Kanye West is about to be immortalised as Coinye West, if all goes to plan ahead of the big launch. The latest in a line of cryptocurrencies currently making steps to overturn fiat monetary systems, Coinye West is hoped to follow in the footsteps of the rapidly expanding digital currency system, which includes the widely documented Bitcoin.
Kanye West is constantly referring to himself as a King or a god-like deity so it seems only fitting that he’d have his own currency. However, surprisingly the idea from Coinye West didn’t originate from the rapper at all, rather an anonymous group of anarcho-financiers who are gearing up to launch “cryptocurrency for the masses.”
Although the group are seemingly West fans, they’re unsure of how the rap star will react to his likeness being used as a new peer-to-peer payment system. “Kanye […] is and always has been a trendsetter, and he’s always keeping things unique,” they wrote in an email interview with Noisey. “We’re really not sure how Kanye is gonna react to this. We hope he loves it, but if he doesn’t, he really isn’t someone we want to p**s off.”
Apparently, the group have offered Kanye 100,000 Coinye if he makes contact before their 11th January launch. If the rapper accepts the offer of such a large Coinye share, he could be seen to be embracing the rapidly evolving cryptocurrency world and may spark a surge in interest. “We takin’ shots at Bitcoin,” reads the group’s Kanye-themed website.
— CNBCWorld (@CNBCWorld) January 3, 2014
The choice to name the new currency “Coinye West” was not only a pretty inspired pun but also a savvy move by the group of financiers. If Kanye lets them go ahead with the launch, the group will have both the catchiest coin name on the market and invaluable celebrity endorsement, which could see more young people attracted to digital banking.
The concept of cryptocurrency is pretty complicated but in fairly simple terms, it’s a type of digital currency that uses cryptography for security which makes counterfeiting difficult. Based on a system of trust, specific keys are often used to transfer the currency from one person to another and transactions are logged. Like gold or other precious metals, the currency’s value is determined by supply and demand in the market.
Described as “the perfect digital currency” and “the holy grail of payments,” by Medium, Bitcoin is said to be a “frictionless, anonymous, and cryptographically astonishingly secure” way of paying for things, particularly overseas payments for when there’d usually be a charge.
Coinye West is set to launch on the 11th January.
by Lauren James