ScotCoin is a cryptocurrency designed with the goal of becoming Scotland's official digital currency, with the aim at providing benefits to the people of Scotland.
Orgins of ScotCoin
ScotCoin is a digital currency that aims to become Scotland's official digital currency. ScotCoin is not an official government project, but it was created by a team of developers with the Scottish people in mind. Derek Nisbet, a venture capitalist from Edinburgh, started the ScotCoin project in 2013. The main reason why ScotCoin was made was to break away from the British pound sterling and make transactions fast and cheap. On the ScotCoin website, there is a list of exchanges that show where you can trade with this crypto coin.
ScotCoin operates on a decentralised peer-to-peer network, similar to other cryptocurrencies such as Bitcoin. ScotCoin can be used for online transactions, as well as for purchases at participating merchants. The total supply of ScotCoin is limited, similar to other cryptocurrencies, and new coins can be mined through a process called proof-of-work. Transactions made with ScotCoin are recorded on a public ledger called the blockchain, which allows for transparency and security.
ScotCoin's Carbon aims
The Scotcoin Project Community Interest Company (CIC) has launched a new project that allows individuals and companies to offset their carbon footprint. The initiative aims to encourage Scottish businesses and residents to offset their carbon impact by offering a discount to those who pay in ScotCoin (SCOT), while also accepting payments in pounds sterling. Through this program, individuals can offset a single tonne of carbon for as little as £20 through various packages offered by ScotCoin Carbon Offset. For example, a package of 10 tonnes would be enough to offset a person's annual carbon usage.
ScotCoin's Social purpose
ScotCoin aspires to improve people's lives in Scotland. It intends to do this by collaborating with other charitable organisations. It has partnered with organisations such as Social Bite, Eat Up, and Bobath to provide meals to homeless people. Individuals can support these organisations by making donations using ScotCoin.
They are focusing on industries that experience significant issues of oversupply or waste. Their key criteria for supporting these organisations is the ability to redirect goods or services to those in need and deliver tangible assistance.
Where can you Spend ScotCoin
You can now spend ScotCoin at the following businesses:
Arlington Bar, Glasgow
Better Internet Search
Greater Good Glass
Michael Pair, musician
SDX (Scottish Design Exchange)
Wendy Andrew, Pet Bereavement