpful fixture as we move forward.

We are due to have a meeting with our preferred blockchain suppliers in the next couple of days, but we already have some important information in this respect.

The decision has been taken to have Scotcoin become an ERC compliant token. Our coin will have smart contract capability. We in fact have a coin running on the Ropsten testnet and expect to be able to deploy it in Alpha mode fairly shortly. There are other considerations to be taken into account, but at the very least we now have an actual beta test coin that covers what we require in terms of security, longevity and tradeability. As you probably know, Ethereum is the largest blockchain in terms of tokens sitting on it. There are other very good reasons for going down this route, quite apart from speed of transaction, the scalability and the minimal power use.

Firstly, the SEC has ruled that Ethereum (and its tokens) are NOT securities. The reasoning behind this is that the very nature of the blockchain per se – as a decentralised platform – means that no one is actually managing the token for profit. ICO considerations are somewhat different, but the baseline is that Ethereum (and Bitcoin eg) are exchange tokens with the same characteristics. Sales and purchases are NOT security transactions and therefore the SEC has no oversight. Scotcoin is and will be exactly the same.

Secondly, the basis of any blockchain covers 5 main points.

Number 1 is that it is ( or should be) decentralised. That means that no one person or small group of people can influence the profitability of the token. In essence a token has no inherent profitability – the pound in your pocket is worth a pound with no DNA to make it profitable and in excess of that £1. Number two is that the decentralised consensus means that everyone on the network has an identical copy at the same time. No one can “steal a march” on anyone else. Number 3 is that it is “add only”. You can’t alter or add to a block once it is complete. That means that number 4 new information CANNOT conflict with existing information. And finally number 5, everyone can access all the information on the blockchain simultaneously and instantly.

As a reminder, each “block” consists of three parts . The first is the hash that seeds the block, in other words the incoming hash or information. The second part is the data that gets entered into the block in other words the transactions that have taken place and are being entered to be recorded. And finally, the third part is a second hash, which is the outgoing hash covering not only what has happened in that particular block but all that has happened since block one. Just so you know we are very close to block 600,000 on the Bitcoin blockchain.

Another reason for going down the ERC route is that one of our 5 pillars for Scotcoin’s new blockchain is that it must have longevity and stability as well as security. The Ethereum chain ticks these boxes. There are already something like 250,000 tokens on it and it is the second largest crypto currency both by total market capitalisation and by daily volume.

It is frequently said that crypto currencies are a store of and do a very good job of transferring value. Why do we say that? What are the characteristics that cryptocurrencies share:

1. The supply of all the coins or tokens are clearly defined and publicly available.

2. They are permissionless: You can just download the software for free and start sending money across the internet.

3. They are self-sovereign: You don’t have to rely on a bank, payment service or other centralised organization to process the transactions. It’s all performed on the blockchain network.

4. They are highly divisible: You can divide every cryptocurrency into extremely small amounts, enabling easy day-to-day (micro) payments iup to 18 zeros after the decimal point.

5. They are extremely portable: Everyone can fly across the world carrying billions worth of cryptocurrency. Try doing that with real gold.

Other primary characteristics of cryptocurrencies are that they are interchangeable and censorship resistant — no governing authority can prevent any cryptocurrency user from spending their crypto.

Some of you may have heard of Luca Pacioli. He wrote the base treatise on what one would term modern accountancy in 1493 – yes over 520 years ago.

Quite apart from setting down the basis of double entry bookkeeping, which arguably brought about the modern financial world, what it did do was bring Trust to an area where skulduggery had been the norm. In essence, the blockchain and crypto currencies do the same thing in respect of modern finance – you can be sure that a transaction can be trusted if it is recorded on the blockchain. There does not need to be a third party noting the transaction for it to be trustable.

