Latvian-based company, Person.Money, established by Viktor Sinavskis, presented its in-house bitcoin analogue yesterday. Person.Money has stated that its new digital currency is unique in that it is legal in Russia and China, with coins, called Personcoins, generated in the system taking the form of real money.
The company has stated that the key element was to use the blockchain database to create an advertising platform rather than a system based purely on the coins, with the idea of allowing people to buy lifelong advertising space. Instead, the coins will be used to purchase the advertising space. The founders of the project are of the opinion that the new digital currency will be of use to the banking industry as it is usable for fiat currency as well as to purchase advertising. It has been reported that some bank officers are looking into the possibility of implementing the software.
Apparently, the idea behind this new cryptocurrency was the experience of Alex Tee, a British student from Wiltshire, England, who created The Million Dollar Homepage in 2006. The innovative approach was implemented and promoted by many people who developed it with new technology.