RIGA, Latvia, Dec. 15, 2015 /PRNewswire/ -- Person.Money company, established by Latvian Viktors Sinavskis, presented its in-house Bitcoin analogue. As stated by the company, a new cryptocurrency is unique, since it is completely legal (unlike Bitcoin) in the territories of Russia and China, and coins generated in the system will take the form of real money.
According to the experts of Person.Money company (https://personmoney.com), the key point was creating an advertising platform, built within a principle of Blockchain database (https://en.wikipedia.org/wiki/Block_chain_(database), rather than coins themselves, as the basic goal was to let people purchase lifelong ad spaces on the web.
The coins, named Personcoin (https://personcoin.org), will be used for purchasing advertisements.
The primary inspiration of the Person.Money developers was the experience of British student Alex Tew from Wiltshire, England, the author of a sensational project The Million Dollar Homepage (2005). Alex's idea was implemented and promoted by many followers, who combined it with modern technologies.
Another advantage of Person.Money system is the ability to perform multicurrency transfers within one database – Blockchain, while preserving all the information on transactions.
The project founders believe that Personcoin is potentially interesting for banking businesses, as it can be used not for advertising purposes only, but as fiat (fiduciary) money as well. Some bank officers are currently discussing how the given software solution can be implemented to achieve their own goals.