Page 21 - AHATA

A14 LOCAL
Thursday 8 November 2018

ArubaCoin: A Social Experiment, Just Like Bitcoin

ORANJESTAD – New initiatives give
energy, but you need to under-
stand them to be willing to partici-
pate. Aruba Today had the plea-
sure to interview the people of Aru-
baCoin, out of curiosity about the
new cryptocurrency.

What is ArubaCoin and how does
it work?
“ArubaCoin is a decentralized so-
cial cryptocurrency, there is no
central authority. It’s an ERC-20
on the ethereum block chain. The
benefit of that is, ArubaCoin can
be sent and received on any ethe-
reum wallet. Transaction fees are was created out of necessity to transfers takes 2 days.” prominent developers and com-
paid in ether and it is supported solve a problem.” munity members in the space.”
by popular hardware wallets Leg- “ArubaCoin did 2 rounds of free How many and which companies
der and Trezor. You control your Airdrops to the Aruban Communi- work with ArubaCoin so far? What can you say about the com-
wealth by controlling the private ty where hundreds of participants “Currently in Aruba there are 16 ments that digital currency comes
key, which you can backup nu- received free 200 ArubaCoin (at businesses accepting ArubaCoin: with high energy costs?
merous ways and multiple times. today’s market price $2.30 = $460) Linda’s Dutch Pancakes “High energy cost will depend on
It’s an open source and fully audit- and 50 ArubaCoin airdrops cur- Aruba E-Bike Tours which algorithm/mining hardware
able on the block chain. Anybody rent total value of $115. This is Casalina Garden Apartments your talking about (asic). The high
and everybody can contribute.” how we wanted to reach broad New Image Spa Aruba @ Barce- energy cost is based on the coun-
“It’s also programmable money so distribution for the local Aru- lo Hotel Alfie’s Burger joint & Bar tries where nobody mines because
there are allot of use-cases, Aru- ban community. And in this way Mi Desayuno Restaurant it would be unprofitable. The POW
baCoin could have numerous pur- create a low barrier of entry Cunucu 297 (proof of work) algorithm which
poses: for the rest of the community.” Tennis School Aruba Palm Beach bitcoin is working on miners are
ArubaCanoe water activities & using green cheap energy where
1) means of cheap and instant ex- Who started ArubaCoin and with paddle school there is excess electricity, like Ice-
change without any 3rd party in- what purpose? Motivami land and China. ArubaCoin is built
volved “ArubaCoin has the same mys- Dog Hotel Aruba on ethereum and does not use the
tique that Bitcoin has, nobody Gomes Air-conditioning & services sha-256 algorithm that bitcoin uses.
2) e-commerce and online plat- knows who the creators of the InvenTech Aruba And soon the protocol should be
forms instant payments without the genesis block are, which eventu- Best Buy Family Store switching to PoS which is more en-
risk of charge-backs ally doesn’t matter. It’s a grassroots ergy efficient.”
project, it’s been released for the Its listed on 2 exchanges: EtherD-
3) a censorship resistant scarce public. The community has grown elta exchange and ForkDelta ex- Why would people choose for digi-
digital asset substantially, from bitcoin advo- change. And listed on CoinMar- tal currency? How would tourists
cates to Aruban cryptocurrency ketWatch.com for market cap benefit from this?
4) financial sovereignty community members. The same and price ticker, market indicators. “Most adoption it’s fueled by
as Satoshi Nakamoto left bitcoin GetDelta app also for price ticker.” necessity, if it solves a problem
5) automated settlement layer to the community members, this there will be users and growth.
happened to ArubaCoin also. Where can people find informa- And we see many opportunities
Its a new technology that many The purpose is to solve a problem tion? and use-cases that can be used
still don’t understand nor need and have an alternative. A so- “You can find more information with it, that otherwise could not be
to. Many don’t understand what cial experiment just like bitcoin.” at www.arubacoin.org and follow accomplished. We are focused
TCP/IP is but you use it every day, our Facebook community page or on the local community and eco-
it’s called the internet. Eventu- What is your goal with Arubacoin? telegram group.” system, tourist are not the priority.
ally the user-experiences will be “The goal of the ArubaCoin com- Of course you have Aruban com-
seamless and you won’t know munity in general is to have a wide Do you have cooperation with oth- munity members that live abroad,
you are using cryptocurrency in adoption and active community er digital currency? those are already participating
the backend of an application. and slowly but surely grow the “The community members and de- in ArubaCoin, they also have a
Many are skeptical of Bitcoin or eco-system. Sustainability is priority. velopers are community members unique use-case because they
ArubaCoin which is very normal An easy and instant means of ex- of bitcoin and other coins like zcoin could send $10 from Europe in-
if you don’t fully understand the change. Physically bringing cash is and ethereum, so yes we have col- stantly and the received can pay
fundamentals. Cryptocurrency costly and timely, while local bank laborations with broad spectrum of their bill instantly, within minutes.
ArubaCoin is very new, we do
not recommend anybody to take
this as an investment advice.
Bitcoin, ArubaCoin or any crypto-
currency can be HIGHLY volatile,
we do not recommend anybody
buying cryptocurrency without
doing due diligence how to use
it. If you lose your private key or
password or don’t properly back
it up, nobody can retrieve those
coins.”q