Recently 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.