James Howells will issue Tokens from 8,000 Bitcoins accidentally lost 12 years ago, converting them into 800 trillion Ceiniog Coins on the Bitcoin platform with modern technology.
Mr. Howells no longer waits for permission from Newport authorities and plans to sell this Token by the end of 2025, using OP_RETURN technology and supporting protocols like Stacks, Runes, and Ordinals.
MAIN CONTENT
James Howells lost a hard drive containing 8,000 Bitcoins and has contacted local authorities multiple times.
Proposals worth over £25 million have all been rejected, with no positive feedback.
The project to tokenize 8,000 Bitcoins into 800 trillion Ceiniog Coins is expected to operate on the Bitcoin network by late 2025.
What is the reason James Howells developed the project to tokenize accidentally lost Bitcoin?
James Howells accidentally discarded a hard drive containing 8,000 Bitcoins over a decade ago. Since then, he has made numerous attempts to contact the Newport City Council to request permission to recover the asset, including proposals for profit-sharing and even compensation of over £25 million, but received no responses.
No longer expecting official consent, he shifted to implementing the tokenization project to utilize the value from that asset, thereby retaining ownership of these Bitcoins in a digital form on the Bitcoin Blockchain.
How is the Ceiniog Coin Tokenization project built?
This project will turn 8,000 Bitcoins into 800 trillion Ceiniog Coin Tokens (INI), with each INI corresponding to one satoshi of Bitcoin. The technical basis uses OP_RETURN technology on the Bitcoin network, integrating Stacks, Runes, and Ordinals protocols to ensure high security and scalability.
Mr. Howells stated that the project aims for complete operation and launch by the end of 2025, opening new investment opportunities on the Bitcoin Blockchain platform with modern technology experiences.
"For 12 years, I have tried every way to contact local regulators, but all have been ignored. I no longer seek permission but will turn Bitcoin into Tokens to protect the value of the asset."
James Howells, IT expert, speaks on platform X, 5/8/2024
The process and challenges of tokenizing lost Bitcoin assets
Tokenizing long-lost assets like this not only requires deep knowledge of Blockchain but also clear legal solutions. Mr. Howells has used various methods but has not received cooperation from the Newport authorities.
The choice of OP_RETURN technology and the Stacks, Runes, Ordinals protocols allows for the secure storage of data files related to Tokens, preventing counterfeiting while enhancing interaction capabilities on the Bitcoin network, effectively meeting the needs of the modern cryptocurrency market.
Technological characteristics of Ceiniog Coin compared to traditional Bitcoin Tokens
Criteria for Ceiniog Coin (INI) Traditional Bitcoin Token Blockchain platform with OP_RETURN, supporting Stacks, Runes, Ordinals Popular on sidechains or differentiated Layer 2 Conversion rate 1 INI = 1 satoshi Bitcoin Not fixed, depends on Token structure Scalability Supports advanced technology, high interaction Often limited depending on the supporting platform Expected launch time End of 2025 Varied depending on the project
Frequently Asked Questions
How did James Howells lose his Bitcoin?
He accidentally discarded a hard drive containing 8,000 Bitcoins over 12 years ago and has not been able to recover the asset.
What is Ceiniog Coin and what is its value?
It is the tokenization of Bitcoin at a rate of 1 INI = 1 satoshi, expected to provide digital value equivalent to the original Bitcoin.
Why did Mr. Howells stop seeking permission from the authorities?
After many rejections and silence, he decided to carry out the project without waiting for the authorities' consent.
What technology does the tokenization project use?
The main technology includes OP_RETURN on Bitcoin, integrating the Stacks, Runes, and Ordinals protocols for secure and effective interaction.
When will the Ceiniog Coin project officially launch?
Expected to operate and launch by the end of 2025, soon to be utilized in the cryptocurrency market.
Source: https://tintucbitcoin.com/james-howells-token-hoa-8-000-bitcoin-mat/
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