We at Scotcoin are particularly keen on the circular economy and heading towards Zero Waste. I am proud to announce a joint initiative to reward people using Zero Waste in Scotland. There are quite a few shops you can visit and we are putting in place a scheme to reward people who use Toogoodtogo, who recycle food. Quite recently an entire wedding for over 200 people was catered using their food. This is food that would otherwise go to landfill, but an enormous waste and cost to the shops that need to get rid of it . We will be putting up a list of those shops where you can earn SCOT for buying from them and where you can trade in your SCOT for products. Now that we very nearly have our new coin, we will also be offering other online products and services via the website tokenmarkets.com. Scotcoin will have it’s own dedicated sales site. In essence, by paying in Scotcoin you will receive up to a 30% discount on items.

One of the most important things that people need to realise is that Blockchain and its technology will put responsibility fair and square on the individual again. Lost your bank card? No problem, the bank will send you a new one. Forgotten your password? You can reset it. With crypto, NEITHER of those options are available. Where we have been used to other people and third parties backstopping us, none of that will exist. As a result we will have to be much less cavalier about what we do in relation to our wallets and Identity – because yes, Blockchain impinges on Identity as well.

Just in the last few weeks I’ve been reminded of this. We will shortly be putting up an article entitled “Time to pull on you big boy or girl pants” and it deals precisely with this problem.

So if you have a crypto wallet, make sure you have taken a photograph of the pass phrase AND written it down in not one but TWO different places. Lose that and you lose the wallet, the coins, everything. So make sure it’s safe. We will be offering a way, with the new coin, of securing your passphrase.

One of the questions I am frequently asked is why should I buy Crypto and/or Scotcoin? There are many good reasons, but there is one which does not get enough airing. That is that Crypto are a digital asset and as such have created a whole new asset class to have in the mix of your investments. This may not be of significance to lots of people, but it is a consideration which should not be ignored. The traditional classes (shares, bonds, properties, cash etc) now have another leg – digital.

Finally, in celebration of the fast approaching anniversary of the creation of Scotcoin on the Counterparty Protocol, we are running a promotion on our exchange which will give purchasers 50% off the cost. So whatever the number of SCOT you wish to buy, the cost will be cut in half during the period of this promotion. We have had some criticism of the fact that our exchange price has been higher than the DEX price. The coupon code, which we will be advising all our wallet holders of, is 50offat5. This will effectively bring the DEX price and our exchange price into line.

The other thing we are testing at the moment is the website I mentioned above which will take SCOT for product. If you have items you would like to sell, please get in touch with me . Similarly if you would like to test for us, please let me know.

Scotcoin

Scotcoin Promotional code

Scotcoin has been around since 2013, but has been on the Counterparty Protocol since November 2014.

That means that in just a few days we will be celebrating the 5 year anniversary of what we call V2 Scotcoin.

We want to share our delight at being the longest surviving Country Coin and the fact that the existing protocol is coming up for its fifth anniversary.

To celebrate this, we have a special code you can use on our exchange

Here is the link:

https://exchange.scotcoinproject.com/shop/

The code you need is

50offat5

Which you put into the appropriate box when you get to checkout in your cart.

It takes 50% off the price you will pay.

That means that a purchase you thought was going to be £20 is only going to cost you £10.

We have been criticised in the past for charging a lot more than the Counterparty DEX price when we sell Scotcoin. This promotional discount puts us squarely in the DEX price bracket. Please note also that we will be making an announcement about our new coin imminently, and holders of V2 will, subject to conditions, receive a bonus.

For larger quantities or for any queries please email me at [email protected], and I will be delighted to help.

VIDEO: THE SCOTCOIN PROJECT CIC – interview with Temple Melville

Watch this interview with Temple Melville, where he shares an overview of SCOTCOIN and SCOTCOIN CIC with information on how you can get started with cryptocurrency >

Copyright © Bad Pony Media Productions.

Scotcoin awarded the ‘Most Community-Focused Digital Currency Platform 2019

A pleasure to announce that Scotcoin has been awarded the ‘Most Community-Focused Digital Currency Platform 2019 – Scotland’, by the CV Magazine’s Corporate Excellence Awards 2019.

