Israeli developers are looking to launch a brand new altcoin shortly, intended for the Israeli market and thus the name Isracoin. The cryptocurrency will be released sometime next week and is a clear message towards the Israeli government that the people of Israel are tired of their control of people’s money and the terrible banking system.
The coin will be pre-mined by the developers, which will go towards rewarding citizens of Israel as well as merchants accepting the crypto coin. A total of 480 million coins out of 4.8 billion will be mined, a mere 10% of all coins. The distribution plan for the 480 million coins is described on the website (http://www.isracoin.org.il/), but since we don’t expect our readers to understand Hebrew, we have translated it for you:
“The first phase of the plan calls for distribution of 500 Isracoins to every business that adopts it as a means of payment, up to 50,000 businesses. This will happen one month before the second phase, in order to prepare as many businesses as possible for the day the general public receives the virtual coins,” the developers said on their website. The second phase will distribute the coins to every verified Israeli citizen, up to a maximum of 2,850,000 people,”
The developers made the following comment in regards to why they created the new alternative cryptocurrency: “The problem with the Israeli economy is over-concentration. A few banks control most assets, and these banks wield great influence over political parties. This expresses itself in high commission rates and in non-competitive services,”