Estonia plans to lead the technology revolution with its own virtual currency. The cryptocurrency, called “Estcoin” could be launched through the Initial Coin Offering (ICO) – which is a the digital coin community’s equivalent of crowdfunding.
When it comes to digital innovation, Estonia have proven to be ahead of the game. Three years ago, they became the first country in the world to offer its citizens “e-residency”. This is a digital ID for non-Estonians that offers access to financial services, including banking and taxation. Kaspar Korjus is the managing director at e-Residency, Enterprise Estonia. In a blog post, he said that the aim was to create a “borderless digital nation”.
Vitalik Buterin who founded Ethereum in 2014 also provided feedback on Estonia’s cryptocurrency proposal. “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,” Buterin said. “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,” Buterin said in his blog post.
Estonia seem to be working hard to create a system where all interactions with the government can be done securely online. The Estonian President , Kersti Kalijulaid believes that her nation is the only “true digital society” as e-residents can run their businesses in Estonia without having to set foot in the country.
If Estonia gets the support it needs to launch Estcoin, then a white paper detailing the value of Estcoins and the ways in which the investment will be used to develop the digital nation will soon follow.
IMAGE CREDIT:piren / 123RF Stock Photo
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