Scotcoin - Corporate Excellence Awards 2019 Certificate

Scotcoin Advisory Panel and Other News

New Social Media Manager at Scotcoin

Scotcoin welcomes onboard Elizabeth Myles-Geddes as Social Media Manager.

Elizabeth has worked in digital marketing for 7 years with clients as diverse as Harvey Nichols, Heriot Watt University and the Google sponsored Start Up Grinds in Edinburgh and Glasgow. She currently runs her own consultancy advising micro businesses on all aspects of their digital strategy and content and in the past 6 months has helped 3 companies increase their revenues by up to 500% She holds an MSc in International Marketing specialising in Digital Marketing from Heriot Watt University and an Executive MBA from Leeds University.

Counterparty and DEX Market

The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0. We are working towards putting Scotcoin onto its own blockchain, but linked to value of over $5billion. We will no longer have a price which is indicated by a third-party digital currency and which is volatile.

Be assured these current XCP changes will have no adverse effect on Scotcoin  longer term. If you have any XCP you would like to sell, the Scotcoin Project will buy them at $2 per XCP which is more than the existing exchange price OR 10% above prevailing.

Contact [email protected]

Advisory Board

Scotcoin has been working hard to bring together its advisory board and is delighted to announce that it now boasts an impressive collection of 7 individuals who collectively have over 100 years experience in blockchain, finance, sustainability,cryptocurrency, HR and senior management – this team will provide invaluable insight and guidance to the development of the project going forwards. Full details will be announced immediately prior to the MeetUp scheduled for 9th July 2019.

Scotcoin Advisory Panel

The Scotcoin Project as an Educational Resource

The Scotcoin Project is in an excellent position to partner with schools and universities to offer resources to support education around alternative economies and a working model for emerging cryptocurrencies.

Temple Melville is one of only two people in UK certified as CPD instructors for Blockchain and the only one in Scotland, we are currently developing an e-book based on course materials.

Scotcoin is speaking to Stirling, Strathclyde and Glasgow Universities who now offer MScs incorporating Fintech and additionally to Edinburgh University which has its own blockchain and cryptocurrency research hub.

Scotcoin Intern

Scotcoin welcomes our first intern Emma who starts on 15th July for 6 weeks.

Emma is doing a BSc in Business and Economics at Lund University. Elizabeth will be managing Emma and both will be based at Collabor8te.

Third and Voluntary Sectors

Scotcoin wants to strengthen its existing links with BobathScotland, Eat Up, Social Bite and to develop new partnerships in the arts and sustainability industries. If you have any suggestions please let us have them.

Raising Awareness of the Scotcoin Project

We are currently in talks with the Institute of Directors, the Google Sponsored ‘Start Up Grind’ franchise,Turing Festival and Fintech Summit. If you would like us to come and talk to your workplace, your friends or just have a MeetUp where you live, please let us know and we will try to accommodate you.

Special offer

We have a limited number of 500ml bottles of Elderflower Gin. This is from only 120 bottles coming to the UK this year out of a total production of just 5000 bottles. All you have to do is buy 5000 Scotcoin from the exchange and we will send you a bottle free. I can tell you it is delicious!

XCP Situation

We have had some enquiries about what is happening with Counterparty and its DEX market.

All Counterparty Protocol coins have fallen massively because they are all denominated in XCP, which is Counterparty’s own token. Less than a year ago, 1 XCP was around .004 Bitcoin. Now it stands about .00004 ie a fall of 99%.

The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0.  This very reliance is why we have been working for a long time to remove SCOT from the Counterparty protocol to its own blockchain. This fall has, of course, had a serious impact on the values trading on the Counterparty Dex. I know some people have been able to buy at an exceedingly attractive price.

For now, the only external exchange offering to sell XCP is ZAIF which is Japanese and uses Japanese Yen as its base currency. Counterparty DEX has a BTC/XCP pair, where it is possible to trade BTC for XCP – and it works!

