What is Isracoin?
Isracoin is a cryptocurrency for Israel. It is based on scrypt and is 10% premined for Airdrop distribution, has a maximum of 4.8 billion coins, block rewards of 50 coins every 1 minute and DigiShield difficulty retarget every 1 minute as well.
The premined coins will be distributed to the population of Israel and Israeli businesses, commencing on May 6th and in accordance with the plan set forth in the official website.
Isracoin was announced March 24th 2014 and its website opened to the public for the first time. The official launch announcement in Israel took place during a TV segment about the coin, in one of the most prominent economic TV shows in the country.
Israel has one of the highest levels of centralization of wealth and assets, with about 20 families controlling most of the industry and 5 banks controlling a whopping 93% of banking assets in the country.
Since 1962 not a single new bank has been established in Israel and lack of competition means the public pays high fees and rates and receives unfavorable terms in their day to day banking. Credit card clearance is also controlled by one body, which has a vested interest in keeping credit card processing fees high. The Israeli banking system is rife with interest over-charging on credit, low interest on deposits and high fees and charges for no apparent reason. The public has no choice but to endure this, while the cost of living skyrockets. Isracoin will help change that.
The purpose of the Airdrop is to put a significant quantity of Isracoins in the hands of as many Israeli citizens and businesses as possible, within a relatively short timespan, in order to jumpstart a strong economy that is based on real-world commerce.
The Airdrop distribution to businesses is an incentive to adopt and implement Isracoin as means of payment, to make the currency geared more towards real commerce.
- Algorithm: Scrypt
- Block Time: 1 minute
- Difficulty Retarget: 1 minute + DigiShield
- Premine: 10% - Airdrop distribution
- Mining Launch Date: March 26 2014
- Next Reward Halving: 3 years