I'm glad to pre-announce TangoCoin (TNG, ₮), the first Argentinian cryptocurrency, designed for the argentinian domestic economy.
I will try to explain why this coin is different to all other current coins and why it would be useful to the argentinian economy.
Why is TangoCoin different?Half of the coins will be premined and distributed equally to all the population. The remaining coins will be mined by PoW+PoS.
Why Argentina?Argentina currently is a country with very high inflation rate (25-30% y/y) and its domestic currency, peso (ARS), is devaluated on a daily basis (
http://finance.yahoo.com/echarts?s=ARSUSD=X#symbol=;range=5y) so it's very hard to save or invest in pesos. The velocity of the money is very high and all big transactions (above 10,000 USD) are currently paid in american dollars.
Who will be able to ask for free coins?Only natural persons who have a unique ID number of Argentina (DNI).
How will the coins be distributed to the population?Each citizen will have to publish his tangocoin address signed with any certificate issued by any certificate authority approved by ACAP (
https://pki.jgm.gov.ar/app/) and/or ACRaiz (
https://www.acraiz.gob.ar/) or any future authority. After verifying the signature, 1000 TNG would be transferred from the escrow address to the citizen's tangocoin address. I will try to make this as transparent as possible (any ideas here are welcomed). However as not everybody already has a digital certificate, it is not possible to distribute unasked coins yet.
How can I audit the escrow address?The escrow address will start with a 40 billion coins balance. Each transaction from that address will be verifiable that it was transferred to a signed tangocoin address (see above), verifying also the signature's uniqueness (so it wasn't asked twice).
What about interests in the escrow premined address?It will be distributed too, so maybe it would be possible to distribute coins to the unborn future population too.
Can someone outside Argentina mine or use this coin?Of course, I cannot forbid it.
When will it be released?March 9th, 2014. (2014-03-09 01:00 GMT)June 9th, 2014. (2014-06-09 01:00 GMT)
Technical specs:Total coins: 80 billions TNG (plus 1% interest PoS).
Algo: scrypt (maybe scrpyt-jane)
Premined: 50%. Distributed: 1000 coins to each argentinian (current population: 40 million). None for me nor any collaborator, no giveaways.
Minitng PoW:
1st year: 10 billions
2nd-6th years: 5 billions yearly
Last 5 billion coins: 2.5 billions, halving every year.
PoS interest: 1% yearly.
Blocks every 1 minute.
Difficulty adjusting every day.
Transaction messages
Anyone who wants to collaborate with this project is very welcomed. Any ideas are welcomed too.
Source Code (forked from GrowthCoin):
https://github.com/tangocoin/tangocoinTopic en Español:
https://bitcointalksearch.org/topic/tangocoin-criptomoneda-argentina-spanish-topic-espanol-385932