Kimmy Gardner
Aug 25, 2017 · 2 min read

Estcoins could be the new cryptocurrency that would be government-backed by the country of Estonia. The concept of Estcoins was proposed by Kaspar Korjus, the managing director of the e-Residency program in Estonia. Multiple countries were looking to do something similar such as China, but Estonia might be the first one as they already have the infrastructure to make it happen. This project will likely start off small, but scale as demand grows.

Estonia’s e-Residency program allows people to establish and run their business and finances. e-Residency is a government issued ID by the Republic of Estonia open to anyone in the world. Korjus thought Estcoins could be a great addition alongside e-Residency.

Estcoin are still in its early stages of development. Opinions and feedback are being gathered before proceeding. There has already been a good amount of interest being shown. If there is enough interest, there will be a white paper provided to outline the value of the coins and what the funds raised from the ICO will be used for. An ICO is a type of crowdfunding that funds startups by selling cryptocurrency. This could be the first ICO backed by a government. The funds from the ICO can be used to fund new infrastructure and tech in the public sector. Holders of the coins will have the added incentive of investing in the development of the nation.

The coins will be issued after the ICO. The Ethereum founder Vitalik Buterin has already shown interest in the nation’s development and has provided feedback on the proposal. Buterin stated: “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,” To read more, you can check out Kaspar’s medium page here:https://medium.com/@kaspar.korjus or follow the Estcoin hashtag.

)
Kimmy Gardner

Written by

I am a freelance writer who specializes in topics on beginners women’s fitness and weight training. kimmygardner.com