The Scotcoin Project CIC promotes the use of Scotcoin, a cryptocurrency like no other. A global coin with a Scottish ethos, Scotcoin will function both as a day to day means of exchange between customers and businesses within Scotland and worldwide. Initially conceived as a method of efficient funds transfer between SMEs and their customer base to challenge traditional business banking, Scotcoin has grown in vision to a globally tradeable coin with full smart-contract capability.
Scotcoin is now an ERC20 Coin with a ticker of SCOT.
Operating on its own custom permissioned blockchain, its lack of “anonymous” accounts makes it easy to comply with upcoming regulation, both national and international. To engage with this blockchain will require participants to go through both KYC (Know your Customer) and AML (Anti-money laundering) procedures, similar to those required for opening a bank account. A permissioned blockchain is also very attractive to governments and large businesses who can have confidence they will not be tarnished with “Dark Web” scare stories. Our permissioned blockchain makes implementing a Universal Basic Income much easier, if that was an option that a future Government wished to adopt. Similarly, if Scotcoin was to be adopted as an official national cryptocurrency, applying taxes at point of sale could be a fairly simple matter. The ease with which the parameters of any sales tax could be changed means that very innovative and flexible taxation policies could be envisaged. For example,
- Cigarettes could have an additional tax on them, as could diesel, for instance. If there was a glut of diesel, the rate could be reduced.
- Buying alcohol after 12 midnight in a postcode with a history of alcohol-related disruption? VAT rate is +50%
The possibilities are endless. Also, should a particular tax rate prove unfair, counterproductive or simply irrelevant, it can easily and quickly be changed. Not only sales taxes are possible, true PAYE could be implemented at a fraction of the current cost to payroll departments both in Scotland and worldwide.
Scotcoin runs a very successful meetup group (here), with nearly 500 members and has significant followers on Facebook and Twitter. We have a YouTube channel which has several user guides for our users here. Meetups are held in Glasgow, Edinburgh, Dundee and Perth and we are looking for people to assist in both Aberdeen and Inverness. We also run CPD courses on Blockchain and will talk to Universities and Schools for free. We maintain a regular blog on our website Scotcoinproject.com on matters both related to Blockchain and more general IT ideas.
With Blockchain generally moving very fast, we aim to keep people informed and up to date as quickly as possible.
Our view on the ecosystem we are creating is that the charitable space requires much more input than presently happening. We are engaging with the Scottish Government, with the IPPR, with The Big Issue and with other charities like Social Bite with a view to setting up a Common Weal fund to benefit as many people as possible.
Scotcoin was founded in late 2013 by Derek Nisbet. Mr Nisbet was sole proprietor and the only technical resource. In spring 2014 there were various air-drops and eventually there were approximately 800 holders, most of whom had received 1 million SCOT each simply for being members of the correct Facebook group and being able to prove a Scottish postcode. Following the referendum of 2014 which the original Scotcoin had been set up to take advantage of, the coin fell into the doldrums with decreasing take up and lack of miners to validate the blockchain. An almost complete lack of technical knowledge amongst the holders did not help the situation. Due to increasing hacking attempts and few miners, Nisbet moved the coin to a new version using the Counterparty protocol which “piggy-backs” on the Bitcoin blockchain. This conferred security and did away with the need for dedicated Scotcoin mining at the cost of a “transaction tax” payable in Bitcoin every time Scotcoin was transferred between wallets. This transaction tax or miners fee was initially a very reasonable 7-8p but was directly related to the price of Bitcoin. At that time Bitcoin was worth $3-400 each, having peaked previously at nearly $1000.
Unfortunately, the migration process was not well advertised and the time window for migration was very limited. As a result, many holders effectively lost their coins and confidence fell further. At this point two existing holders, Melville and Fleming began investigating a possible take-over. They were certain the Scotcoin brand was worth saving and with proper management, a secure future for the coin could be achieved. Other major investors were approached, and a proper hard-headed business approach was adopted. A successful buyout offer took place and Derek Nisbet sold both the IP and what coin he had. A prominent Glasgow businessman, David Low, came in and along with Mr Melville and one other sleeping partner, they constituted the major investors.
As of now there are approximately 4000 holders and amongst these are holders in more than 50 countries worldwide. Scotcoin was used for the first property transaction in the UK to be settled with digital currency, and it continues to grow in acceptance and use.
There are a huge number of advantages to using digital currencies, not least the very much lower transmission charges. Large sums cost a lot of fiat to send, whilst sending in digital currency can be literally pennies. As a result, companies using this method will have an advantage over those that do not.
Brian is an experienced IT Consultant of over 20 years, currently in full time study doing a MSc in Advanced Cyber Security and Forensics at Edinburgh Napier University. In June 2018, I successfully achieved a 2:1 Honours degree at Napier Uni.
Brian gained his IT knowledge working in a wide range of IT helpdesk and desktop support roles at NHS Lothian, Healthcare improvement Scotland, BSkyB, Bodycote plc, Scottish & Newcastle and finally within network and Internet services for BT Internet, BT Ignite and BT Global Services.
Brian is an open-minded individual with a proven track record in providing easy to understand technical assistance either face-to-face or remotely over the phone without the use of technical jargon. He has strong technical skills as well as excellent interpersonal skills. Brian was eager to be challenged, in order to grow and improve his communication and professional IT skills, so I joined the Scotcoin Project in July 2016 where he has gained invaluable industry experience while undertaking his full-time studies.
Brian’s main focus since joining Scotcoin is Cyber Security. He has undertaken pen testing and scanning of web and hardware assets, while ensuring all staff operate their day to day duties in a safe and secure way.
In addition, Brian has helped organise various meet up events for Scotcoin customers and interested members of the public in Glasgow, Edinburgh, Scone and Dundee. He has written an extensive Information Security policy for the company and is excited about the next step the project is taking, looking forward to the implementation of the new Blockchain solution and adoption of this new technology by the Scottish people and worldwide.
David Low is a Scottish based business man and private equity investor with interests that include sports, financial technology, health and safety and plastic re-cycling.
John Angus Morrison has a 25+ year track record managing complex projects, mainly in the Financial Services Risk Management space, his focus has always been the ‘data supply chain’. Since starting his career in Scotland John has gained significant international experience both in Europe & the United States as well as in London. In 2014, for personal reasons, John returned to Edinburgh & it is his objective to remain there. In the run up to the GFC, John developed two landmark white papers on Basel II P2 compliance; one for SAP & one for Microsoft Advanced Analytics. He is PRINCE2 & SSADMv4 Certified. More recently John provided advice on the transition of the Scotcoin token on the Blockchain from a public to a private or permissioned blockchain. This has been in the context of the Scottish Fintech Ecosystem in preparation for an ICO of Scotcoin. In this project John’s focus has been Hyperledger Fabric & Cloud Service provision.
Temple was educated at Rugby School and the LSE. In addition he has added accounting and marketing qualifications in later life. He operates out of Scotland and has a proven track record in management consultancy. He came to Scotcoin during 2014 and is a strong advocate both of the blockchain and decentralised currencies. He is one of only two people in UK certified as CPD instructors for Blockchain and the only one in Scotland. He and David Low are the owners of the Scotcoin IP.