Frequently Asked Questions
What is a cryptocurrency?
By definition, a cryptocurrency is “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.” It is not a physical object but an entirely virtual one.
What is a blockchain?
A blockchain acts as a ledger for a cryptocurrency. It records all transactions made with that specific cryptocurrency. Since the blockchain is maintained through a peer-to-peer network across several computers, the blockchain may be viewed by anybody.
Is ScrantonCoin anonymous?
ScrantonCoin is backed with a blockchain that stores all transactions used with the currency, which can be viewed by anybody. However, each transaction on the blockchain is itself, anonymous.
Can you mine ScrantonCoin?
No, ScrantonCoin cannot be mined as all tokens have already been created.
What is the main goal of ScrantonCoin?
The main goal is to motivate students to obtain ScrantonCoin through student engagement within the university. For businesses, it acts as a marketing tool; driving students to their business to spend the coins they have earned.
Who created ScrantonCoin?
ScrantonCoin is created by Dr. Ahmed Gomaa, the University of Scranton Entrepreneurship Program Director. The first implementation was in early Fall 2018. Since then, numerous discussions took place with Dr. Satya Chattopadhyay (SP), and within the Kania School of Management which helped further shape the idea. As a result, several publications, conference presentations and public lectures took place with Drs. Satya Chattopadhyay (SP), Satya Prattipati, Douglas Boyle, Yibai Li, Jinghan Cai, John Ruddy, Michael Mensah, and Ashley Stampone.
A major thank you to the program interns and students. ScrantonCoin App and the site came to existence because of their countless hours of dedication and exemplary work ethics.