Estonia is well on its way to realizing its dream of building a global nation supported by its e-Residency program and its own cryptocurrency.
Digital currencies have definitely taken 2017 by storm. Massive price increases, mainstream adoption and just an overall interest in the benefits of blockchain technology have been some of the key highlights of this year.
It’s not just investors hoping to capitalize on these benefits though, governments can also see the advantages to having a cashless financial system.
Bragging Rights for the First State-Run ICO
Estonia had previously announced its plan to develop its own cryptocurrency, the Estcoin. In addition, the country has plans to launch an ICO for its crypto. If successful, it will be the world’s first state-approved and supported ICO.
According to Futurism, the Estcoin would support the country’s e-Residency initiative, which is a project aimed at creating and fostering a global digital nation. Kaspar Korjus, who is the program’s managing director, explained that essentially, anyone in the world who has Internet access can become a “digital citizen” of Estonia. In addition, these citizens can set up and run their business in the country.
Since its launch, the e-Residency initiative has received over 27,000 applicants from more than 140 countries. In addition, 4,272 companies have been registered.
A Multi-Faceted Token
According to Korjus, the state-operated Estcoin token would have varied uses. He explained:
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.
These tokens, which cannot be traded, can also be used to facilitate electronic signatures, and for log-in purposes. Even though its value will be connected to that of the euro, it is by no means a substitute for the country’s fiat currency.
Vitalik Buterin, who is the co-founder of Ethereum, gave his opinion on the matter:
[I]f these estcoins are issued on top of a blockchain (they could possibly be issued in multiple formats at the same time, nothing wrong with this) then it would become easy and convenient to use them inside of smart contracts and other applications.
Estcoin Is Part of the Bigger Picture
Even though countries such as Russia, Israel, and Dubai have plans to launch their own state-controlled digital currencies, Estonia seems to have a clear picture in mind, not just in creating a useful crypto, but incorporating it into a new era in the digital revolution.
Do you think Estonia will succeed in creating a digital nation? Will the Estcoin help with this vision? Let us know in the comments below!
Images courtesy of Shutterstock, e-resident.gov.ee