ForexMinute.com – When the digital world is going gaga with country-based cryptocurrencies, UK’s Hull City council is trying to implement this technology on root-level. The government there has thus launched an altogether separate digital currency for Hull City. Dubbed at Hullcoin, the coin is the first ever cryptocurrency that is issued by a legal body to tackle certain financial norms within the community.
Although local currencies is not a new concept in UK. Earlier, paper-based money has also been created to help and functionalize the local economy. But unlike the renowned Brixton Pound, Bristol, Lewes and other local currencies, Hullcoin is likely to garner more attention for its straightforward approach towards eliminating poverty.
The idea to launch a social cryptocurrency in Hull City was originally fostered inside the mind of the city’s Council Welfare Rights Manager, Lisa Bovill. She wanted to explore the possibilities of a digital currency, which not only can be used just like local currencies, but at the same time can extend help to resolve society-related problems like hunger, poverty, shelter, including others.
The noble vision of Lisa for encouraging social justice was further assisted by Dave Shepherdson, the Hull City’s Financial Inclusion Support Officer. He integrated this plan with an already-existing ‘Hull People Premium’ scheme.
“It is”, said Dave in his interview to CoinDesk, “about people on low incomes, in financial distress, being able to subsidize to an extent and compliment their incomes through undertaking activities that will be linked to the things in field of finance. [Furthermore] it can be used to instigate voluntary activity, or it can be issued close to the point of demand for a service which would help them, which they would not normally have the ability to pay for.”
Hullcoin in Practical World
Apart of being issued and backed by a reputed local government, Hullcoin is still another coin in the series of over 200 cryptocurrencies; and is mined likewise, i.e. by using a GPU mining rig. Lisa has further ensured that the cost of mining a Hullcoin does not extend to a point in which it becomes a losable scheme.
The councilwoman has excused the taxpayers’ fund and is largely dependent on a kind and anonymous benefactor to sponsor the machine that mines Hullcoin. The current machine runs on the power of 1.6 MH/s and is powered with two Sapphire R9 290X graphic cards.
Introducing Hullcoin to People
On March 7th, the Hullcoin team and members first unveiled this Scrypt-based cryptocurrency before people. The plan was to make citizens understand the core concept of digital currency and how it can be used like a normal one. There were many though, who found it too complex, but at the end of the day, left the Hull Financial Inclusion forum enthusiastically.
It would be unwise to compare this digital currency with the nation-based cryptocurrencies like Auroracoin and Spaincoin now. But the proceedings of this new era inside UK is noteworthy for its good intentions and smart methodology.
To contact the reporter of the story: Yashu Gola at email@example.com