Hi guys, I am writing this article on an altcoin talk of the popular bitcointalk.org forum. If you are an active member of the forum, you must be aware that the altcoin announcement thread is full of many cryptocurrencies projects. This makes it very hard for investors to choose suitable altcoins to invest in with their hard earned money.
But even with all the various announcements in the thread, there are still few altcoins in which after doing some study and observations of them, it is not hard to see that they are going to be a high potential winner and will therefore make a very good investment opportunity.
One of these that I discovered and strongly recommend is Proof of Stake Token (PoSToken)!! PoSToken is the new talk of bitcointalk.org forum. Majority of forum members want to be part of this awesome project.
So why PoSToken??
PoSToken is not just another altcoin out there in the cryptocurrency sphere. PoSToken is the world’s first proof of stake (PoS) smart contract ERC20 token on the Ethereum platform!! It is making possible the mining of tokens on the Ethereum platform which is simply achieved by interacting with a smart contract that can execute the mint() function.
Unlike the conventional proof of work (POW) mining where you have to purchase expensive GPU rigs and go through the technical setup process; and proof of stake (POS) mining where you have to download custom wallet softwares on your personal computer (PC) and keep them online consistently to earn staking rewards, PoSToken only requires that you keep your tokens in your Ethereum wallet for a minimum period of 3 days. The interesting part is that during these holding days, your wallet can be logged out or closed, your PC or phone can be completely switched off and go ahead with your daily activities!! This is possible because of the smart contract capability of the Ethereum platform that internally records the number of days that your tokens have been stored in your wallet (Coinage). Your coinage can be viewed manually by calling the coinAge() function with the aid of an Ethereum wallet that can interact with smart contract (e.g: myetherwallet, metamask, mist).
Also, because PoSToken is an open source project, it has therefore set a new standard for other proof of stake tokens. So in the nearest future, more tokens developers will be able to easily implement their proof of stake tokens based on the open source code of PoSToken.
Brief specifications of PoSToken (extracted from ANN thread) are shown below.
| Specifications | |
|---|---|
| Name | PoSToken |
| Symbol | POS |
| Decimals | 18 |
| Standard | ERC20 & PoSTokenStandard |
| Platform | Ethereum |
| Maximum Total Supply | 10,000,000 POS |
| Initial Supply | 1,000,000 POS |
| Minimum Coin Age | 3 Days |
| Maximum Coin Age | 90 Days |
| Contract Address | 0xee609fe292128cad03b786dbb9bc2634ccdbe7fc |
So if the initial supply is 1,000,000 POS, what happens to the remaining 9,000,000 POS??
Answer: 9,000,000 POS will be mined or staked by token holders over a period of fifteen (15) years!! After the fifteenth year, no more PoSToken will be mined. The proof of stake interest (extracted from ANN thread) is shown below.
| POS Interest | |
|---|---|
| 1st Year Interest | 100% |
| 2nd Year Interest | 50% |
| 3rd - 15th Year Interest | 10% |
We can see that the best time to acquire and stake more PoSToken is the first year. The project kicked off on bitcointalk.org on August 22, 2017. This means that two (2) months are already gone out of the 1st year.
Also, we can see from the specs table above that the minimum and maximum coinages are 3 days and 90 days respectively. Minimum coinage implies that you have to keep PoSToken in your wallet for a minimum period of 3 days to be able to mine extra tokens. Maximum coinage means that even if you keep your coins in your wallet for more than 90 days, your coinage will still be set at 90 days. Note that even though the mining process is automated in the Ethereum network, the mined tokens are not automatically added to your balance. You have to redeem or claim your mined tokens manually (at your convenient time) by doing a simple and little time consuming task. A detailed guide on how to redeem or claim your mined tokens will be posted in my next article.
What is the distribution model for the initial supply of 1,000,000 PoSToken?? Is there an Initial Coin Offering (ICO) sale going on??
Answer: NO!! There is no ICO sale. The distribution model (extracted from ANN thread) is shown below.
| Distribution model | |
|---|---|
| Development | 100,000 POS |
| Marketing | 50,000 POS |
| Bounties | 50,000 POS |
| AirDrop | 800,000 POS |
We can see that a big chunk (80%) of the initial supply is being given out for free to the public through airdrop!! Three airdrop rounds were planned, first and second rounds have been completed and tokens have been distributed to applicants. The third round has started and application ends on October 29th, 2017. To be eligible to apply, you should have a bitcointalk.org forum account that was registered before August 22, 2017 and it should not have negative trust. Also, you are required to put your Ethereum wallet address (do not use trading exchange address!) in the location field of your bitcointalk.org profile.
PoSToken developers have been transparent by making public all the Ethereum addresses that holds the 1,000,000 POS initial supply so that anyone can monitor the transactions going on in the addresses anytime. This is shown below as extracted from ANN thread.
| Official Addresses | |
|---|---|
| Development Address | 0xebc3b544293e1e61ff20dfeefc15929bb18443a6 |
| Marketing Address | 0x0bf4ce7a5bba9a8f1314189c0f26ee369850f4d5 |
| Bounties Address | 0xd25fc980186c349ed0cd0a40d54bce30793502d3 |
| AirDrop Address | 0x1dae548c0539870bb142704293c12b58c0b2053a |
PoSToken is currently listed on Etherdelta trading exchange only, but will be listed on more exchanges soon. Please NOTE that Pos on NovaExchange is not PoSToken!!
So guyz, what are you waiting for?? Join the train and be part of the early birds of this new revolutionary smart contract mining on the Ethereum platform!!
If you are interested in joining the airdrop, kindly register with my link below (I get 5 POS for every accepted applicant). You should use a valid email address for registration because you will have to verify it.
Signup for PoSToken Round 3 Airdrop
If you want to acquire more PoSToken, I will advise you to buy them at Etherdelta exchange (link below) and I am sure that you will not regret it.
For more detailed and complete information about PoSToken, please visit the official channels (links below).
Buy PoSToken @ Etherdelta Trading Exchange
Official Bitcointalk ANN Thread
Official Slack Channel Invite link
THANKS for your time and reading my article.