In respect of XCP, its current total value is only about $3m. We are working towards putting Scotcoin onto its own blockchain but linked to the value of over $5billion. We will no longer have a price which is indicated by a third digital currency and which is volatile.

Be assured these current XCP changes will have no adverse effect on Scotcoin longer term.

If you have any XCP you would like to sell, the Scotcoin Project will buy them at the market price. Please contact [email protected]

$80m Scotcoin Pizza Auction

About Bitcoin Pizza Day: Celebrating the $80 Million Pizza Order

22 May 2019 is Bitcoin Pizza Day. The date marks the ninth anniversary of the first Bitcoin transaction in which a Florida man paid for two pizzas with the cryptocurrency. The day has become part of folklore, not because of the transaction, but more the price: the man in question paid 10,000 Bitcoins for the two pizzas which today is worth over $80 million.

On 22 May 2010, now known globally as Bitcoin Pizza Day, Laszlo Hanyecz agreed to pay 10,000 Bitcoins for two delivered Papa John’s pizzas. Organized on a bitcoin forum, the Florida man reached out for help. “I’ll pay 10,000 bitcoins for a couple of pizzas so I have some left over for the next day,” Hanyecz wrote.

A British man took up Hanyecz’s offer and bought the two pizzas for him in exchange for the 10,000 Bitcoins. Since the inception of Bitcoin, Hanyeczs’ pizzas have become more and more expensive. Nine months after the purchase Bitcoin reached parity with the US dollar making the two pizzas worth $10,000 and in 2015, the fifth anniversary of Bitcoin Pizza Day, the two pizzas were valued at $2.4 million. Today, the Bitcoin price is just over $8,000 making the pizzas worth $80 million.

About Scotcoin Pizza Day

To celebrate Bitcoin Pizza day Rockvilla.pizza will hold an international auction of the Scotcoin.pizza which will run from 6pm GMT on 15 May until midnight GMT on 22 May.

The prize will be a Scotcoin pizza which will be delivered to the winning bidder wherever he or she is in the world.

All proceeds will be donated to Bobath Scotland, a cerebral palsy charity based in Glasgow, Scotland.

Bids can be made at > https://www.ebay.co.uk/itm/283485769486

The winning bidder will not just receive his Scotcoin Pizza but also an amount of Scotcoin equal to their bid the amount of their winning bid subject to a maximum of 2 million Scotcoin currently worth around £10,000.

About Rockvilla Pizza

Rockvilla Pizza is a new pizzeria based in the Rockvilla area of Glasgow. Its neighbours include, Scottish Ballet, The Glue Factory, National Theatre Scotland, The Whisky Bond, GAMTA and Scottish Opera. It offers a fantastic choice of sourdough pizzas, all at affordable prices. It is also Scotland’s first cashless pizzeria using the latest technology to allow our customers a smooth and seamless ordering experience.

Website: Rockvilla.pizza

Email: [email protected]

About Scotcoin

Established in 2013, Scotcoin is one of the first and most successful country related crypto-currencies on the market to date. It achieved widespread adoption in 2014 and continues to grow with over 3,000 holders globally. Scotcoin currently utilizes the power of the Bitcoin blockchain. Scotcoin has its origins within Scotland and is extremely proud of this but it is not limited to Scotland.  It is envisaged that Scotcoin will be used by many people across the world for transferring wealth, goods and services within its new fully decentralized self-sustaining economy.

Website: ScotcoinProject.com

Email: [email protected]

[email protected]

About Bobath Scotland

Bobath Scotland is based in Glasgow and provides specialist therapy to those living with cerebral palsy (CP) in Scotland. Founded in 1995, the charity has grown and developed, both in the services provided and the number of people it is able to see. It offers support to anyone with a diagnosis of CP, regardless of their age or location, and endeavours to reach as many people as possible at its centre, online, and in their own communities.

