[Pre-ANN] E-Peso Coin (Philippines Government Backed Proposal)

[Dabs]

Hi,

Background info:
http://www.msn.com/en-ph/money/business/bill-filed-to-create-e-peso-for-internet-payments/ar-BB85Tuk
http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act

I'm looking for potential devs to code this. Then I will get in touch with someone in the PH government.

Note: This coin may probably never happen, since it involves politics and government and a central bank. Or it may take several months or years before something happens.

Specs:

1. What algo? Block Times? Pow? Pos? Etc?
2. 10,000 (ten thousand) full nodes on launch. (Every bank branch will have a full node.)
3. 1 billion E-Pesos in the first two years, probably all pre-mined by the Banko Sentral ng Pilipinas
4. Exchanges = every local Philippine bank
5. Anonymity = probably none for those who go to the bank. Everyone else, depends on how smart you are.
6. Value = 1 E-Peso = 1 Paper Peso. Approximately $22 Million USD in the first two years.

I guess, this thread is going to be a discussion on how this gets implemented, or on what is a good idea for a country coin, that is actually going to be backed by that country's government.

So here is our chance to get involved.

Crazy? Bad idea? Someone is going to do it, if not you.

As I saw in a giant robot movie - Pacific Rim -

"Haven't you heard Mr. Beckett? The world is coming to an end. So where would you rather die? Here? or in a Jaeger?"

[n3lz0n]

^^ watching 

[adoalli]

Then I will get in touch with someone in the PH government

Niubi

[Breasal]

Would love to see this happen. Please keep us posted as to who and how this will launch. Would love to take a holiday to Cebu funded by E-Peso

[Dabs]

I just thought, with 10,000 legally mandated full nodes, this might be good as a hybrid PoW/PoS coin.

So, some may be asking, what's in it for me?

Pros:
1. bragging rights
2. possible government job as crypto consultant / board member / whatever
3. ooooh, escrow contracts (1% of 1 billion isn't bad huh.)

Cons:
1. would need additional physical security

Someone else is going to be making money on the hardware procurement (10,000 computers, 10,000 hard drives, maybe SSDs). And if they all need to be mining Proof of Work, it's either 10,000 asics, or 10,000 GPU rigs.

[Dabs]

Then I will get in touch with someone in the PH government

Niubi

Yeah, I know a few people*. Remember, this is just an idea. If not me, someone else will do it. I can see it happening, maybe not soon, but maybe in the next administration or two.

* local mayors, a few reps, a former governor, and every other previous AFP Chief of Staff and PNP Chief.

[Breasal]

I just thought, with 10,000 legally mandated full nodes, this might be good as a hybrid PoW/PoS coin.

So, some may be asking, what's in it for me?

Pros:
1. bragging rights
2. possible government job as crypto consultant / board member / whatever
3. ooooh, escrow contracts (1% of 1 billion isn't bad huh.)

Cons:
1. would need additional physical security

Someone else is going to be making money on the hardware procurement (10,000 computers, 10,000 hard drives, maybe SSDs). And if they all need to be mining Proof of Work, it's either 10,000 asics, or 10,000 GPU rigs.

In terms of cost efficiency for the Phil Gov, it seems likely that they will issue a fully minded POS and have 10,000 low energy consuming nodes. Herein the debate of POS vs POW security.

[lionheart78]

-watching-  this is a very interesting idea

[n3lz0n]

how about create a coin with the specs above ^^ (has to be fork of DOGE/BitCoin/DarkCoin which are compatible with superNET) and contact jl777 so we can link this coin to superNET which has 100,000+ nodes + various projects of jl777?

maybe lower the coin supply as well, as people seems to hate super high cap?

thanks

[tobeaj2mer01]

It seems bitcoin has been banned by Philippines government.

[n3lz0n]

It seems bitcoin has been banned by Philippines government.

I don't think so, they are very busy with internal corruptions...

[traderbit]

good to see a trusted member launching a new currency , good luck !!!

[payyy]

Then I will get in touch with someone in the PH government

Niubi

no no no, i have get in touch with US GOV ,And they will accept it .lol

[Dabs]

Actually, the BSP (Banko Sentral ng Pilipinas) seems to be against the idea of crypto currencies. Unless, of course, they can control it. PoS and they control all the nodes, and they control all the exchanges, and require everyone who buys to have a regular bank account or at least have verifiable government ID.

It might not even be mineable... depends on many things.

[crazy-pilot]

I think this E-Peso is more like ripple or stellar than bitcoin. I guess there would be no mining involved.

[cryptochris88]

I think this E-Peso is more like ripple or stellar than bitcoin. I guess there would be no mining involved.

+1 on this one...
I think the ripple/stellar approach is much more beneficial for this IMHO...

[toaster3]

Philippines Government?? lol, must be in your dream

[totoy]

will watch this

[*Sakura*]

Philippines Government?? lol, must be in your dream

All great discoveries began with a dream.

[Snail2]

Yep! The Philippines govt. surely going to be happy to outsource this project to some random guys on BTT .