Aphrodite Coin


Aphrodite one of a growing number of 'national cryptocurrencies', which are given away for free to the citizens of countries facing financial difficulties. It follows in the footsteps of Auroracoin, a digital currency for the nation of Iceland which (as of 27th March 2014) is still suffering under foreign currency restrictions and an ailing economy following the 2008 financial crisis, and Scotcoin which is being distributed to the people of Scotland who may no longer be able to use the British pound following an upcoming referendum on Scottish independence. Aphrodite Coin is to be distributed to the people of Cyprus, who were amongst the hardest hit of all the nations of the European Union by the global financial crisis, and many of whom lost money to the banking industry directly in the EU sponsored 'bank levvy'.

Why Cyprus Needs Digital Currency

In the second quarter of 2013 the people of Cyprus faced a crisis. Both the country's government and its banking industry were facing bankruptcy after the banks ran up huge debts through irresponsible lending behaviours and then demanded support from the government. When supporting loans from the European Union began to dry up and the creditors came knocking, the government and banks colluded to directly steal money from the accounts of the country's residents. Cypriot bank accounts were frozen for a significant time, leaving people unable to access their money to buy basics - and when restriction were lifted many found that they were to be subjected to a one off 10% tax on bank balances.

To many, this incident clearly demonstrates why the world needs to switch from an imposed currency, run by a small cabal of bankers, to peer to peer digital currencies freely chosen by the people in an open and competitive marketplace. To the people of Cyprus it was more than just an abstract lesson - it was a painful disaster from which they are still trying to recover.

Aphrodite Coin claims to be an attempt to provide the people of Cyprus with a currency which can be securely stored out of the reach of bankers and their friends in government, whilst simultaneously helping to negate many of the economic flaws which lead to the global financial crisis in the first place (the ability of government to print huge amounts of money to give to the banks, devaluing the money in circulation; the manipulation of currency for political ends; the unsustainable size and power of a small number of financial institutions, and so on).

On the 21st April 2014 the Aphrodite Coin 'Air Drop' will begin, in order to distribute the coins to as many Cypriots as possible. Over the course of the next year every citizen will be eligible to claim 24.5 Aphrodite Coins out of the 885,000 which have been put aside for the Air Drop.

Technical Details

  • Algorithm: Script
  • Block Reward: 10 Coins
  • Block Time: 5 Minutes
  • Retarget: KGW
  • Max: 30 Million
  • Premine: 22.5 Million (75%)
  • Air Drop: 885,000

Precisely what will be done with the 21.615 million pre-mined coins not distributed in airdrop is not know; the project authors claim that they are to be used to 'stabilize the currency'. One can only hope that they will be used to help the Cypriot economy, and that this project is not simply a cynical attempt to steal yet more money from the beleaguered people of the beautiful island of Cyprus.

Website: http://aphroditecoin.org/

Categories: E-Currency | Cryptocurrency | Europe | Cyprus

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