Can Crypto Solve Real World Problems? Ethical Disruption and the Scotcoin Revolution with Temple Melville | S2 Ep. 174

Summary

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

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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.

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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]

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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]

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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.

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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.

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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]

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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]

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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]

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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.

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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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For more insights and inspiring founder stories, tune into IBH Media’s "Founder’s Story." Discover the heart of entrepreneurship through the experiences of visionary leaders shaping our world.

Transcript

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[Temple Melville]

Foreign.

[Daniel]

Welcome back everyone to another episode of Founder Story. Today we have Temple Melville who is a blockchain and crypto lecturer, which I'm very excited because Temple crypto has been like the buzz. I just came from the World Economic Forum in Davos, Switzerland about two weeks ago and I have to say crypto was like all the buzz. I got to meet the CEO of Coinbase and hear what he had to say and it was very interesting. So I'm excited because you are the CEO of Scott Coin Project CIC and I want to dive in first to understand what is this project and why are you involved?

[Temple Melville]

Hi Daniel, well it's nice to talk to you today and thank you very much for that. The reason I'm involved is I got involved originally because I knew a bit about the blockchain and that was because I studied mathematics at university a very long time ago. As you can tell, I'm a very old person and when the Satoshi Nakamoto came up with the white paper that he produced a peer to peer cashless system, I actually understood a bit about what it was about and I realized that blockchain was and bitcoin which was the result of that was Something special and different and new and potentially world changing. And I always like to tell this story because it shows what a putz I am. I actually bought bitcoin originally when it was about $50 and it got to $500 and I knew, absolutely knew it would never go any higher and I sold them and I've done that a few times since. So there you go. However, anyway, back to Scotcoin. Scotcoin started officially in 2013. It was on a its own blockchain, which had a lot of problems, in fact, and the person who started it all decided to get out in 2015, late 2015, early 2016. And myself and my partners bought it out at that point. And we've been working since then to A, give it a purpose, obviously, and B, to make the token valuable and worthwhile and everything else you can think of. 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.

[Daniel]

I'd like to understand, but you don't have to answer this question. How many bitcoins do you have when they were $50? What I've noticed with crypto is that it's very, very inclusive, wanting, and it's very community driven. And I don't think there's any other financial product or anything in finance that I've seen in my time that really is geared towards this ethos or having this mentality or mindset. And it's really like become a culture, which I find very fascinating.

[Temple Melville]

I think the point about crypto and the community is an interesting one because the whole reason for the blockchain and bitcoin and other tokens is there is nobody between you and the person you're dealing with. Everywhere else, everywhere else in the world there is somebody who's a middleman. You know, if it's visa, if it's MasterCard, if it's your bank, if it's whatever it might be. 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 comm. As you say, community driven. And that's a great thing.

[Daniel]

What do you say to people who are maybe over the age of 40, 50? I think there's a lot of older people who are very interested in it. I think they might be scared, they might not really understand it. I mean, I think we can be real that it's. It's not like the easiest thing to understand. When you try to know everything about, you know, blockchain and everything. Right. What do you say to those people who are. Who are, like, hesitant? But I'm sure Scott, you know, Scott Coin project and other projects can be really beneficial for them.

[Temple Melville]

Yeah, well, I think the first thing to say is, you know, I have no idea how a phone works, but I can make a phone call, you know, no problem. And the same thing really applies with crypto. 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. We have our own scotscan app, which is, if you like, the best way for many people to get involved, because it hasn't got lots of smart, horrible numbers like 0x577-74-3321. It's got your name. So you could be Daniel at Scott. I'm Temelco at Scott, you know, so it's very easy to actually transfer backwards and forwards and there's no cost. It's free and it's instantaneous. So that makes a big difference. It's a big draw for quite a lot of people. And I think the other thing too is that people realize that, you know, if you go back to the Victorian era, lots of people did a great deal of work with charity and helping people, which was very much needed, of course, and. And we're in the same position today. There's lots of work that needs to be done for lots of people. So what is blockchain? So I'll tell you. So I'm indebted to somebody who is much smarter than me who said this. But basically he said, you're a man and a woman, and you tell the woman you love her, and a couple of weeks later you decide you don't anymore. So you just say, no, I don't love you anymore. And that's it. Then the next time you meet up somebody you quite like, you've got a friend with you, and you say to the woman, oh, I love you. And he sees that you said, I love you, and so on. So if you want to tell the woman, I don't love you anymore, you've got to persuade the friend he didn't see that happening. Now, if you're involved with Blockchain, you're with a woman again in A room with hundreds and hundreds of people who all see you saying I love you and that's blockchain, because it's very difficult to then change the name, the minds of all those people that they didn't see you say it. And of course that's what blockchain does, it makes it sure. And it's a great thing.

[Daniel]

I've never heard that analogy before, but I, I, I really like how you said that. And I mean, who doesn't like the transparency of blockchain? And you know, all, all the things that we can maybe fix or solve that have been something issues in the past, like sending and receiving money with no, you know, middleman. So when it comes to ethics in crypto, I find this a really interesting topic and I was just hearing some people chatting about this at a really high level and I thought it was very fascinating. So I'd love to get your opinion, like what is ethical crypto or how do you define it?

