Israel, a country the size of New Jersey, with a population of just over 8 million people has enjoyed much success over the years. The citizens of Israel have achieved the highest ratio of university degrees in the world, 3rd most listings of any country on the NASDAQ, and competes head to head with Silicon Valley for venture funding. They clearly know how to get interest in their developments and turn these developments into profitable enterprises.
Another recent development comes in the form of a new scrypt based coin called Isracoin.
Released on March 26 of this year with a unique plan in place for promotion, adoption, and ongoing support. Isracoin is limited to 4.8 billion total coins with 480 million coins pre-mined and dedicated to creating and driving a functioning economy. The plan in a nutshell:
Phase 1 – Beginning May 6, 2014 will distribute 500isr to 50,000 Israeli business’s.
Phase II – Beginning June 6, 2014 will distribute 100isr to 1.850 million Israeli Citizens.
Phase III – Expected to begin towards the end of 2014, this phase will distribute 5,000isr to each Israeli Business that has adopted Isracoin as a payment method and is intended to promote B2B transactions.
Phase IV – In about 12 months the remaining pre-mined Isracoin will be divided into four areas – Isracoin operation/development costs, Israeli Start-up Fund, Charitable Donations, and support of equal opportunity and/or economic freedom programs in Israel.
The developers of Isracoin go into great detail about their plan at www.isracoin.org and as of this writing were just listed on the Bittrex Exchange under ISR. There is also obvious interest in the mining community as the network hash rate has more than tripled over the last few days to over 900 Mh/s. This rapid expansion has caused some pools to scramble in a effort to support the exponential growth.
Will Isracoin be successful? What I can say is most coins have been centred around the consumer and have been waiting for a market to develop. Isracoin is focusing first on developing the market, such that the consumer will have a place to easily transact, experience, and become accustomed to its use. It doesn’t take a great leap of faith to believe if you are given something of value and told to go spend it, that this will occur, and create momentum for more.
The Citizens of Israel are very tight knit group that strongly support their entrepreneurial brethren. Don’t be to surprised if there are more headlines for Israscoin as their plan takes root.
Be safe, find MoAr Blocks!
Quick update: Isracoin will be publishing the distribution method and time line in the near future. Still 33 days till the first planned drop!