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A13
Tuesday 31 July 2018

ArubaCoin: A Social Experiment, Just Like Bitcoin

ORANJESTAD – New initia-
tives give energy, but you
need to understand them
to be willing to participate.
Aruba Today had the plea-
sure to interview the people
of ArubaCoin, out of curios-
ity about the new crypto-
currency.

What is ArubaCoin and how
does it work?

“ArubaCoin is a decentral-
ized social cryptocurrency,
there is no central authority.
It’s an ERC-20 on the ethe- will be seamless and you an alternative. A social ex- and ForkDelta exchange. in is built on ethereum and
reum block chain. The ben- won’t know you are us- periment just like bitcoin.” And listed on CoinMarket- does not use the sha-256
efit of that is, ArubaCoin ing cryptocurrency in the Watch.com for market cap algorithm that bitcoin uses.
can be sent and received backend of an applica- What is your goal with Aru- and price ticker, market And soon the protocol
on any ethereum wallet. tion. Many are skeptical of bacoin? indicators. GetDelta app should be switching to PoS
Transaction fees are paid Bitcoin or ArubaCoin which also for price ticker.” which is more energy effi-
in ether and it is support- is very normal “The goal of the ArubaCo- cient.”
ed by popular hardware if you don’t fully under- in community in general is Where can people find in-
wallets Legder and Trezor. stand the fundamentals. to have a wide adoption formation? Why would people choose
You control your wealth by Cryptocurrency was creat- and active community and for digital currency? How
controlling the private key, ed out of necessity to solve slowly but surely grow the “You can find more infor- would tourists benefit from
which you can backup nu- a problem.” eco-system. Sustainability mation at www.arubacoin. this?
merous ways and multiple is priority. An easy and in- org and follow our Face- “Most adoption it’s fueled
times. It’s an open source “ArubaCoin did 2 rounds of stant means of exchange. book community page or by necessity, if it solves a
and fully auditable on the free Airdrops to the Aruban Physically bringing cash is telegram group.” problem there will be users
block chain. Anybody and Community where hun- costly and timely, while lo- and growth.
everybody can contrib- dreds of participants re- cal bank transfers takes 2 Do you have cooperation And we see many oppor-
ute.” ceived free 200 ArubaCoin days.” with other digital currency? tunities and use-cases that
(at today’s market price can be used with it, that
“It’s also programmable $2.30 = $460) How many and which “The community members otherwise could not be
money so there are allot and 50 ArubaCoin airdrops companies work with Aru- and developers are com- accomplished. We are fo-
of use-cases, ArubaCoin current total value of $115. baCoin so far? munity members of bitcoin cused on the local com-
could have numerous pur- This is how we wanted to and other coins like zcoin munity and eco-system,
poses: reach broad distribution for “Currently in Aruba there and ethereum, so yes we tourist are not the priority.
the local Aruban commu- are 16 businesses accept- have collaborations with Of course you have Aruban
1) means of cheap and nity. And in this way create ing ArubaCoin: broad spectrum of promi- community members that
instant exchange without a low barrier of entry for the nent developers and com- live abroad, those are al-
any 3rd party involved rest of the community.” Linda’s Dutch Pancakes munity members in the ready participating in Aru-
Aruba E-Bike Tours space.” baCoin, they also have a
2) e-commerce and online Who started ArubaCoin Casalina Garden Apart- unique use-case because
platforms instant payments and with what purpose? ments What can you say about they could send $10 from
without the risk of charge- “ArubaCoin has the same New Image Spa Aruba @ the comments that digital Europe instantly and the
backs mystique that Bitcoin has, Barcelo Hotel currency comes with high received can pay their bill
nobody knows who the Alfie’s Burger joint & Bar energy costs? instantly, within minutes.
3) a censorship resistant creators of the genesis Mi Desayuno Restaurant ArubaCoin is very new, we
scarce digital asset block are, which eventu- Cunucu 297 “High energy cost will de- do not recommend any-
ally doesn’t matter. It’s a Tennis School Aruba Palm pend on which algorithm/ body to take this as an in-
4) financial sovereignty grassroots project, it’s been Beach mining hardware your talk- vestment advice.
released for the public. The ArubaCanoe water activi- ing about (asic). The high Bitcoin, ArubaCoin or any
5) automated settlement community has grown sub- ties & paddle school energy cost is based on the cryptocurrency can be
layer stantially, from bitcoin ad- Motivami countries where nobody HIGHLY volatile, we do not
vocates to Aruban crypto- Dog Hotel Aruba mines because it would recommend anybody buy-
Its a new technology that currency community mem- Gomes Air-conditioning & be unprofitable. The POW ing cryptocurrency without
many still don’t understand bers. The same as Satoshi services (proof of work) algorithm doing due diligence how
nor need to. Many don’t Nakamoto left bitcoin to InvenTech Aruba which bitcoin is working to use it. If you lose your
understand what TCP/IP is the community members, Best Buy Family Store on miners are using green private key or password or
but you use it every day, it’s this happened to Aruba- cheap energy where there don’t properly back it up,
called the internet. Eventu- Coin also. The purpose is to Its listed on 2 exchang- is excess electricity, like Ice- nobody can retrieve those
ally the user-experiences solve a problem and have es: EtherDelta exchange land and China. ArubaCo- coins.”q