Tag Archives: POS

Interview With PoSW coin.

PoSWallet logoRecently I spoke with the lead dev of PoSWallet.com and we talked a little about his new project PoSW coin and of course the latest upadtes on what’s happening with PoSWallet.com

Disclaimer: The Dood loves this project and does hold a small amount of PoSW coin. Nothing in this post or blog should be taken as financial advice, seek a duly licensed financial adviser for financial advice, not some guy on the internet who refers to himself as The Dood.   It should also be noted that the link at the bottom of the page is a referral link. You can read my first interview with PoSWallet.com talking about the group staking wallet here.

BitcoinDood – Thanks so much for taking the time out of your busy schedule for this interview. This is your second time back, and a lot has happened since the last time we spoke. For anyone new to the blog or not familiar with your projects, could you introduce yourself and tell us a little about who you are, and your relationship to POSWallet.com and PoSW coin?

PoSW coin – It has been a minute – I’m glad to be invited back again for another round.  I am the lead dev for PoSWallet.com – we are a group of folks that would rather use crypto than standard cash, but also understand that most everyday-folk have no idea how to compile a wallet etc.  We are connecting crpyptocurrency (specifically PoS altcoins) with the masses.  Furthermore, we try to make sure the website takes all of the user suggestions and implements them into an all-in-one crypto site.

BitcoinDood – So POSWallet seems to be doing great! I put a small portion of my altcoin portfolio in there and I’ve been real happy with the results. It’s so nice checking on all those POS coins and watching them grow every week. POSWallet.com was down for a few days, and I guess you suffered a major DDoS attack from what I read. You then quickly made a bunch of improvements and everything seems to be running great since. Can you talk a little about what happened, and the upgrades you made to the system?

PoSW coin – Glad to hear you are happy with the results!  So we now have over 450k user addresses staking, which is around 10x what we had a few months ago during the last interview.  Growth has been very fast; however, with that have come a few DDoS attacks.  I am not going to get into the specifics, but we made quite a few substantial redundancy improvements to mitigate future DDoS attacks.  We have also greatly improved the website speed/load times and brought nodes online across 3 different continents.

BitcoinDood – Pretty exciting times. The site’s doing great and now you’re working on a new coin project. Could you tell us a little about PoSW coin?

PoSW coin – Of course! The PoSW coin took a lot of energy in terms of figuring out how to make it worthwhile for the users.  We are trying to avoid all the current buzz related to altcoins – the ICO scams, devs disappearing, coins with no intrinsic value, etc.  The PoSW coin has intrinsic value, as it is essentially a share of PoSWallet.com and the profits that it generates.

At the end of every month, we will choose a payout block.  Every address that holds PoSW coins on this block will receive a dividend, directly related to the total profits of PoSWallet.com for that month.  The same amount of PoSW will be burned into a dev burn account to counter the inflation – this will help drive the price of PoSW up and benefit the investors.

We also have big plans for the PoSW coin at PoSWallet.com – it will essentially be the currency of the website.  As we bring more features online (hint hint, an exchange might be coming) users will use PoSW as a currency.

BitcoinDood – According to the ANN the profits from the coin will be used to pay for all the hosting, server, and business costs of POSWallet.com and all extra profits will be returned to PoSW coin holders each month in the form of dividends. I guess by buying into this coin, each coin holder kind of becomes a shareholder in POSWallet.com. Am I right in thinking this, and could you also explain further on how this will work?

PoSW coin – You are exactly right – I jumped the gun a bit in the last response.  Besides using the coin for features that will be coming online soon at PoSWallet.com, the PoSW coin will continue to grow in value as monthly dividends are paid out.  We will take the gross profits from stakes and coin investment, subtract off the cost to run the site and buy a bunch of ramen, then pay out the rest in PoSW to the users!

BitcoinDood – Now along with earning dividends as a coin holder you will also earn 1% staking interest. Could you explain a little more about the staking feature of the coin, and how this will work?

PoSW coin – Initially, we were not going to have any staking rate for the PoSW coin; however, that would have been quite ironic – a coin used at a PoS website that doesn’t use the PoS algorithm.  The staking rate is small (1%), and we like it that way.  We want to control inflation and make sure our investors get the most bang for their buck.

In terms of the actual PoS algorithm – it is similar to the majority of other PoS coins.

BitcoinDood – The PoSW coin wallet will be released around the first of the year for now you can hold your coin on POSWallet.com. Could you tell us a little about the wallet release, and any interesting features the wallet will include?

PoSW coin – So we beat our initial estimates for the source code (yay!) – we are still working on the Windows wallet.  We expect this to be online by the 1st of the year.  We have some cool integration ideas for the wallet in future releases, for now it is just a standard wallet where you can store your PoSW.

BitcoinDood – So back to POSWallet.com. With the funding earned from PoSW coin you’re planning on making some serious improvements and changes to the POSWallet.com platform. I know you may not be able to disclose everything that you’re working on, but I’m sure the readers would love to hear about anything you’re willing to share. What can you tell us about any new features coming to the platform in the future?

