Estonia Became Home to 700+ Blockchain Companies
Being a small Nordic nation that is sometimes gets overlooked, it makes sense that Estonia is willing to open up the world to the blockchain. As of today, there are some of the most progressive blockchain laws in the world. Estonia is home to many blockchain businesses in Estonia with foreign shareholders.
The world's fantasies for blockchain did not come as a shock to Estonians. The country started using modern methods to improve the efficiency of state institutions.
The Soviet Union dissolved in 1991 and the independent Baltic country of Estonia achieved independence. At the moment, there was a telephone line for fewer than half of Estonia's people, so the only clear contact with the outside world was by a hidden mobile phone run by the prime minister.
Cut 20 years into the future and Estonia is like no other digital culture. Called "the most innovative decentralized community in the world" by Wired, it has become a start-up platform and an early implementation of blockchain technology. Estonia could also be on the brink of releasing its crypto token called "estcoin."
The X-Road is the open-source backbone of the country's entire public network. First put into operation in 2001 (it has been updated and changed several times since), X-Road is embedded in a blockchain named K.S.I. built by Guard time, one of the largest blockchain business in Estonia throughout the world. By the way, K.S.I. is used by both NATO and the US Department of Defense.
The X-Road's main idea is to utilize a public ledger, which can never be deleted or updated. If this sounds familiar it's because it's the same general blockchain theory that enables the life of cryptocurrencies such as bitcoin.
In Estonia, the spreadsheet allows users greater autonomy of their data, and the central authority does not have the right to regulate the data. Because of the X-Road, Estonia is already partially alive in the future promised by the blockchain.
A CryptoCurrency of Their Own
As cryptocurrency has grown in popularity, it's unsurprising to hear that Estonia is preparing to launch its edition. CNBC announced in August that proposals for the "estcoin" had been mulled over with feedback from Ethereum creator Vitalek Buterin.
Estcoin is being prepared to go on sale in 2018 to raise funds for the country's e-residency program and is part of a wider campaign to make Estonia a hotbed for ICOs.
Korjus' original stance was followed by one in December, stating that the estcoin was not a danger to the euro and proposing more comprehensive proposals. There was some pushback from the European Central Bank, which predictably did not like the thought of one of its member states floating with something that looked like a new currency.
Governments in China, Russia and many other countries are working to launch their cryptocurrencies. The general sentiment on the new token appears to be divided. Time is required to see how these different attempts turn out, but if the estcoin succeeds, it may be the monetary cement needed to keep this "digital country" together.