Website: Bobathscotland.org.uk

Email: [email protected]

Terms and Conditions

Please note you submit your bid on the condition that you have read and accepted all the terms and conditions below. In particular that no lot may be transferred by the winner to any other person (as a gift or otherwise) unless specifically agreed by Rockvilla Pizza (“Rockvilla”).

The starting price of the lot is £100. Please see full auction terms and conditions below before bidding. The auction closes at Midnight on 22 May 2019. All bids are binding. Rockvilla’s decision is final.

1. By bidding for any lot you agree to be bound by these terms and conditions.

2. The auction is open to anyone aged 18 or over. Delivery of the Scotcoin Pizza will be free to the winner. Rockvilla reserves the right to make use of any delivery method they deem to be suitable, of which they will be the sole judge.

3. When you place a bid you thereby enter a contractually binding and irrevocable obligation to complete the transaction if you are the winning bidder. The winning bidder is the person certified to be the highest bidder by Rockvilla at the end of the auction, and it includes any under-bidder who is awarded the lot following the failure for any reason of a higher bid as decreed by Rockvilla. If there are two or more bidders with equal claims to be the winning bidder, Rockvilla will select one by drawing names out of a hat.

4. The decision of Rockvilla as to the winning bid or otherwise, together with any exercise of its discretion hereunder, is final and cannot be challenged, nor will any explanation or reason be given.

5. You are not able to retract any bid under any circumstances after it has been submitted.

6. Before you place any bid you must ensure that you are able to bid for and to buy the lot in compliance with the law and in accordance with these and any specifically applicable terms and conditions. It is the responsibility of all bidders to ensure that, if theirs is the winning bid, they meet any qualification required to be the winner of the lot.

7. If you want to know what qualification is required for the winner of any lot you should email [email protected]. If you are the highest bidder, but in the sole and unfettered judgment of Rockvilla you do not meet any such qualification, then Rockvilla will be entitled without challenge or complaint to award the lot to the next highest bidder who does meet the qualification.

8. The auction will terminate as specified. No cash alternative will be offered. Rockvilla accepts no liability should the lot, for any reason whatsoever, not conform to the bidders expectation.

9. The name of winning bidder will be published on Rockvilla Facebook page, on the Bobath Scotland website and on The Scotcoin Project website. The winning bidder can request anonymity

10. The winning bidder will be sent an email setting out the details for claiming their lot which will include requirements relating to the due payment of the bid fee and other matters. Failure to comply with all such requirements shall entitle but not oblige Rockvilla to declare a bid void, and if so the lot affected will be awarded to the appropriate under-bidder. If the bid is NOT declared void then the winning bidder shall remain liable for payment of the bid fee.

11. It shall be the responsibility of the winning bidder to come to agreement in respect of delivery of the pizza. Rockvilla will accept no liability for non-delivery once agreement has been reached in this regard. All the aspects of the fulfilment of delivery are subject to such agreement being reached over all relevant matters which may include the date such lot is to be made available, and subject to all general and specific conditions which apply to the lot.

12. Employees of Rockvilla, and members of their immediate family / households, are not eligible to bid or to take the benefit of a bid.

13. To the extent permitted by law, Rockvilla does not accept any liability for any loss, damage, claim or costs howsoever arising from or incurred wholly or partly by participation in the auction or fulfilment of the lot.

14. The decision of Rockvilla shall be final and unchallengeable and they may in their absolute discretion declare any entry void. Any exercise of discretion, or agreement, by Rockvilla specified in these Terms and Conditions shall be in their sole and unfettered discretion, and no reasons can be requested or will be supplied and no correspondence will be entered into.

15. In relation to the lot, the winning bidder warrants that the material supplied to us will contain nothing defamatory or in breach of anyone’s rights and will indemnify Rockvilla for any breach of this warranty.

