[ANN][EPESO] - E-Peso Initiative | Philippine Government-backed

[ePesoInitiative]

http://www.philstar.com/business/2014/10/05/1376516/solon-pushes-e-peso-act
https://www.cryptocoinsnews.com/philippines-e-peso-digital-currency-use-bitcoin-technology/
https://www.cryptocoinsnews.com/bitcoiners-assess-filipino-e-peso-bill-2014/
http://www.congress.gov.ph/download/basic_16/HB04914.pdf

Here's an interesting analysis from a Filipino Bitcoiner

But in order for a digital currency to make any of those things possible, it needs to be cheap to use and cheap to deploy. The strategy outlined in the E-Peso bill needs to be adjusted if it wants to meet those two requirements. https://medium.com/@Cryptonight/dissecting-the-e-peso-bill-of-2014-8b9bc73b509c

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.

Team Members:
ePesoInitiative2
ePesoInitiative3

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.
.
http://xch.blockscan.com/assetinfo.aspx?q=EPESO

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.

Bounties:
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)
3. 1.5m coins for website design in Wordpress theme enroute
4. 2.1m coins for hosting a forum (must submit backup database) enroute
5. 600k coins for coding a faucet with required Facebook authentication and sharing, integration into wordpress needed
6. 450k for Facebook page
7. 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)
10. 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 significantly

We're also interested in volunteers for community development and public relations.

Coin Distribution for BitcoinTalk members: SUSPENDED Why?
1. Hero Members and above - 133,333
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

To claim coins, get your Viacoin address at https://clearwallet.co/ and pm me your address. 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 ePesos
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

Rough Roadmap:
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!

[kcanup]

Then why the title is gov't backed? 

[ePesoInitiative]

Because we are to provide material for the coming congressional arguments on crypto-currencies - on why it is beneficial to our country. 

[Vagnavs]

Give me a break. I wouldn't invest a penny..

[DonQuijote]

When will be free distribution available?

[notsofast]

"centralized/decentralized"

Centralized as in the Phillipino government gets to control the supply and make changes to it as it sees fit...

Decentralized as in the Phillipino government wants to do so without cost to itself, instead getting "the network" to support itself.

So basically, all the risks of a central-banked federal currency but costs borne by whoever is willing to mine it, Phillipino or otherwise? How will you make this attractive enough for people to mine considering the drawback of federal centralization?

The costs of rewarding those who secure the network must be significantly lower than the costs to print physical money in order for this to pass a cost-benefit analysis. There is increased security risk to the network due to bad actors who stand to gain control of the government or its financial authority if they successfully attack the cryptocurrency.

[mcin5174]

• 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.
.
http://xch.blockscan.com/assetinfo.aspx?q=EPESO

We will update this thread on how we'll distribute coins later this coming week. We will give bounties according to your contribution.

Take note: depending on the outcome, we do not guarantee that EPESO will be adapted.

Mabuhay ang Pinas!

Use Counterparty for large sums/transactions and Dogeparty for mobile wallets and small transactions. This is really not that complicated. Everything to make it happen already exists.

And, who exactly tasked you with this? If not the PI Government then...? Yourselves?

[TTCoin]

How to get that free coins

[qiuzhixin15]

another free coin???

[ePesoInitiative]

"centralized/decentralized"

Centralized as in the Phillipino government gets to control the supply and make changes to it as it sees fit...

Decentralized as in the Phillipino government wants to do so without cost to itself, instead getting "the network" to support itself.

So basically, all the risks of a central-banked federal currency but costs borne by whoever is willing to mine it, Phillipino or otherwise? How will you make this attractive enough for people to mine considering the drawback of federal centralization?

The costs of rewarding those who secure the network must be significantly lower than the costs to print physical money in order for this to pass a cost-benefit analysis. There is increased security risk to the network due to bad actors who stand to gain control of the government or its financial authority if they successfully attack the cryptocurrency.

Since it's government money, it will make changes to it as it sees fit. The government might consider helping to secure the backbone currency: Viacoin.  I'm surprised you're asking the above questions since you seem well-versed in crypto technologies.

