The crypto community has been very active in trying to release new features and coins trying to improve the initial phenomenon that was and is bitcoin. In doing so one such theory has been bought forward by the developer of Pakcoin who goes under the nick: Pakcoin. In an exclusive interview with Newsbtc Pakistan we were able to have him shed some light on why he thinks this of due importance to Pakistan.
We would like to know a bit about pakcoin? Can you elaborate what it is?
Pakcoin is a digital currency aimed primarily at users of Pakistan. It can bring change to financial services and transactions within Pakistan as bitcoin is doing globally. It is based on scrypt proof of work algorithm like Litecoin.
Pakcoin was conceived on 28th may 2015 and has been officially released on 22nd June 2015.
Its total mine-able coins would be 182 million PAK. You may get more technical details on its official website.
In view when we see bt/ltc do we really need another altcoin?
With such a large adoption for btc and ltc, they might not come up with the huge transactions volume which is growing more and more each year thus it might not be suitable for Quick small transactions, unless there core code is changed. I won’t go into more technical details for now. So, technically yes we need altcoins to be adopted especially for micro and faster transactions.
We have seen coins for other countries that have never gained traction. How do you plan to make pakcoin different from other country specific coins?
Well country coins don’t get global boom due to them being crafted and named for specific countries, but few coins got ground in their countries like swift coin, isra coin, Spain coin, Scott coin, Aurora coin.
Pakcoin’s popularity would only depend on its adoption by users and services in Pakistan taking it seriously as their own digital currency; otherwise it would be just like another dead currency. Pakistani diasporas could use it for remittance service as well. Pakcoin team however would try it’s best to do best for Pakcoin adoption within Pakistan.
How can Pakcoin help the common man in Pakistan?
We would like to develop an eco system around pakcoin to make its usage as easy as possible. Common man could use it as well without the knowledge of crypto currency and it’s usage, by deploying some sort of services such as translating it’s block chain addresses to usernames such as domain names are translated to IP addresses of websites, so that the user will not have to remember the wallet addresses.
It can further be integrated into sms based wallets service for those who don’t have Internet access, the same practice adopted by easy paisa or UBL omni etc.
Why did you choose scrypt to be the algorithim for pakcoin?
Scrypt being one of the more secure algorithms available was chosen to represent brute force as it has in built protection against a brute force attack or 51% network attack and will create it a lot more expensive to carry this out. Additionally it is much faster than other algorithms.
What is on the horizon for pakcoin?
If Pakistani developer community put efforts in for pakcoin, it would be among successful altcoins. I believe so because Pakistan has one of the most talented developer’s communities in the world.
Please also add anything else you would like to add.
We would like to add that Pakistani cyber users need education for crypt-currencies at large, so that they can get benefits from any coin of their choice. We have brought up pakcoin mixed with love for Pakistan and good intentions. We have done our work and now it’s time to see how Pakistanis would respond to it.