Caskcoin

Caskcoin is the world's 1st cryptocurrency which will be backed by Whisky. It is a Scottish company and hence it is Whisky and not Whiskey. ( Irish and Americans use 'Whiskey' while the rest of the world uses 'Whisky'). By the way, not just any Whisky but the ones which are aged between 20 and 50 years and are stored in bonded warehouses in Scotland.

What does Whisky-backed cryptocurrency mean?

Bitcoin is an actual digital currency which is not asset based. Petro is an example of an Asset based crytocurrency which is backed by Oil. Likewise Caskcoin is an Asset based cryptocurrency which is backed by Aged & Casked Whisky. So when you buy a Caskcoin, you own a share of the cask in the warehouse. More you buy, more the ownership you get. Also the owners gets to vote on when the casks are to be bottled and sold.

CaskCoin Portfolio

Caskcoin portfolio is estimated at around £40 million and it includes most famous Scotch distilleries like Macallan, Dalmore, Bowmore, and Glenlivet

And their initial target portfolio is outlined below which is taken from their Whitepaper

Token Sale

Caskcoin is an Ethereum based ERC20 token and the crowd sale started on 12th March. They are currently accepting both BTC and ETH. But you need to be white-listed first if you want to invest in it. Personally i have not invested in this token and also i'm not sure about the mininum investment amount. I'm just a Whisky lover who was happy to see a Whisky-backed Cryptocurrency :-) . Below are the details on the Token event i pulled from the whitepaper if you are interested.

Conclusion

Generally the Rare Scotch Whiskies are sold in Auctions and creating a Whisky Backed Cryptocurrency seems like a good idea to me. The mastermind behind creating a Whisky-based cryptocurrency is Ricky Christie (Founder of Caskcoin) who has been in the Scotch industry for over 40 years. I'm sure that there will be many whisky lovers who will be passionate about this coin. Cheers :-)

Reference

http://www.caskcoin.com/whitepaper.pdf

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