January 2016 - Page 18


FIMK is a cryptocurrency for the Finnish people. What makes this currency different from other similar coins like Auroracoin which aims for a complete national adoption?

(Svante): Apart from the public image of national ambitions, FIMK doesn't have many similarities to Auroracoin. Its technology is unique, governance different, distribution model more refined, and most importantly it's an international project with domestic focus that does NOT aim for "complete national adoption".

FIMK uses national basic income to distribute a third of its coin supply. This is done on opt-in receiver basis, where only the people who are interested opt in and receive a monthly payment (currently 1000 FIMK /month) as long as the 313 million stack lasts. The coin supply thus is very gradual over the years and has nonexistent diluting effect on the markets. The national focus is chosen to drive the first stages of adoption through domestic demand and local merchants.

There is a misconception within the NXT community that NXT clones don't offer any new technology and are riding the success of NXT. What makes FIMK different and could you put this myth to rest?

(Svante) FIMK has since its inception brought numerous unique technical innovations, and has never been riding on the success of NXT (which, face it, is still much unmanifested and thus unable to be ridden on).

FIMK brings both technical and non-technical improvements to NXT. To start with, the block target is half of NXT's. Only one third of the coin supply was released at launch, strictly differing from NXT's 71 original stakeholders of the full coin supply, which was amateurish to be frank. The rest is distributed through guaranteed block rewards and national basic income during the first 4-5 years after launch. This in theory causes more equal distribution of the total coin supply.


with Svante Lethinen (president of Krypto Fin ry) and Dirk (@verymuchso on FIMK lead developer.