You might have heard about Estcoin back in August, but what is Estcoin exactly? While more and more investors are getting excited about Estcoin ICO, we discuss the key uses of this cryptocurrency.
20 December, AtoZForex – This August, Estonia has shared its cryptocurrency plans – the Baltic country has been considering the creation of the world’s first national cryptocurrency. The so-called Estcoin was designed to be a part of an ongoing program in Estonia e-Residency. What is Estcoin and what is the use of it? Let's discuss together.
What is Estcoin? Estonian Estcoin application details
According to the officials, the creation of Estcoin would contribute to the development of business in the country. The goal of Estonian e-Residency program is to provide Internet users with an opportunity to set up a business in Estonia without actually being present in the country.
This week, the managing director of Estonia’s e-Residency program, Kaspar Korjus, has published a post in regards to the project. He has explained that the e-Residency program is a special government startup. He also noted that this project could be funded via Initial coin offering (ICO).
Moreover, Mr. Korjus stated that there are three potential uses of the Estcoins the ICO would be selling.
Estcoin – a “community” token
Firstly, the users can utilize Estcoin as a “community” token. According to Mr. Korjus:
“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.”
As for the second use of the coin, Mr. Korjus names “identity Estcoin”. He further states that the cryptocurrency would provide members of the e-Residency program with the chance to identify themselves. They would be able to sign electronically with Estcoin or log into services in a secure way.
Mr. Korjus noted that Estcoins would not be traded or sold, as they would be connected to their owners.
The third use case for the Estcoin is called “Euro Estcoin”. According to Kaspar Korjus, “Euro Estcoin” would feature a value that is linked to that of the EUR. Mr. Korjus further states that the coin would not be a substitute for the Euro, but instead will act as a token that combines the advantages of the cryptocurrency and fiat currency.
When will Estcoin go live?
The exact date for the launch of Estcoin ICO still was not set. Yet, Mr. Korjus has mentioned that there is a growing interest in the idea. He also added that traditional institutions still did not show much support. However, Mr. Korjus believes that skepticism will not deter Estonia’s e-Residency program from carrying on the development path.
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