PoSW coin – Exchange, exchange, exchange.  This is one of the most frequently asked questions about the site: How do I exchange one coin for another?  Well guess what – we are working hard on this!  There are also a few more features in development (one that I think people will like even more than an exchange) but for now stay tuned!

BitcoinDood – I would consider PoSW coin an ICO offer. I do like the fact that there is actually a working Proof Of Concept with POSWallet.com. You can already see the hard work that’s been put into the project. What else separates PoSW coin from other ICO’s offers out there?

PoSW coin – This is great question – and fundamentally difficult to answer.  At some point, every new coin has an ICO – users have to get coins somehow.  Sometimes they are distributed for free, sometimes purchased, or mined.  The biggest difference between the PoSW launch and most other ICOs is that we did the work before launching the coin – most ICOs ask for money up front then ‘forget’ to deliver.

BitcoinDood – PoSW coin is already available and I imagine the coin will also be available for trading on different exchanges. Have you been in talks with any exchanges yet? If so, can you divulge which ones we may able to trade PoSW coin on and where can people currently buy PoSW coin now?

PoSW coin – We are definitely going to be on exchanges – both Cryptopia and NovaExchange are either listed or in process of listing.  We purchased the YoBit add and have started the Bittrex/Poloniex addcoin process.  We definitely want to get on new exchanges (to help promote them) so if you are the owner of a new exchange, please contact me!

BitcoinDood – The Dood really appreciates you taking the time to answer these questions. Is there anything you would like to add that hasn’t already been covered in this interview? Any new features coming to POSWallet.com or maybe a cool feature of PoSW coin that I may have missed?

PoSW coin – As always, I think you did a great job with the questions.  The team here is working very hard on rolling out new features – besides the exchange, we are going to keep the new stuff under wraps :).

BitcoinDood – So I usually end every interview with the same last question, but seeing this is your second interview with The Dood, let me ask you this. POSWallet.com is growing,the site is running great, and it’s user base continues to grow. If you could look into a crystal ball, what do you think the future of POSWallet.com and PoSW Coin will look like?

PoSW coin – Another tough question – the last question in the 1st interview was easier!  In terms of the future of PoSWallet.com – we are going to continue to thrive.  This was never meant to pay our bills, it is a labor of purpose.  We truly believe that cryptocurrency is the future and we want to be the harbingers of that future.  This ideology was really the driving force behind the PoSW coin – get as many people involved as possible, then pay out the profits to them so they continue to spread the word.

I have always disliked the following phrase, but it seems so applicable in this one instance.  Where will the PoSW coin be in the future? To the moon, of course!  🙂

BitcoinDood – Thank you so much for taking the time out of your busy schedule during your coin launch and answering these questions. The Dood really appreciates your time and all your hard work on both POSWallet.com and PoSW coin. The Dood wishes you and the entire POSWallet team the best of luck on this project and all your future endeavors in 2017. Happy holidays, and happy new year to you and your team!

PoSW coin – Happy holidays to you as well – I am sure we will continue to be in contact!

You can use these links to find out more abouot PoSW coin and PosWallet.com. It should be noted that The Dood holds a small amount of PoSW coin and the below link to PoSWallet.com is a referral link.

https://poswallet.com/login.php?referral=TheDood
https://bitcointalk.org/index.php?topic=1695121.0
https://twitter.com/POSWallet
https://novaexchange.com/market/BTC_POSW/
https://www.cryptopia.co.nz/Exchange/?market=POSW_BTC

Coinwallet.co Is Closing.

Shortly after writing my review about Coinwallet.co the company suffered a data breach and although they didn’t suffer any losses decided it might be best to close the service. They’ve asked anyone with coins in their wallets to remove them as soon as possible. The site will close its doors May 1st of 2016 . Here’s a screenshot and a link to the message.

If anyone is interested in taking over the project you can contact them at
support@coinwallet.co

coinwallet co is closing

Coinwallet co closing notice found on their website.

Dood Reviews Coinwallet.co Tipbot and POS Pool

Coinwallet.co has decided to close. For more information click here.

I’m back… I have to admit I haven’t been super motivated to write anything. Losing three months of blog posts was a real kick in the nuts! Anyway, I’m back and for my first real post on the new server I thought I would review coinwallet.co

So the other day , @kobocoindev on twitter was kind enough to send The Dood a tip of some Kobocoin using the coinwallet.co twitter tipbot. I had been looking for a multi-currency tipbot to use since the fall of whitepuma and when I learned about CoinWallet.co I was pretty excited. After signing up and claiming my tip, I discovered so much more than a multi-currency tipbot.

The tipbot is just a small feature of what coinwallet.co actually offers. The service works like an online cryptocurrency wallet for over 75 different cryptocurrencies. You can use the twitter tipbot to tip on twitter in over 75 different cryptocurrencies, and it also acts as a stake pool for any coins that are Proof Of Stake! Very cool feature.