[Temple Melville]

Well, our view on why we call ourselves an ethical crypto is we, what we try to do is try to do good. And I know various companies have said that in the past, but in a sense we've got a slightly easier job because what we are trying to do is to help people who are in need. So in the very simplest thing, we work mostly with clothes, food and accommodation. Now I'll give you an example of how we work with clothes. As you know, clothing manufacturers are forever burning clothes and throwing them away and doing all sorts of things with them. We which are not good for the planet or for anything else frankly. And we go along and we talk to them and we do this on a regular basis and say, okay, what are you trying to get rid of? What are you going to have to burn next week? Or whatever it is. And we then buy those clothes from them using Scotcoin. Now we then deliver those clothes to a charity that works with homeless and they deliver them to people who really need something to wear. And what's in it for the people who make the clothes? Well, the answer is, the first point is they don't have to pay for burning the clothes. And that's a big plus point for a start. And it's got all sorts of good things that happen, means you're not ruining the planet as well. But the other thing is that they tend, and not all of them, but they tend to then use Scotcoin within a closed community loop as far as they're concerned. And this comes back to what you were saying about community so if you think of the 10th cup of coffee that's free, the people with the clothes, what they do is you buy a T shirt, you get 100 Scot coin, you buy another T shirt, you get another hundred scot coin and you build it up. And when you've got whatever it might be, a thousand scot coin, you get a free T shirt. And that's a really nice closed loop that works very well. And it's non. What's the word I'm trying to think of? It's a closed loop which works very well for everyone. So that's really what being ethical means. It means doing something good for other people.

[Daniel]

Thank you Temple, for sharing that. And I think we're going to start to see a lot more people with this. I love the ethical crypto. How you can use it to help the planet, help people solve problems among humanity is, is incredible. I, you know who I'm wondering if back, you know, back Satoshi, did he or he, she, they did they know that, you know, this would be how it would be used someday when you're lecturing about crypto, what is the sentiment among, you know, multiple different generations or even just ScottCoin in, in general? Like, what's the sentiment that you're seeing so far on, among different generations?

[Temple Melville]

Well, it's very interesting you're saying that. I mean, I, I've been doing this for quite a few years now and I used to start my lectures by saying everybody put their hand up who's heard of bitcoin. And most of the people did. And then I would say, how many people have heard of blockchain? And only about half that number of people did. They had no idea where it came from. And that was quite good because it gave me a good opening to start and talk about blockchain. But the point is now I say, I don't start with that because everybody knows what it's about. I say, who here owns crypto? And generally about half the people who are at the lectures put their hands up and say, yes, they do. And the other interesting thing about that is they own them for such diverse reasons. And you know, it's not all about just making money. It's about other things. And of course, the great thing about crypto is, or two of the great things about crypto is one is it's, you know, once you send it, it's, that's it, you can't get it back. Or you can only get it back if the other person sends it back. But also you can Target it. So, for example, and we've, we've done this quite recently actually. We were doing a, a well in Nigeria and we didn't want anybody to, you know, to take some money out of it or anything like that. And we used crypto to send it direct to the people who were digging the well or drilling the well. And that's a, you know, that's a huge step forward. It really is. And the other thing too is it gets there instantly. And if you're trying 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. So that's how we go along with things. And people, people do appreciate that. They appreciate the difference between what's called tradfi, in other words fiat currencies and crypto. And that's something that a lot of people appreciate.

[Daniel]

It's super fascinating. I mean the ability to, like you said, cross border sending payments is something I've used and you know, it doesn't have to be like, oh, it's a Saturday, it won't send or a Sunday, it needs to wait till Monday. You know, all the, all the rules that I find to be a little bit ridiculous in 2020.

[Temple Melville]

Don't have to do any of that.

[Daniel]

Exactly. Can you speak on the tokenomics of ScottCoin?

[Temple Melville]

Yeah, sure. Well, we started out, we've been on a particular journey which has encompassed various different tokens, all called Scotcoin for a variety of reasons. And the one that we're on at the Moment is an ERC20 token which is much better than being on, you know, the Bitcoin blockchain, which is very expensive in terms of energy and all the rest of it. We're on the Ethereum network and that's great. Our current token that we're just about to launch onto the exchange is very tightly controlled. The object of the exercise is not to have people trying to sell it, you know, willy nilly and crashing the price. 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. And 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. And I really like that. In terms of vesting, we're going to be vesting over a period of you.

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[Temple Melville]

Two years in total. And we think that's fair and about right?

[Daniel]

Hey, you never know. I mean, you know, people are living longer. Maybe you lived up to 200 years old and then you can see the Scott Coin Project CIC flourish into something even more. This has been great and, and I really, I enjoy, you know, how this is like a legacy. You know, I can tell this is, you know, the mission is bigger than just yourself. It's not just about making money and the, the ability to help people. And I'm just so fascinated with how blockchain, crypto, all these things can better our lives and the lives of the people around us and everything you're doing. ScottCoin Project CSC sounds amazing. If you want to get in touch with you, they want to find out more information. They want to be a part of this so they can carry it on for the next 80 years. How can they do so?

[Temple Melville]

I always like to get out there. We as the people who operate Scotcoin and so on and the Scotcoin Project, we've never taken any pay. We've never taken directors fees, we've never taken expenses. It's entirely self funded. And from that point of view, we're very much pleased with how it's worked and how it's gone. And we just, we appreciate very much that we can make things work.

[Daniel]

Amazing Temple, thank you so much for the want and desire to make a better place even when you're gone. And thank you for joining us today on Founders Story.

[Temple Melville]

It's been a pleasure. Daniel, thank you.

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