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Scotcoin Migrates from Altcoin to Counterparty Digital Asset

Last Updated March 4, 2021 4:41 PM
Giulio Prisco
Last Updated March 4, 2021 4:41 PM

ScotcoinThe Scotcoin Project announced that they are to phase out the existing ‘standalone’ SHA256 Scotcoin network and fully migrate to the Counterparty solution, as a Digital Asset, utilizing the Bitcoin network infrastructure.

Derek Nisbet, Founder of Scotcoin said:

“Following on from the successful launch and subsequent roll out of Scotcoin directly to the Scottish people, and with the ongoing interest in developing further solutions for Scotcoin, we faced a real issue with respect to maintaining the integrity of the existing network, as Scotcoin was built on it’s own blockchain.

Thanks to the fantastic innovations this year by Counterparty.io, we can now seize the opportunity to add SCOTCOIN as a digital asset into the Counterparty solution, and back this up with the power and robustness of the Bitcoin network.

This will allow Scotcoin to grow in so many new ways, which are becoming possible via Counterparty & Bitcoin including Multi Sig, Smart Contracts and so much more, as well as offering everyone involved with the Scotcoin community, complete piece of mind that the underlying network will remain robust, plus they will now hold a true digital asset, 100% confirmed and contained, within the Bitcoin Blockchain.”

The Scotcoin website  has migration instructions for existing Scotcoin holders.

From “me-too” altcoin to real Bitcoin

It’s very interesting to see Scotcoin migrating from “me-too” altcoin to part of the real Bitcoin crypto-economy.

Scotcoin had its moment of fame before the referendum on Scottish independence, which took place on September 18. It was then suggested that an independent Scotland wouldn’t be able to keep the pound or join the euro, and would be forced to build their own currency, why not based on Bitcoin. The referendum was not successful, but there are indications that Scotland may seek independence again in the future. If that happens, a strong Scotcoin anchored to Bitcoin may have an important role to play.

What do you think of the migration of Scotcoin and its possible future? Comment below!

Images from Scotcoin, Frank Gaertner and Shutterstock.