Estonia, a European country known for its modern and forward-thinking society, is likely to issue a cryptocurrency of its own, according to an announcement written by Estonia’s E-Residency managing director, Kaspar Korjus. The name of the cryptocurrency will be Estcoins, and they will function as an asset that will funnel investor’s funds to the support and development of the nation. Korjus has been consulting with Vitalik Buterin, one of the masterminds behind Ethereum, and this is what Buterin had to say:
“An ICO within the e-Residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together,” says Buterin.
“Additionally if these estcoins are issued on top of a blockchain (they could possibly be issued in multiple formats at the same time, nothing wrong with this) then it would become easy and convenient to use them inside of smart contracts and other applications.”
The concept of the Estcoin will present a uniquely mouth-watering opportunity for entrepreneurs to invest in themselves, indirectly. Estonia is the first Country in the world to offer E-Residency that enables the residents to open businesses remotely in a matter of minutes. With the potential for Estcoins to become a way to invest in Estonia, this would be a great way for those who have opened Estonian businesses to support their own success.
Korjus explained further in his statement seen on his blog:
“In time, estcoins could also be accepted as payment for both public and private services and eventually function as a viable currency used globally. By using our APIs, companies and even other countries could accept these same tokens as payment. It will also be possible to build more functions on top of the estcoins and use them for more purposes, such as smart contracts and notary services.”
The fact that the Estonian nation is already discussing the creation of Estcoins in a public announcement setting is possibly a clever way to test the response from potential investors and to secure plenty of salivating newcomers as well. Even though the blog published by Korjus seemed to imply that this is only an idea, the Estonian government website has a mailing list capture page for anyone interested in receiving updates regarding the coin here. Evidently, Estcoins are not merely an idea, but rather, an approaching reality that is a cleverly veiled teaser, rallying to gain public support. Clever tactic, Estonia! Bravo!