The following is a sponsored Q&A with the founders of the firm behind Canada’s new Prosperium cyryptocurrency.
Tony Humble is President and Chief Organizational Officer of Toronto-based Prosperium Inc. and Doug Coyle is Chief Executive Officer (both pictured on the left).
You can find the introductory blog in this series by clicking on Blockchain Revolution, Global Prosperity and Prosperium.
The Q&A will continue tomorrow.
Jon Chevreau: In the first blog, we mentioned Ethereum and Prospereum as two examples of cryptocurrencies spawned in Canada. Clearly, the name Ethereum inspired your name and it was a clever stroke to get the word Prosper in there too. Can you confirm this genesis of the name?
Tony Humble: Well, the name Prosperium was a natural, but we tried a few others first, like Prosperus, as in “prosper us all” and “prosperous” and ProsperX. But the elemental affinity with Ethereum was irresistible: like atomic bonds. Ethereum is named for both a celestial region and an “element” in the periodic table. On earth, it is both a currency and a platform for smart blockchain contracts: revolutionary and brilliant.
Jon: Can you elaborate on what the name means in practice, relative to Ethereum? Is it the same business model?
Tony: Like Bitcoin, the total number of coins issued by Etherium will be fixed, aiming for continuous growth in value. In comparison, Prosperium is also named as an element, is a crypto-currency, and is a platform: for growth in real prosperity. In contrast, however, once Prosperium has reached a target value it will be fixed in price and supported at that value, but the number of coins issued will continue to grow. It will be minted for measurable value, created by regional accelerators to generate jobs and production, and its use for transactional purposes will be tracked on the Prosperium blockchain. It will be 100% open and auditable by governments, and will maintain a large reserve to support the price in the marketplace.
Jon: A prospectus for Canada’s first Bitcoin ETF was recently filed. I’m not sure if that shows your timing is impeccable or whether you’re late to the party?
Doug Coyle: I do see that there are more and more ETF funds being launched in Canada and around the world for Bitcoin.
Jon: Starting with the Winklevoss twins of Facebook fame?
Doug: Yes, they tried to get a Bitcoin ETF going and ran into some barriers but they prepared the ground a great deal. I feel it’s adding infrastructure so I’m in favor of multiple ETFs for Bitcoin or any other crypto currency being established.
Jon: Is Prosperium going that route?
Doug: Not directly. In some ways we do provide the ability for clients who hold Prosperium tokens to trade those tokens and eventually the currency itself will be freely trading; so we have a very sophisticated way of doing a — call it an ETF — but we hold a reserve account that is core to how we stabilize the Prosperium coin. Buyers can find a ready market there at all times; they don’t have to count on any broker to find a match on buying and selling; it’s all done automatically in the software.
Why Prosperium isn’t going the ICO route
Jon: You chose not to go the ICO (Initial Coin Offering) route although it sounds like you were thinking about it. Why not, or are you doing the same thing under a different name? Continue Reading…