We don't see a government-backed currency as risky since 100 million Filipinos are using one. It seems Bitcoin is more risky since it looks like only traders use it. The Viacoin ecosystem has its own purpose and rewards. Miners should look to it rather than E-Peso. If Viacoin fails, E-Peso fails along with other assets/coins riding on its blockchain. But we're investing in the future. 

[notsofast]

"centralized/decentralized"

Centralized as in the Phillipino government gets to control the supply and make changes to it as it sees fit...

Decentralized as in the Phillipino government wants to do so without cost to itself, instead getting "the network" to support itself.

So basically, all the risks of a central-banked federal currency but costs borne by whoever is willing to mine it, Phillipino or otherwise? How will you make this attractive enough for people to mine considering the drawback of federal centralization?

The costs of rewarding those who secure the network must be significantly lower than the costs to print physical money in order for this to pass a cost-benefit analysis. There is increased security risk to the network due to bad actors who stand to gain control of the government or its financial authority if they successfully attack the cryptocurrency.

Since it's government money, it will make changes to it as it sees fit. The government might consider helping to secure the backbone currency: Viacoin.  I'm surprised you're asking the above questions since you seem well-versed in crypto technologies.

We don't see a government-backed currency as risky since 100 million Filipinos are using one. It seems Bitcoin is more risky since it looks like only traders use it. The Viacoin ecosystem has its own purpose and rewards. Miners should look to it rather than E-Peso. If Viacoin fails, E-Peso fails along with other assets/coins riding on its blockchain. But we're investing in the future. 

I was getting at the incentives hackers would have in attacking the ePeso as they'd stand to control not only an altcoin but possibly the government of a country, through its (crypto)currency.

Clearly, though, I'll have to research Viacoin before I can comment further.

Thanks for your response.

[ePesoInitiative]

It looks like our decision to launch E-Peso on Viacoin is turning out to be right. Updates on bounties and claiming free coins coming soon.

Clearinghouse is not on Bitcoin. You're either on Bitcoin or you're not and Clearinghouse is not. It could be made to work with Bitcoin because Clearinghouse is a clone of Counterparty, but then, Counterparty is already on Bitcoin. If being on Bitcoin were not such a huge advantage the Counterparty developers could move it to another chain in a day or so. They won't because there is absolutely no reason to be on another chain, but it is possible. Any flexibility and security feature that Clearinghouse has, it has because the Counterparty developers wrote the code and open sourced it on GitHub so that other people could use it as well.

There are  plenty of reasons to be on another chain.  Faster blocks, friendly relations with chain devs, quicker/better implementation of new features/bugfixes/etc.

Your absolute denial of them makes your position less reasonable and thus weaker, not stronger.

As for the forced choice between "either on Bitcoin or you're not"...treechains are coming!

http://bitcointlv.com/en/Agenda/Day-2-October-20

Yes, this is what I'm learning. I will say for certain, I know that a big social gaming co might be the first to make this jump to clearinghouse. From what I'm told, they simply weren't happy with counterparty for whatever reason. Though they haven't ruled out counterparty, they seem to be more intrigued with clearinghouse. I have no idea when this will happen, but I'm told the first move will be merging a type of betting game on the platform as an experiment. I was also told that they are even exploring offering company shares through the platform as well. Meanwhile, I'm still just sitting here trying to figure it all out.

[ePesoInitiative]

OP updated. 

Give me a break. I wouldn't invest a penny..

You don't need to since the coins are freely distributed.

When will be free distribution available?

Right now.

[ePesoInitiative]

For reference:
http://www.congress.gov.ph/download/basic_16/HB04914.pdf

[PilotofBTC]

curious.

[ElTomeko27]

Watching this initiative.

[ElTomeko27]

Received My EPESO THANKS! Best Wishes;)

[PilotofBTC]

Got ePesos. Good luck with your experiment.

[*Sakura*]

ePesos received! Thanks and good luck!

[ePesoInitiative]

I'll be back to distribute again. Gonna eat and sleep. You know what to do.