Founder's Story: Can Crypto Solve Real World Problems? Ethical Disruption and the Scotcoin Revolution with Temple Melville | S2 Ep. 174
Release Date: February 12, 2025
Introduction
In Season 2, Episode 174 of IBH Media's Founder’s Story, host Daniel engages in a compelling conversation with Temple Melville, the CEO of the Scotcoin Project CIC. This episode delves into the potential of cryptocurrency to address real-world issues, emphasizing ethical disruption and the transformative journey of Scotcoin. Through candid discussions, Temple shares his insights on blockchain technology, ethical crypto practices, and the future of Scotcoin.
Background of Temple Melville and Scotcoin
Daniel opens the conversation by highlighting the resurgence of crypto, referencing his recent experience at the World Economic Forum in Davos, where he interacted with key figures like the CEO of Coinbase. He expresses excitement about Temple's role as the CEO of Scotcoin Project CIC.
Temple Melville provides a personal introduction, recounting his early interactions with Bitcoin and blockchain technology. He humorously admits to selling his initial Bitcoin investment, reflecting on the unpredictability of the crypto market. Temple outlines the origins of Scotcoin, which officially launched in 2013. Initially plagued by challenges, the project saw a pivotal moment in 2015-2016 when Temple and his partners acquired it, setting the stage for their mission to infuse purpose and value into the token.
“So, that's really, that's been our journey, if you like, to make it all work. And we are, as you know, just sort of fast approaching our listing and we're looking forward to that very much. It will help us enormously in our mission.”
— Temple Melville [02:14]
Ethical Crypto and Its Importance
Daniel probes into the inclusive and community-driven nature of crypto, contrasting it with traditional financial systems. Temple elaborates on the foundational philosophy of blockchain technology: eliminating intermediaries to foster direct, transparent transactions.
“The point is there is no community. It's just a straightforward transaction with somebody who is taking some of your money for one reason or another. But bitcoin and, and blockchain and, and other crypto is quite different. It's all kind of community driven.”
— Temple Melville [05:40]
Daniel raises concerns about the accessibility of crypto for older generations, questioning its complexity. Temple addresses these fears by emphasizing simplicity and the user-friendly aspects of Scotcoin’s ecosystem, such as their proprietary Scotcoin app, which personalizes transactions and makes crypto more approachable.
“You don't necessarily need to know everything about it. It's good to know a little bit, of course. And once you have that, it's very, very simple.”
— Temple Melville [06:12]
Ethical Disruption through Scotcoin
The discussion shifts to the ethical dimensions of Scotcoin. Temple defines "ethical crypto" as a commitment to doing good, particularly by addressing societal needs through innovative solutions. He details Scotcoin’s initiatives, such as collaborating with clothing manufacturers to prevent waste by redirecting unsold garments to charities supporting the homeless.
“Being ethical means doing something good for other people.”
— Temple Melville [10:58]
Temple illustrates the cyclical benefits of Scotcoin within a closed community loop, where users earn Scotcoin through transactions and can redeem it for rewards, fostering a sustainable and ethical economic model.
Tokenomics of Scotcoin
Daniel expresses intrigue in understanding Scotcoin’s economic framework. Temple explains that Scotcoin operates as an ERC20 token on the Ethereum network, chosen for its efficiency and lower energy consumption compared to Bitcoin’s blockchain. He emphasizes strategic token management to prevent market volatility and ensure long-term sustainability, with plans to maintain token availability for over a century.
“We have a business plan which is in place that needs funded and we need to have our tokens available to us for a long period of time.”
— Temple Melville [14:13]
Temple also touches on vesting strategies designed to stabilize Scotcoin’s value and support the project's longevity, highlighting a commitment to ethical financial stewardship.
Community and Blockchain Ethos
Daniel and Temple explore the pervasive community spirit within the crypto world. Temple underscores the transparency and immutability of blockchain as key factors that build trust and foster a collaborative environment.
“Blockchain makes sure... it's very difficult to then change the name, the minds of all those people that they didn't see you say it.”
— Temple Melville [08:22]
He shares practical applications, such as using crypto for direct and targeted philanthropic efforts, exemplified by Scotcoin’s initiatives in Nigeria, where funds are swiftly and transparently allocated to community projects.
“If you want to send money to Nigeria, it can take weeks, you know, but if we do it with a crypto, it's there, bang, you know, no problem at all.”
— Temple Melville [13:50]
Future Plans and Legacy
As the conversation draws to a close, Daniel reflects on Scotcoin’s enduring mission, questioning the project's sustainability and long-term impact. Temple confidently states that Scotcoin is designed to be a lasting legacy, with plans to remain operational and beneficial for generations to come.
“We estimate that we'll have them available for more than 100 years. So that means we'll, I mean, I'll be dead long before that, obviously, but it does mean that there will be people still handling and helping people long after we're all gone.”
— Temple Melville [15:32]
Temple also highlights the self-funded nature of Scotcoin, having never taken salaries or director fees, reinforcing the project’s dedication to its ethical mission over personal gain.
“We've never taken any pay. We've never taken directors fees, we've never taken expenses. It's entirely self-funded.”
— Temple Melville [19:42]
Conclusion
Daniel wraps up the episode by commending Temple’s unwavering commitment to leveraging crypto for societal good. He emphasizes the importance of projects like Scotcoin in demonstrating how blockchain technology can be harnessed ethically to create meaningful, lasting change.
“Amazing Temple, thank you so much for the want and desire to make a better place even when you're gone.”
— Daniel [20:13]
Temple reciprocates the gratitude, reiterating the pleasure of sharing Scotcoin’s journey and mission.
“It's been a pleasure. Daniel, thank you.”
— Temple Melville [20:24]
Key Takeaways
- Ethical Crypto: Scotcoin exemplifies ethical cryptocurrency by prioritizing community welfare and sustainable practices over profit.
- Accessibility: Simplifying crypto usage through user-friendly apps encourages wider adoption, including among older generations.
- Tokenomics: Strategic management of Scotcoin’s tokenomics ensures long-term viability and stability.
- Community Impact: Blockchain’s transparency and immutability foster trust and enable effective philanthropic initiatives.
- Legacy Focus: Scotcoin is built to last, aiming to provide value and support to communities for over a century without relying on personal gains from its founders.
Notable Quotes
- Temple Melville [02:14]: “That's really, that's been our journey... to make it all work. And we are, as you know, just sort of fast approaching our listing and we're looking forward to that very much.”
- Temple Melville [05:40]: “Bitcoin and, and blockchain and, and other crypto is quite different. It's all kind of community driven.”
- Temple Melville [06:12]: “You don't necessarily need to know everything about it. It's good to know a little bit, of course. And once you have that, it's very, very simple.”
- Temple Melville [08:22]: “It's very difficult to then change the name, the minds of all those people that they didn't see you say it.”
- Temple Melville [14:13]: “We have a business plan which is in place that needs funded and we need to have our tokens available to us for a long period of time.”
- Temple Melville [15:32]: “We'll have them available for more than 100 years... there will be people still handling and helping people long after we're all gone.”
- Temple Melville [19:42]: “We've never taken any pay. We've never taken directors fees, we've never taken expenses. It's entirely self-funded.”
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