CyprusCoin White Paper v. 1.0
It is my great honor to announce the publication of the white paper for CyprusCoin. It was my hope to “collabowrite” a mission like this with the community members that will help deliver it.
Why did I start this project?
One of my anonymous friends (goes by DJ) tells the story about how expensive it is for his family to send remittances each week to India. For each wire transfer his bank takes nearly 20% of what DJ sends as overhead. This is particularly significant in the case of a small $10 transfer, and the $2 in free makes a big difference here. In addition, the time investment on both sides of the world can involve lengthy lines, troubles with cash-register-like terminals that rarely work, and lots of frustration. Although DJ has offered to help these transfers by crypto, it’s just too big of a lift to “forklift” the whole family into a system and use it.
In my day job the challenges are similar but at a different scale. I work with businesspeople, bankers and investors who think every day about global risk and move money and assets to hedge against that risk, or to seek tax advantages. However, when my clients need to move money they confront the same juggernaut that DJ’s family faces: nonsensical transaction processing patterns via a Byzantine system like SWIFT, high fees, intrusive KYC. At a meeting with several businesspeople in Cyprus we lamented this state and declared to change it, and in that spirit the name CyprusCoin first took root.
The prior examples are illustrations of offshore transfers of money. Whether the offshore transfer is large or small, the bureaucracy, headache, cost and loss of privacy trouble me. Yet there is no “offshore” in crypto and the whole concept is arguably an oxymoron; which may be true, but in the meantime we have a bridge to build so that the efficiencies of crypto can work.
I launched CyprusCoin on October 17, 2018 as a community coin project in order to address this challenge. We have a small but strong community but to do it we need a lot of people who share our vision.
I am an “openly anonymous” founder. In our white paper we explain why we believe that anonymity of team members may be just as important as the anonymity built in to the technology.
We are also reaching out because we launched CyprusCoin with two characteristics (bugs of a sort) that we need to address.
The first is the 2% premine which I’ve set aside currently and have committed to outsourcing the management of it in some way. If you believe that you can contribute to that effort (to secure the premine for the project’s use) we would value your input.
The second point to address is a technical one: we have a very fast emission of 18, which means that 99% of the coins will be mined by the end of Year 4. We plan to study options and make a decision in 2019 about how the community sees the best path for long-term viability of the CyprusCoin blockchain.
Finally, I want to thank the community for support in launching the coin and, together with me, to articulate the vision for the project.
We hope that you will enjoy our vision.
Please come by and help us make it real.
— CyprusCoin
