Since the first Food Stamp Program – FSP – on late 1930 decade until SNAP – Supplemental Nutrition Assistance Program, many years have passed, and occurred several advances as well.
Ever since, many other countries implemented their benefit transference programs, as in Brazil with its Zero Hunger Program.
No matter what country you are, such programs are very similar, and all of them share a common objective: to help low-income people to buy food for a good health.
In both United States and Brazil, today this benefit have a form of a debit card, which only can be used in specific places. These cards, called EBT or Electronic Benefit Transfer in America and Bolsa Família (Family Allowance) in Brazil, operates using conventional banking system, thus, includes all financial costs of a regular operation.
What if those onerous and obsolete cards would be replaced by digital money?
After all, not having money on real life is a big problem. And with the arrival of cryptocurrency, not having digital money is the same.
If you have been surfing this wave since the beginning of the decade, then you surely got some nice bitcoins, which might be a small fortune nowadays.
But if you have got in contact with this new world only recently – it even might be your first contact with digital money, you’ll soon notice that to mine cryptocurrency is not that easy anymore, and that happens even with more recent Altcoins like Litecoin, this one which, ironically, was developed as a scrypt coin in order to make life easier for new miners facing the crypto-whales and sharks that live in Bitcoin Ocean.
And with that purpose, EBTcoin was developed. Oriented to take social welfare on the cryptocurrency ecosystem to another stage.
For a little more than one hour, I have been talking to Koontas, EBTcoin’s Project Manager. The project concept was designed in a chat room where some cryptocurrency-related developers talked about the difficulties new miners now find, a situation that blatantly differs from the earlier members of the community.
As Koontas says, “One of the reasons that we implemented Proof of Stake (PoS), was to give people the opportunity of building on the coin they mine or buy”.
For those who don’t know what PoS is, in a simple way, it’s a Proof of Participation” – a way that cryptocurrency networks uses to keep their networks secure. In order to do that, an amount of coins must be kept in the wallet. As a reward for doing that, users receive a percentage of what is kept in their wallets.
At this point, I have thought – and asked him about: “Then, by sustaining EBT on long-term and by keeping coins in the wallets, could we consider EBTcoin being used as a kind of 401K?
Koontas punctuates “Yes, essentially. Although the proof of stake has a maturation of 90 days.
To the reader not used to cryptocurrency with PoS, maturation is the time needed for a coin to be kept in the wallet so a PoS block can be minted. This happens, in case of EBTcoin, by maintaining the coins in wallet for 90 days and, after that, the user’s wallet automatically process a PoS block in order to receive 10% of the balance.
Regarding PoW (Proof of Work) rewards, that is, by mining blocks, EBT features are:
1000 EBT per block. This amount halves every 100.000 blocks. With that, after block 1.100.000, only one EBT/block will be rewarded.
In Koontas words, “EBT was designed to limit the number of coins produced while still rewarding the early supporters with higher rewards. As mining slows and people continue to switch from script mining to PoS we want the reward to reflect that”.
The fact of EBTcoin being a script mining cryptocurrency is not coincidental at all… Besides making new miners lives easier and to incentive newcomers, it also has a function of keeping crypto-whales and sharks on other seas – more profitable for their profiles.
One of the biggest challenges, as Koontas stated, is to manage a project with a team as big as EBT team. Currently there are 15 members distributed in different parts of the project. This way, there is someone who is in charge of giveaways, graphic design, website, mining pools, wallet, as well as a new EBT product – CryptoPoker.org, a new poker site.
In order to receive your first EBT, the team prepared some giveaways listed below.
Summarizing, they are:
- By downloading EBT wallet and publishing your address here, you will receive 50 coins;
- By posting a positive feedback on BitcoinTalk thread (and by publishing comment’s link here);
- On Cryptsy, to up vote and add a comment requesting the addition of EBT (and by publishing comment’s link here);
- On Reddit/r/CoinedUp, to up vote and comment (and by publishing comment’s link here);
- On Reddit/r/Altcoin, to up vote and comment (and by publishing comment’s link here).
At the moment, EBTcoin can be traded for BTC and other Altcoins on OpenEx.
You can check more about EBTcoin on its official channels:
The post EBTcoin – EBT – The Benefit Transference Digital Program appeared first on CryptoNerd.
The BlueCoin Phenomenon
BlueCoin is very serious about their chosen theme. Taking cue from the cultural antics of the Dogecoin community, the founders of BlueCoin have been trying to give it something of a personality. They announced an official BlueCoin afterparty to ...read more
Ripple Labs CTO Designs Smart Contracts
Stefan Thomas is one of the more talented and respected developers in the space. An old hat at this young technology, he has been making waves as the CTO of Ripple labs. In a recent effort he has set ...read more
American court stops Mt. Gox from auctioning Bitcoin domain
A United States court issued a temporary order to forbid the sale of the domain Bitcoins.com, which is still owned by the CEO of the defunct cryptocurrency exchange Mt. Gox. Mark Karpeles announced the auctioning of the domain two weeks ago. The injuction ...read more
New York-based Coinsetter evolves to “full US Bitcoin exchange”
Following the recent presentation of the first BitLicense draft, the Bitcoin-related set of rules that will regulate the crypto-economy in New York, the local exchange Coinsetter announced its evolution from beta stage to “full US Bitcoin exchange”. “Today, we’re pleased ...read more
Building a Bitcoin Economy: How to Close the Loop
This guide is a continuation of a previous article at http://bitcoinmagazine.com/13104/building-bitcoin-economy-stimulate-adoption/ If you or someone in the area has been preaching crypto for a while, you probably have a few nearby businesses accepting Bitcoin by now. This is an important first ...read more
#OffTheCouch: Award-winning Film Could Bring Bitcoin to 1,000 High Schools
The Corporation Film’s Crypto Challenge from Hello Cool World on Vimeo. For its 10th year anniversary, “The Corporation” is raising money for a re-release shown to 1,000 schools across North America. Their original fiat campaign closed at $30,000, and they’re ...read more