Scotcoin Meetup – 8 May 2019

meet up logo

Date: Wed 8 May

Venue: Avalon, 25 Kent Road, Glasgow G3 7EH

Time: 6pm

Join us for an update on The Scotcoin Project and cryptocurrency in general. As the cryptocurrency market grows and matures, we see trends emerging showing the best ways of getting wide scale adoption and how blockchain technology is being used.

Chat to the development team, find out more about this emerging technology, newbies and experienced enthusiasts all welcome!

BOOK HERE

meet up logo

Scotcoin Meetup talk – 26th February 2019

1. General introduction: I want to start by telling you all about the issues we had last year. Without going into too much detail as lawyers are involved and matters are sub judice, it became obvious in about May of 2018 that we were being led up the garden path and generally legged over. It took us a further 3 months to engage a new CTO who, once he had completed his review of what had happened concluded we had been sold a pup. The Initial historic review of what was being done– stripping back Hyperledger for Brooklyn – was shown not to work.

2. Engagement of world experts and academics in review process, including one of the writers of the Github protocol. We did a full gap analysis audit which detailed the shortfall in delivery. The advice we received was that the solution that had been suggested did not work and never would.

3. This led us on to Legal engagement, and we then intimated a claim for over £175,000.

4. Final concluding meeting to position the final piece of this jigsaw with a further systems expert has taken place and a final claim is in the process of being promulgated.

As a result we have vigorously defended our position. Even allowing for that, it took us nearly 8 months to disengage from our previous partnership and a lot of money. Over all we lost approaching £250,000. As a result this figure has been written off in our accounts. The contract we had was terminated and we are currently suing the previous company we were working with.

We have since that time worked extremely hard to enter a new partnership, taking on board all that had been learned, and making use of the latest Hyperledger updates. We are presently satisfied that we have the right partners and the right path to take this project to a good conclusion.

During the course of the next 6 months or so, Scotcoin will move to Version 3, on its new permissioned blockchain.

1. Hyperledger launched in 2015. In just three years, the organization has grown to over 260 members including Fortune 100 companies, like Accenture, SAP, Intel, and IBM; academia, startups, and other open source communities. An impressive number of companies are using Hyperledger (HL) in production systems. The Hyperledger Greenhouse is an ‘Open Source’ ecosystem flourishing with frameworks and tools for building business blockchains. So our requirement of Pulsant in the second half of 2018 was for Pulsant to support HL on the Pulsant Cloud, as a service to us.

The  Tender process through second half of 2018 included IBM. Scotcoin has support at board level of Pulsant UK. Pulsant are specialists in cloud solution integration and trusted partners with Amazon Web Services, Microsoft Azure Cloud  and the Google Cloud Platform . They are experts in the management of the modern cloud infrastructure. 

2. The Contract to deliver Cloud Services with Pulsant and Hyperledger in the cloud was completed on new years eve 2018. 

3. The discovery phase by Pulsant has already commenced.

4. In respect of the Potential timeline – It is anticipated that upon completion of the processes currently in train, Scotcoin Hyperledger service will go live – around mid 2019.

5. Consensus mechanism is standard Hyperledger Kafka process;

  • Kafka guarantees that all messages inside a partition or a virtual machine are sequentially ordered.

6. During testing confirmation & ordering will be done between Pulsant and Scotcoin.

7. A sales process has already commenced to identify peers for Scotcoin in the first instance (e.g. IrishCoin) these peers will become part of Scotcoin confirmation and ordering process on the blockchain in the future, as we will contribute to their process. 

8. Peers will in effect be entities with whom we do business and they may have several nodes, nodes are a technical computing term; peers are a business partner concept, Scotcoin will in effect have 2 nodes initially v3 & the Kafka ordering or consensus message security protocol. 

