AMYgws has been created as a response to the deepening financial crisis in Brazil, Latin America's largest economy. Although the Central Bank has reduced the benchmark SELIC rates, and although monthly inflation rates have only recently levelled out after nearly a decade of steady increase... nearly 13,000,000 Brazilians are out of work (12.6% unemployment rates recorded in January2017). Scandals have plagued the government, and trust in the Brazilian Real is lower than ever. Gross domestic product is estimated to have fallen more than 7 percent in two years, causing unemployment to nearly triple, while the government budget deficit had reached 5.8 billion reais (US$1.7 billion) as of last year.
There are signs of a weakening of the recession, but an economic turnaround is unlikely in the forseeable future by any finacial forecasts. Meanwhile, trade volume in cryptocurrencies has risen by over 45% in Brazil compared to the same period only a year ago, and in August 2016, Mercado Bitcoin; Brazil's largest BTC exchange; processed over 28.5% of all BTC market trades. Merchants are becoming more and more aware and accepting of cryptocurrency transactions. Aracaju (pop: 850,000), the capital of the State of Sergipe, has the highest number of BTC-accepting merchants in the country, second only behind Beunos Aires in the entire western hemisphere.
Many banking and financial systems have now begun to actively invest in the underlying blockchain technology behind cryptocurrency, even though it is estimated that up to 40% of urban dwellers remain "underbanked" and have little to no access to traditional banking systems. Estimates for the entire continent put the figure closer to 70% (400 million people). The "unbanked" typically pay their bills in cash which has less purchasing power every week, and are obliged to carry around their earnings – often in high-crime neighborhoods – paying usurious interest rates to borrow from local (unregulated) money lenders. Even those who manage to set up an account and purchase on credit, from local retailers as an example, face elevated interest rates.
While many businesses have seen the advantage of e-payments in Latin America, with several projects having success partnering with Visa, Mastercard and the like to set up prepaid cards for citizens to use with thier mobile phone to pay bills, transfer money to family and friends or deposit and withdraw at ATMs.
They pay a fee for each transaction, which is comparable to the high fees incurred in the rest of the western hemisphere for services provided by these profit-driven multinational corporations. Bitcoin acceptance is surging, as mentioned above, but barriers remain from reaching the whole of the "unbanked" in Latin America, the high cost of Bitcoin and the enormous outlay involved to set up even a small mining rig or costs of hosted cloud mining, or dust amounts of earning thru pool-mining.
Enter AMYgws. AMYgws (AMY) stands for AMY:global wealth system, and was launched by Brazilian developer MRSC, a Sao Paolo resident, who has been working with BTC and cryptocurrency since 2014. He built AMY with the hopes of providing a secondary e-currency to provide not only local purchasing convenience, but to allow an easy entry to cryptocurrency mining for Brazilians who are rapidly adopting cryptocurrency.
Further developments towards merchant adoption will be the availability of reloadable plastic Custom QR-Code AMYgws Payment Cards, I2P and TOR compatibility, android and iOS wallets, etc. The goal is to make (AMY) as accessible and available as possible. The aim of this project is to create an available payment system that allows entry level adopters to successfully partake in the emerging cryptocurrency ecosphere in a fast and secure fashion, with the hopes of spurring new devlopers to create decentralized wealth solutions for Latin America
Scrypt (pronounced ess-crypt) was chosen as it is generally considered more ASIC-resistant than Bitcoin's SHA-256 algorithm, and is easier to run mining operations using only CPU-mining or on-board GPU-mining with some economic advantage. The goal of Scrypt is to be more memory intensive than the purely computational SHA256, to make it impractical to run scrypt mining via the available ASIC mining rigs on the market. Updates to the AMYgws protocols will be an ongoing process, but this is the project developer's first cryptocurrency, and as the market he hopes to serve continues to emerge he too hopes to become a leading force in equalizing the financial system in Latin America.
Coin name Amygws
Coin abbreviation AMY
Address letter A
RPC port 11014
P2P port 11013
Block reward 50 coins
Block halving 210000 blocks
Total coin supply 23,333,333 coins
Premine percent 10%
Premine amount 2,333,333 coins
Coinbase maturity 20 blocks
Target spacing 5 minutes
Target timespan 10 minutes
Transaction confirmations 6 blocks
sample .conf file
RPC port = 11014
P2P port = 11013
Edited by amygws, 22 April 2017 - 10:25 AM.