Scotland may not have gained its independence and its ministers continue to fight Brexit in the UK parliament amid cabinet resignations but with winter coming, at least Scotland’s homeless are getting a helping hand courtesy of cryptocurrency.
These are not good times politically for Scotland but spare a thought for those facing a bitter northern winter living on the streets of Glasgow. Cryptocurrency startup, the Scotcoin Project, clearly have, linking up with non-profit venture Social Bite to fight homelessness.
The project’s aim is to fund charity ventures and fight poverty in Scotland by generating enough funds to place the country’s homeless in rented accommodation and get them off the streets and on their feet in the cold weather. By donating GBP 5 to the homeless fund for every GBP 20 earned from its Scotcoin token sales, the project is coming just before winter starts to bite.
The winter program will be temporary as the project will looking for permanent accommodation through Scotlands’s “Housing First” program in the long term. Glasgow Housing First provides:
“… mainstream social housing and 24-hour support to individuals who are homeless, aged 18 or over and involved in drug misuse. The service places homeless individuals directly into independent tenancies in Glasgow with no requirement to progress through transitional housing programs. By sustaining a permanent tenancy in Glasgow, service users are in a better position to access community support, health care, and social benefits.”
Scotcoin almost became a victim of the country’s independence referendum on 18 September 2014, which resulted in a no-vote; a decision which is still having repercussions today, given that the country voted against Brexit by a majority in 2016 but are still bound to Westminster’s legislation.
Before the independence vote went the wrong the way for Scottish Nationalists, Scotcoin was being held up by its creators as a pro-independence cryptocurrency of Scotland, allowing the country to replace the pound if the country had voted “yes”.
Scotcoin’s leading stakeholder Temple Melville calls the project “an inspiring initiative” and indicated that the match between his company and Social Bite was a natural one as they were already operating in the same field, commenting, “One of our stated objectives is to help eradicate homelessness, and Social Bite is already well established within this area.”
Temple claims that he has received funding of a staggering USD 2 billion pledge from Amazon founder Jeff Bezos. If this figure is accurate, with the 4-1 bonus system this would make a huge impact on the homeless project to the tune of USD 50 million. Temple commented:
“We have several thousand holders of Scotcoin and have holders in more than 50 countries worldwide… On migration to our new [Counterparty] blockchain, present holders of Scotcoin will be rewarded for their support by receiving a 4-for-1 bonus, an effective increase in the value of up to 5 times.”
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