  • A blockchain network is comprised primarily of a set of peer nodes (or, simply, peers). Peers are a fundamental element of the network because they host ledgers and smart contracts. 
  • A peer is able to host more than one ledger, which is helpful because it allows for a flexible system design. The simplest configuration is for a peer to manage a single ledger, but it’s absolutely appropriate for a peer to host two or more ledgers when required. 
  • Nodes are the communication entities of the blockchain. A “node” is only a logical function in the sense that multiple nodes of different types can run on the same physical server. What counts is how nodes are grouped in “trust domains” and associated to logical entities that control them. 
  • There are three types of nodes: 

1. Client or submitting-client: a client that submits an actual transaction-invocation to the endorsers, and broadcasts transaction-proposals to the ordering service. 

2. Peer: a node that commits transactions and maintains the state and a copy of the ledger. Peers can have a special endorser role. 

3. Ordering-service-node or orderer: a node running the communication service that implements a delivery guarantee,  or total order broadcast. 

It should be noted that each peer needs a channel on a one to one basis. Each channel however can support multiple nodes and this will enable us to move in time from centralised to decentralised validations.

9. Identity management for Scotcoin peers and clients will initially be following the Sovrin Foundation philosophy “decentralized self sovereign identity” (DSSI or SSI).  

  • “SSI: An identity model that allows an individual or organization to control their identities, or the identity of a thing, expressed through the use of decentralized identifiers and digital credentials.” 
  • In specific technology terms how we implement that SSI will be a decision made jointly with Pulsant but only once the Hyperledger application stack is functional in the cloud. We will optimize security at the infrastructure & the application level. 
  • Crucially Scotcoin V3 will in the first instance be a permissioned blockchain so not completely decentralized,. We will as soon as practicable and subject to utter security, move to trusted third party confirmations.  
  • At the beginning of the Blockchain, there was an idealistic idea that anyone with a laptop could become a node on the Blockchain network. A group of libertarian computer experts calling themselves cypherpunks had been developing non-state currencies over decades. But all efforts to establish them as an alternative means of payment failed. This is the concept of permissionless or decentralized blockchain networks. 
  • When we  worked through the use cases in 2018, we realized that Hyperledger and the permissioned Blockchain was the only pragmatic way to get the job done with a necessary level of control and security. We are practical business technologists. In essence the partnerships with Hyperledger and Pulsant will support a general token solution for Scotcoin’s new coin. 
  • Scotcoin’s new blockchain  will be permissioned, that means that everyone on it will be allowed to be on it – there cannot be random third parties, attaching to our platform. This allows us to comply with KYC & AML regulations since by definition we KYC! 

We have had an update from our developers which I will share with you.Work is going quite intensively. At the moment we are finalizing the Wallet (frontend and backend) and already started working on Hyperledger Fabric:

  • Hyperledger Composer assembly – done
  • Asset chaincode programming – in progress
  • Asset features and logic programming – in progress
  • CA and permission level programing – in progress
  • Transaction function and fee structure programming – in progress
  • Hyperledger Explorer deployment – done
  • Rest API programming –  in progress

Currently the process is going as we have planned. The next milestone – Initial Testing stage starting 4th of March.

10. Algo for migration. 

  • V2 holders need to be kyc etc and that needs to be BEFORE the process starts for migration. 
  • Once they are clear, they need to advise in a form a) The wallet they hold SCOT in b) how many and c) whether they have a little bitcoin d) If not we send them a smidgeon to enable transaction to proceed. 
  • They need to create their own wallet with all the usual caveats. 
  • They need to confirm to us they have done this and what the address is. 
  • We then work out how many V3 they are due to receive and we so advise them. 
  • They have to confirm acceptance of that figure. 
  • We then have a white list of people who can get V3 and the numbers. 
  • We then advise them to send their entire V2 to a wallet we will designate. 
  • Once we have confirmed as received we send V3 to their wallet. 
  • V2 sent to us for migration will be “burned” and put beyond future use.

I should also say we intend that the final confirmations on this will be done manually. Those of you who remember MasterXchange will recall that they did ALL withdrawals manually. Although this meant it sometimes took a little time, it also meant there was never a hack nor a mistake.