If you don’t know what POS (Proof Of Stake) is, simply put, you put some coins aside in a wallet, when the coins mature, usually after 24 hours or more. The stake or the reserved coins begin to earn interest. There’s actually a lot more going on in the background but for the purpose of this review, that over simplified explanation will do. If you want to learn more about POS check out this older article by Vitalik Buterin written in 2013.

With that said, after playing around with the service for a few days, here’s my review and what I found.

Sign up was simple. Just go to the registration page, create a username, enter an email address, and create a password. Hit register and you’re ready to start.

Registratoin on coinwallet.co is easy

Simple registration. Just create a username, enter an email account, create your password, hit register, and you’re good to go.

Once you’re signed up, just login to your account, type in your username, password and the captcha and enter the site.

The first thing I did was turn on 2FA. Two factor authorization sends either a text message to your phone or you can use the google authenticator. Either method gives you a code on your phone that you need to log into your account. With 2FA activated nobody can get into your account,  even if they have your username and password, unless they have your phone too. To activate 2FA just click on the Settings tab at the top of the page and following the instructions.

Set up security features.

For security set up google authenticator or two factor authorization.

Once you set up your security, it’s time to get some coin into your account. This works like any other wallet for the most part. Just click on the Dashboard link. Find the coin you want to add. Click the wallet button, then on the next page click on the “My Addresses” tab and then the Generate Address button. Once you get your address , start sending coin to the account. To see the confirmations, and the coins you recieved, just click on the “Recieved” tab.

Click on wallet to add cryptocurrency

Each coin gets its own wallet. Click on the wallet buttn for the selected coin and add your favorite cryptocurrency.

add cryptocurrency

Generate address and add cryptocurrency for staking, storage or tipping on twitter.

Coinwallet.co can handle over 75 different cryptocurrencies. This is really cool in itself. Once you deposit the coins in your account, it automatically starts staking them for you. To check the status of your staking, just click the POS button and it will show you all your POS Pool payments. This is a really cool feature.

Click the POS button to view your pool payouts.

To see your stake payments, just click the POS button to view your pool rewards. Very cool!

Stake payouts

Here are some of the POS of payments recieved in just 3 days. The Dood loves the Proof OF Stake.

Like any other wallet, you can send coins to any other address buy clicking the send button. Then send the coin to the address of your choice.

To send cryptocurrency just hit the send button.

Just click the send button to send out cryptocurrency.

Simple to use send feature.

Sending cryptocurrency is easy with coinwallet.co. Select the currency, enter the address, the amount, a note if desired, and click pay now.

Finally next to the staking feature, the twitter tipbot is extremely cool. Sending a tip on twitter is as simple as typing

@CoinWalletco tip @BitcoinDood $CoinTickerSymbol AMOUNT message.

Here’s an example of a tip I sent:

 

What The Dood Likes ….

Overall The Dood really likes this service. The proof of stake feature is a really great idea. I’ve been staking OKcash for some time now , and I sent the same amount to my coinwallet.co account and in the same amount of time my stake rewards were just a little less than what I receive in the same amount of time using ROKOS on my RaspberryPi. When you add your energy costs to staking on your own, the slight difference is completely justifiable. For a full list of coins, and their maturity time click here.

I’ve been looking for a multi-coin tipbot since WhitePuma closed at the end of last year. I absolutely love the tipbot feature. With all those coins to choose from, you can send all your twitter pals, their favorite coins in tips. It’s also a great way to introduce them to this service.

What The Dood Doesn’t Like…

There’s really not a lot not to like. I’d love to see a service like this that comes up with a way for members to hold their own private keys. Without access to the private keys, just like on any exchange you probably use now, technically you don’t own the coins, the exchange does. I don’t like this at all. All things considered, if you don’t put your life savings in here, and it’s even suggested that you don’t on the websites faq, you should be OK.

The other thing I didn’t like is two times I had a hard time connecting to the server. This wasn’t to bothersome, and things happen from time to time. It could of just been a high server load, or something on my end, but it did bother me enough to reduce my staking amount to just a few dollars until I get a little more comfortable using the service. I’ve been around for a little while now, and I do get a bit nervous letting other people maintain my coins.

Final thoughts !

With the exception of the server time outs, I absolutely love this service. Again, I wouldn’t store my life savings here, but it is a fun way to stake some extra coin you might have sitting around on an exchange, or in a wallet that you rarely load up. With so many POS coins, it can tie up a lot of system resources to stake each of them on your own equipment, so this is a great solution. Again, be safe, and don’t get carried away. I will admit I loaded up a bunch of BitBean, and it’s really fun to hit refresh every few hours and see your coins grow.

The tipbot is a brilliant idea, and I can’t say enough about how happy I am to find a decent replacement to WhitePuma. I sent out some DigiByte to a friend and this will probably become my tipbot of choice from here on out.

I plan on using this service regularly, and I’ll post some updates on my staking, and also how the service works out for me. For the most part, I’ve been playing around with it for three days now, and I absolutely love it.

Bitcoin Borat says “Great Success!”

Bitcoin Borat

Bitcoin Borat says Great Success!