The Altcoin industry has been growing at a very fast pace in 2014 and as we know most of them were initially based on benefiting the developers over the actual community supporting them.
This is where FimK is standing out with a concept based on a non-profit organization. This is probably the first country Cryptocurrency which really aims to establish a leading digital currency in Finland. The FimK team targets to distribute a total of 1000 Fimk to the qualified Finland citizens on a monthly basis. In order to qualify for the distribution, you must be a Finland citizen with the age of 15 or above. The verification process will be done through a 3rd party ID verification to avoid any kind of system abusers.
It’s used through a third party solution with online bank credentials who carry this id data with them. Upon completing the identification process our association receives the verified id data from the banks. It’s then encrypted and written into the FIMKrypto public Blockchain from which it can be retrieved by the main FIMKrypto account, or the user account only Mofowallet features a special plugin that enables merchants to let the user automatically retrieve the id data from the Blockchain and forward it to the merchant. This makes it possible for merchants to craft services requiring strong identification that can be completed solely through using FIMK, such as loans.
Finland is a very open Country when it comes to crypto and they have launched earlier this year a project called Bitcoins by air from where FimK has reached a partnership with the Finnish software company Koodilehto to create the first Blockchain that can be accessed without internet access.
This concepts targets the ability of using the blockchain feature through television and phone signals.
Yleisradio, or the Finnish Broadcasting Company, is Finland’s state broadcasting company, not dissimilar to Canada’s CBC or the American NPR. And they have a plan to help disseminate the Bitcoin Blockchain to nearly every home in Finland.
Some transactions have already been made through phone signals but the software code allowing this feature to work is yet to be perfected. The software used is open-sourced and can be found here , allowing Bitcoin transactions over the “Dual-tone multi-frequency signaling” feature.
This could be a very interesting technology advancement for the future of Cryptocurrencies in the less fortunate countries where an internet connection would not be required in order to transact through Blockchain.
FIMKrypto was just making that possible by sponsoring the pilot phase development, and as a reciprocal service from the Kryptoradio, they included FIMKrypto transactions in the transmitted signal as well.
FimK is based on the very popular NXT platform but changed some features to it by adding static block rewards and shortening the block target to 30 seconds instead of NXT’s 1 minute.
Interview with the developer
Can you please tell me a little about yourself and what attracted you to Cryptocurrency?
I have been working in the digital currency scene for 15 years, so Bitcoin caught my eye first in 2010,observing the inception of the first batch of altcoins made me realize there’s something to be done that’s not impossible so the thought of establishing a Cryptocurrency started to circulate in my mind at the same time I was active in community projects, fora and such.
Would you mind giving me a little more details of the community projects you have worked on and why you were involved in them?
The community projects were based on fora and communities with which I was involved prior to Cryptoso. I became an administrator and became to integrate money to the online fora. I tried to establish value for the activity of posting to forums by inventing new types of hybrid currency which could be paid out regularly as a type of basic income for members and that’s where Bitcoin came in as the natural medium for the payouts
I would very much like to learn more about the project with Kryptoradio.
Kryptoradio was just a side project where FIMK was involved, so we got involved to *show* the possibilities the project itself, is more that of its creators getting Bitcoin sent through national tv networks. FIMKrypto was just making that possible by sponsoring the pilot phase development, and as a reciprocal service from the Kryptoradio team, they included FIMKrypto transactions in the transmitted signal as well.
I was also wondering about the VAT exemption on Cryptocurrency in Finland.
That’s in fact a very favorable policy, which was a little of a positive surprise. It doesn’t concern the association directly as we don’t plan to engage in offering trading directly but for third parties who’re going to work closely with FIMKrypto it’s great and strengthens the national aspirations that the association drives, to become a leading example in Cryptocurrency adoption