On Tuesday 26th, we’ll be having our August social meetup. To get things started, local cryptocoin developer Spencer Lievens will be coming in for a session about Sterlingcoin, a coin focused on UK adoption. Still with a month until launch, the coin’s starting to look good with regular announcements on the Bitcoin forum – exchanges, real world stores and paper notes are all lined up already.
We asked Spencer a few questions about what Sterlingcoin is, and where it’s going…
Why a new “UK-centric” altcoin?
SL: We believe that the UK needs to have a Cryptocurrency targeted for trade, investment and other monetary uses. Bitcoin is primarily used in the USA, held mainly by people of the crypto community, effectively 50% premined at the point it starts to enter the international marketplace. Bitcoin has now been about for 5 years and has proved with the correct development and support that the adoption and price increase can be exponential – we believe with Sterlingcoin it will be the same. With Sterlingcoin we need the same strong community behind the coin as Bitcoin had at launch and continues to have now. In five years from now it will be interesting to see the impact of Sterlingcoin and the effect it has had on the UK financial landscape.
What’s in it for traders and buyers?
SL: A fair start. We have a 7 week prelaunch before we release the software on 20th September, and then have a 6 month Proof of Work [PoW] period. This gives miners and traders enough time to become aware of Sterlingcoin, register on the mining pool, get all the settings and have a good mining period in PoW. Anyone who does not mine can still apply on the Spacedrop (available at launch) to get free Sterlingcoin and get started. Anyone worldwide can apply on the Spacedrop and receive 1-50 SLG but UK residents will get a set 50 SLG upon entering their mobile/landline and post code. Sterlingcoin is an open market controlled by the traders, buyers, residents of the UK and the World and its adoption is a community effort.
How does it differ from Bitcoin?
SL: Technically it differs in a variety of ways ranging from an ASIC proof mining algorithm, interest on saved/staked Sterlingcoin (PoS – Proof of Stake), utilises DGW3 from Darkcoin to retarget difficulty each block and transactions confirm fully after twenty minutes. We like to think the main difference between Sterlingcoin and other cryptocurrencies is having the base systems, exchange(s) and merchants in place at launch.
Can you say a bit about who you’re are working with for the launch?
SL: We can confirm that Sterlingcoin will be on the Bittrex exchange platform upon launch. Also we already have three confirmed merchants just four days into prelaunch: Aerosoul Ltd, Flawless Clothing, and Mr Snappy’s. We are also in talks with other parties but everyone will have to wait for that to be announced.
What can we expect to see by Christmas and by Christmas next year?
SL: We believe true success is adoption and by Christmas this year, next year and each Christmas thereafter we’ll have more and more merchants in a variety of markets of the retail sector.
Is the UK a good place to innovate around cryptocurrencies? What challenges are you finding? What’s easier than you thought?
SL: The combination of high-speed broadband, extensive WiFi hotspot coverage, residential areas being in close proximity to commercial areas and the governments rulings on VAT makes it an excellent location for cryptocurrency innovation.
So far in terms of challenges we have been very fortunate and all the back end systems are falling into place. We still have the paper wallet system and online wallets yet to build for launch.
Merchants have been very forthcoming. Many saying they have been considering accepting ‘digital coin’. This in fact surprised us as we imagined this to be the most difficult aspect.