Block Label

What marketing budget? Our concept is the marketing budget...

NOKcoin

Now and again we'll do payouts as a proof of concept even though our current streaming numbers aren't anything to brag about.

From the start of this year to the end of February a total of 977 units was sold. With such a low count, doing an example with bitcoin isn't really that good. FANTOKEN holders would need to have enough tokens to receive a minimum of 5500 satoshis (0.00005500 BTC), this is a “dust limitation” in the Bitcoin protocol.

At current bitcoin price levels, 977 units sold would equate to around 32 satoshis per FANTOKEN. Which means you'll need to have 172 FANTOKEN to receive anything.

We don't want to exclude anybody, especially as this is merely payouts as a proof of concept. What we've done for the payouts this time round is to use NOKcoin.

What is NOKcoin?

NOKcoin was created on Counterparty last year and is similar to what they've recently done in Barbados with the blockchain-based version of the Barbadian dollar.

However, NOKcoin is unlike other currency pegs. It is just as much a thought experiment of transferring the value of a national currency onto the bitcoin blockchain.

The national currency in question here is NOK (Norwegian krone). Transferring from the Norwegian krone to NOKcoin is always set at a 1:1 ratio. What's interesting is that the amount of kroners spent on NOKcoin is used to purchase bitcoin. This is then sent to a paperwallet that acts as NOKcoin's gold-standard in the form of bitcoin. Which means NOKcoin can potentially be worth more than the original.

NOKcoin was also created in a unique way. To prove that it wasn't created out of thin air, the first 50 NOKcoin was created after a “Proof of Shredder”. The shredding of a 50 kroner note was filmed under UV-light.

The next 50 was created when NOKcoin was purchased with the Norwegian kroner. At the time this equated to 0.01373093 BTC (after subtracting miner fees involved with issuance and sending) which was then sent to the paperwallet/bitcoin-reserve.

Right now there's only 100 NOKcoin in circulation, and it will only increase when somebody purchases NOKcoin with the Norwegian krone.

All in all it's a currency backed by bitcoin in more ways than one.


Links:

Payout calculations

Blockchain-based Barbadian dollar

Proof of Shredder (Caution: Do not try this at home if you are based in the US. You have laws against it: 18 U.S.C. § 333)

Purchase NOKcoin (only available to those with a bank account in Norway) 

NOKcoin's bitcoin-reserve address

The announcement of NOKcoin on Reddit (this is in Norwegian) 

Bonus:

The 50 kroner's recent appearance in House of Cards