Amrita (cryptocurrency)
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Amrita is a Nifonese cryptocurrency that was created in 2015 by Saito Daiei, a software engineer living in Ishikawa, who had a vision for a system of decentralized finances. Currently the network is developed by Amrita Labs, being a subsidiary of the state-owned Nifonese Cybertronic Group, which owns 65% of shares while remaining 35% are in the hands of private investors. Mr. Saito now occupies a position of Chief Engineer within Amrita Labs. Amrita is based around a peer-to-peer network. In this sense, a blockchain is a set of blocks of information arranged chronologically. Amrita miners run complex rigs in order to solve equations within the blocks. Responsible for securing the transactions is a proof of work mechanism using scrypt as it's basis. Target time of solving a single block is 2.5 minutes, which allows for swift, efficient transactions not possible with other cryptocurrencies.
The supply of Amrita is limited and equals 85,000,000 AMR units at this point. For solving a single block, a miner will receive 12 AMR.
As of now, a one time purchase limit of 1.5 million is instituted. The current conversion rate is $32.5/1 AMR.
History
On 21 May, the National Bank of Carloso, at the direction of President Cárlos Tobón, gave approval for the use of Amrita in Carloso, making it the first and so-far only cryptocurrency to be approved since the implementation of the Cryptocurrencies Statute (2017/6D), which effectively implemented a blanket ban on the use of cryptocurrencies in Carloso. Immediately following approval, the National Bank bought 1.5 million AMR for $30.165 million (D£13.876 million).
Acceptance by merchants
Numerous companies have begun to accept Amrita for transactions, including Welcome To International Retailing LLC. and Lauzanexport CDT.
Controversies
Scams
There have been a number of scams involving Amrita. One of the most common has involved Yughanan criminal gangs posing as fake financial institutions with names such as 'Yughanan Investment Bank', 'CryptoBank Yughana' etc. The scammers will offer to sell the victim Amrita for half the present conversion rate, asking them to input their credit card details on a website. In this way, the criminals steal the victim's details, IP address and don't transfer the promised cyptocurrency. It is estimated Yughanan criminal gangs have made millions of dollars through this type of internet fraud.
See also
External links
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