Isracoin: Another Nation-Based Cryptocurrency, But with Something Unique

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Isracoin: Another Nation-Based Cryptocurrency, But with Something Unique

ForexMinute.com – Cryptocurrency shaping into new movements is not a new thing. The whole point of its inception was to free people from the cage of corrupted financial regulations. But in the middle of its journey, the digital currencies themselves became a hub of corruption and crime.

Amidst such times, nation-based cryptocurrencies have started an altogether different trend. A trend which started with Iceland and world’s first national digital currency Auroracoin, and further followed by Spain’s Spaincoin, Cyprus’s Aphroditecoin and independent Lakota’s Mazacoin. They are born to root our corrupt economies, and claim to bring power back to the people. Their creators distribute them, instead of selling them, in order to create a national network that recognize and use them in the place of conventional and regulated currencies.

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Another addition to these series of patriotic currencies is Isracoin, Israel’s first digital currency that was launched last week by not one, two, but a total of six developers. They include the monetary developers Amnon Daphne, Omer Dahan, Guy Sheffer, Ron Gross and Dorom Omri. All the creators are directly, or indirectly, associated with social protest activities in the  past, with the latest being the protests in Tel Aviv against the high cost of living.

Their idea behind launching Isracoin is also focused on addressing problems with people’s expenditure, which until now, is unethically taxed by Israel’s government. On their website, Isracoin’s developers quoted that the Israeli Banking System “is rife with interest over-charging on credit, low interest on deposits and high fees and charges for no apparent reason. The public has no choice but to endure this, while the cost of living skyrockets.”

As per the developers, a division of currencies can encourage the use of virtual currencies. Like other altcoins that are based on similar architecture as that of Bitcoin, Isracoin is designed to allow easy implementation of operations using mobile devices and short response times.

The Distribution Mechanism of Isracoin
The Isracoin developers have already started to distribute 100 coins to several million Israelites. But there is a certain innovation in their distribution mechanism if one notices. Unlike Auroracoin, which is currently on the verge of collapse amidst its “Airdrop”, Isracoin’s distribution is phased with an implementable plan. The developers have highly focused on marketing their currency among Israeli businessmen, announcing that the first 50,000 businesses will receive a total of 500 Isracoins each.

According to them, many businesses have expressed their interest in using Isracoin in their trading. Meanwhile, the common citizen of Israel is beginning to recognize Isracoin as his only way to escape skepticism, proved by the increasing number of downloads of the necessary software that mines the currency.

Anything new is tough to say as per now. But for a technologically equipped country like Israel, making people aware about Isracoin will not be that tough.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com