Here's an interesting analysis from a Filipino Bitcoiner
We've been tasked to provide a preliminary study on the viability of a centralized-decentralized crypto-currency that could one day be used as a legal tender in the Philippines. The coin issuer needs to be centralized while the security of the network can be handled by computers anywhere.
For this, we have carefully studied several crypto ecosystems:
- Pure Proof of Work and Proof of Stake - Both systems reward participants with new coins which are not ideal since only the Central Bank can issue new coins
- NXT - Fast download of blockchain, has ample support world-wide, but once initial coin supply is set, it is already fixed. The Central Bank needs the flexibility of issuing new coins depending on economic factors
- Mastercoin - Being based on the Bitcoin blockchain, the transactions were too slow for everyday use
- Bitshares X - Fast, but the wallet needs to be pre-funded with an amount before you can use and the downloading of the blockchain is too slow - both of which are not suitable for new users
- Counterparty - This platform almost suit the needs of a national currency, however since it's based on the Bitcoin blockchain, it is still slow
We have come to the conclusion that the best platform for our test currency is Viacoin's Clearinghouse Protocol. We've chosen Clearinghouse since it promises a much faster and scalable solution to issue a national digital currency in the coming months. Also, ownership and coin supply of the asset can be changed. The Philippine government may or may not acquire this asset.
Then why the title is gov't backed?
Because we are to provide material for the coming congressional arguments on crypto-currencies - on why it is beneficial to our country.
Are you from Philippines government?
Very happy to see epeso will be launched on Viacoin/XCH platform
No, we were hired by people who have congressional ties to the lawmakers. We need to ascertain if the Viacoin platform can scale big and fast transactions. If it's cost-effective as opposed to traditional networks with terminals installed at key points (mobile telcos and banks). We will be putting everything in a report and maybe the government will adapt this test asset (if everything is already set-up and working) or just compensate beta testers for trying it out by buying back your coins.
1. 3.5m coins for Android wallet development - includes ePeso and Viacoin balances, extra 300k with Tagalog translation
2. 1.5m coins for exchanges that will add an ePeso/fiat pair (first four exchanges only, totalling 6m coins)
1.5m coins for website design in Wordpress theme
2.1m coins for hosting a forum (must submit backup database)
5. 600k coins for coding a faucet with required Facebook authentication and sharing, integration into wordpress needed
450k for Facebook page
300k coins for logo
8. 350k coins for every press release, news article you write and publish (first 10 articles, totalling 3.5m)
9. 300k coins for Philippine-based merchants who will accept payment in ePeso (first 20 merchants, totalling 6m, need to show business registration papers)
250k coins for each Chinese, German, and French translation (totalling 750k coins)
11. 0.1btc to attack Viacoin and double spend ePeso, we'll increase this bounty whenever Viacoin's hashrate goes up significantlyWe're also interested in volunteers for community development and public relations.
Coin Distribution for BitcoinTalk members: SUSPENDED Why? 1. Hero Members and above - 133,333To claim coins, get your Viacoin address at https://clearwallet.co/ and pm me your address.
2. Sr. Members - 110,000
3. Full Members - 83,000
4. Members - 40,000
5. Extra 10,000 if you promote this thread in your signature
I heard this forum bans address posting.
Twitter campaigns: SUSPENDED Why? 1. Follow https://twitter.com/ePesoInitiative and tweet your Viacoin address to get 10,000 ePesosRough Roadmap:
2. Once in awhile, we'll have a Twitter awareness campaign and retweets by Twitter accounts with 1,000 or more followers get 83,000 ePesos
1. Wallet development
2. Coin distribution to Philippine residents by Facebook authentication (adik mga Pinoy sa FB
3. Transactions by SMS
4. EPESO to fiat piso conversion beta testing in one municipality
Take note: depending on the outcome, we do not guarantee that EPESO will be adopted.
Mabuhay ang Pinas!