Israel to Introduce New Cryptocurrency: Isracoin Set for Debut in Near Future
Israeli developers are set to launch a new cryptocurrency, Isracoin, aimed at the Israeli market next week. The digital currency is a response to perceived government control over people's money and the banking system in Israel.
However, there are no specific search results detailing the distribution plan of Isracoin, nor explicit information on how it addresses the Israeli economy's issues. Nevertheless, based on general frameworks and possible goals, an altcoin like Isracoin might aim to enhance financial inclusion, reduce reliance on traditional banking systems, support local businesses, and potentially counter inflation or currency instability.
The developers have revealed that a mere 10% of all coins will be pre-mined, totalling 480 million coins out of a total of 4.8 billion. The pre-mined coins will be distributed among citizens of Israel and merchants accepting Isracoin. The exact distribution of these pre-mined coins between the first and second phases remains undisclosed.
The first phase of Isracoin's distribution plan involves giving 500 Isracoins to each business that adopts it as a means of payment, up to a maximum of 50,000 businesses. This distribution will occur one month before the second phase, during which every verified Israeli citizen, up to a maximum of 2,850,000 people, will receive Isracoins.
The distribution plan does not mention any specific criteria for businesses or individuals to be eligible for coin distribution. Moreover, the developers have not disclosed the exact date for the release of Isracoin or commented on any potential partnerships with other cryptocurrency companies or financial institutions.
The developers believe that the Israeli economy is over-concentrated, with a few banks controlling most assets and exerting significant influence over political parties. They hope that Isracoin will help to decentralise the economy and provide a more democratic financial system.
The website's distribution plan is available in Hebrew, but a translated version is provided for readers. For precise details about Isracoin's distribution and its economic impact on Israel, official project releases or whitepapers would need to be consulted.
Isracoin, the upcoming cryptocurrency for the Israeli market, plans to distribute its pre-mined coins among citizens and merchants. Specifically, businesses adopting Isracoin as a payment method will receive 500 coins each, up to a maximum of 50,000 businesses, one month before coins are distributed to verified Israeli citizens, up to a maximum of 2,850,000 people. The distribution plan does not disclose specific eligibility criteria or the exact date for Isracoin's release. The developers of Isracoin aim to use this technology to help decentralize the Israeli economy and counter the perceived influence of a few banks over the financial system.
