Estonia Is One Step Closer to Creating a Digital Nation
Estonia is well on its way to realizing its dream of building a global nation supported by its own e-Residency program and its cryptocurrency.
Digital currencies have taken 2017 from the storm. Massive price rises, mainstream adoption and just an overall interest in the advantages of blockchain technology are a number of the key highlights of this year.
It’s not only investors hoping to capitalize on these advantages however, governments may also see the benefits to getting a cashless monetary system.
Bragging Rights for the First State-Run ICO
Estonia had announced its strategy to develop its cryptocurrency, the Estcoin. Moreover, the nation has plans to establish an ICO because of its crypto. If effective, it’ll be the world’s earliest state-approved and affirmed ICO.
Based on Futurism, the Estcoin would encourage the nation’s e-Residency initiative, and it will be a project targeted at creating and fostering a worldwide digital state. Kaspar Korjus, who’s the program’s managing director, said that basically, anybody in the world that has Internet access could become a “digital citizen” of Estonia. Additionally, these taxpayers may set up and operate their company in the nation.
Additionally, 4,272 companies are registered.
A Multi-Faceted Token
In accordance with Korjus, the state-operated Estcoin token could have diverse applications. He explained:
The community Estcoin would be structured to support the objective of growing our new digital nation by incentivizing more people around the world to apply for and make greater use of e-Residency. This includes encouraging investors and entrepreneurs to use e-Residency as their platform for trusted ICO activity.
These tokens, that can’t be traded, can also be employed to facilitate digital signatures, and also for log-in functions. Though its worth is going to be attached to this euro, it’s by no way a substitute for its nation’s fiat currency.
Vitalik Buterin, Who’s the co-founder of all Ethereum, gave his view on the subject:
[I]f 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.
Estcoin Is Part of the Bigger Picture
Though countries like Russia, Israel, and Dubai have plans to establish their very own state-controlled digital monies, Estonia appears to have a very clear picture in your mind, not only in developing a helpful crypto but integrating it into a brand new age in the electronic revolution.