By Margarita Vznuzdaeva
July 1st, 2018

Religious Tokens

How cryptocurrencies enter to religious sphere

Religious Tokens

By Margarita Vznuzdaeva
July 1st, 2018

How cryptocurrencies enter to religious sphere

“God would reliably determine the results and return the outputs. God being the ultimate in confessional discretion, no party would learn anything more about the other parties' inputs than they could learn from their own inputs and the output”, Nick Szabo

Way back in the 1997 in his article “The God Protocols” Nick Szabo has already written about trusted third party being so essential for network security. Computer science seems to be far from any confessional discretion or theology, but not in this case. According to Szabo, “God” is an embodiment of absolutely secret yet unconditionally omniscient mechanism. The researcher suggests independent trusted party as an ideal protocol. This third party’s responsibility (“God”) is to ensure transaction security, with no other party knowing about others contributions. This mechanism allows to maintain the confidentiality and privacy of every party’s data.

This supernal theme is not only connected with blockchain mechanisms, but also reflects in some startups. For example, according to one of religious news portals, the GoDcoin project, waiting for ICO (Giving On Demand), proposes a new blockchain platform for donations along with cryptocurrency for religious or charitable people. The vision for this currency is blurred and lacks significant  amount of information needed apart from a one-minute video presentation.

Christian cryptocurrency

Christ Coin, as stated on the project’s webpage, is made for people who read Bible, discuss its content and interact with other people using the Life Change platform. Right now the platform seems unfinished and completely beta without any visible advantages coming from reading the Bible in a hardcopy or through a web-resource (apart from the ability to write posts). The principle of earning this crypto is joining the community, interacting on a platform and then to donating money earned to churches, missions, charities and etc. This description of the earning process seems to be quite abstract and doesn’t really clarify the question of how religious digital currency can be obtained and used.

Last year Forbes presented the Jesus Coin as an example of hoax. Now their official webpage is disabled and all the information about the currency is available only in the article.

“Jesus Coin has been developed as the currency of God’s Son. Unlike morally bereft cryptocurrencies, Jesus Coin has the unique advantage of providing global access to Jesus that’s safer and faster than ever before” – the Jesus Coin homepage stated and even with this rant phrase a startup could be screwed up in profanity.

As the Forbes contributor, Shannara Johnson, referred to the Business Insider infographic, most of new appearing currencies are a bubble, working only to raise funds without any further project development. Nevertheless, not only cryptocurrencies can be called this way: according to Mauldin Economics scheme, “the everything bubble” surrounds society in different spheres – real estate, stock market, automobile industry and etc.

Buddhist crypto

Those who believe in Karma, will appreciate the creation of Buddhist digital currency. These coins are based on the Lotos Network platform, which is also called “Buddhism on the Ethereum”. All the principles of blockchain functioning here are turned to and mixed with the basics of the religious current. As Sam Littlefair wrote in his article on Lion’s Roar, “the outstanding question is: are the Buddhists incorporating the technology, or is the technology incorporating the Buddhists?”

Decentralization becomes a solution for corruption, incentivization, efficacy, and accessibility. Corruption is eliminated because of transactions transparency. The laws of Karma become more visible and tangible. Efficacy is ensured through open-source protocols. Global accessibility is achieved through a cloud-based matchmaking service.

Registering on a platform a user can become a student or a teacher. Students benefit from the platform by gaining the access to digital temples with transparency of all the processes, interaction with other members of society and trust, because there is no place for corruption there.

Teachers benefit from the platform by obtaining free access, possibility to earn money and future opportunity to be recruited with an excellent reputation on a platform along with the easy way of organising studies and no need to pay for a physical location.

There are several methods to earn Karma coins making online-meditations or teaching on a platform. Then, the digital salary can be spent on donations, courses or monthly fees, that every member is obliged to pay.

Kosher currency

BitCOEN is a blockchain platform for communities and a cryptocurrency with the same name. It was activated in 2017 with the support of Jewish community.  In 2018 crypto will start functioning for Turkish communing, then Russian and later, (“soon” as it is written on their webpage) a cryptocurrency for travellers will be created.

As RBC states, a spokesman for Berl Lazar, te Chief Rabbi of Russia, Mikhail Lidogaster, confirmed that the Bitcoen project received support. He also underlined that the community expected Bitcoen to simplify the calculations within the framework of the Jewish law.

Muslim crypto

The ArabCoin launch was announced back in 2016, but it still has not been presented on the cryptomarket.

As wrote last November, Russian muslim community thought of the new religious currency creation. According to TASS, this statement was made by the Islamic economy and finance advisor, Russian Council of Muftis head of stuff Madina Kalimullina. As it is known, the principles of Islamic banking prohibit speculations and loan interest, as well as financing operations with alcohol and tobacco. So, these rules are likely to find reflection in a new blockchain project.