PowToken is social media token created for mass adoption and saw over 30 million claims back about 6 months ago. Due to the massive adoption hackers found a loophole in the software and used this to steal some coins buy PowToken was able to recover these coins as was centralized and not on the ERC20 side of the project.
It took 6 months but now you can again start claiming your free coins and even better take them from the centralized part to the ERC20 ETH platform. Not to say the PowToken is useful off the blockchain as free to send and receive an instant but you now have the option of taking them into the more secure ERC20 format.
PowToken has also added new ways to claim now using Facebook, Twitter, Coinbase, and Reddit. Enabling you to claim 4 times in total and at time of the writing would be over 40k new tokens.
The price of PowToken is very low at moment but they expect the token to be around 71 cents now the new site is live.
- Users since Oct 2017: 335,282
- New users in the last 24 hrs: 427
- Transactions in the last 24 hrs: 1,202
- Next claimant gets: 10,499 POW
POW is a crypto-currency that is being issued free to every Internet user on the planet. It’s simple to claim your allocation by using a social media account that was created prior to September 15th, 2017, or with a verified Coinbase.com account. The earlier you claim the bigger your allocation will be.
So far 335,282 users have claimed POW since we launched in October 2017. When we first launched, the first claimant received 10bn POW. Since then the amount allocated to each new claimant has fallen according to our published algorithm. A new user currently receives 10,499 POW. By the time we reach 50 million users that amount will have fallen to 100 POW. When we eventually reach 2 billion users, each new user will receive just 1 POW.
Although POW is being freely distributed, doing so is creating a valuable network as described by Metcalfe’s law.
Consider the utility of with just a few keystrokes being able to pay anyone on the planet, speedily, with privacy, security and zero transaction fees. At the time of writing, Bitcoin has approximately 30 million users and a market capitalization of $150 billion.
POW TECHNICAL DETAIL…
POW is a standard ERC20 token on the Ethereum Blockchain. Ethereum is the second largest crypto-currency after Bitcoin. Ethereum allows the creation of token’s like POW to utilize their Blockchain. The address of the POW ERC20 contract is: 0xEb2dA9FAC54284cEA731D1F10bb34EEcB3c00c14
POW can be held off-Blockchain at POWtoken.com where it can be transferred to other users of POWtoken.com with zero transaction fees and with transactions clearing in less than 1 minute.
The POWtoken.com service is built using the Laravel PHP framework which facilitates easy integration of third-party Oauth2 providers like Facebook, Twitter, Reddit and LinkedIn; stateless architecture allowing for scalability and robustness.
RIGHT TIME, RIGHT PLACE…
Ethereum might change the world, but by the admission of its founder (Vitalik Buterin), the technology is not ready for mass market adoption. The Ethereum Blockchain is handling around 12 transactions per second currently, which pales compared to the volumes achieved by services like Paypal and VISA.
In the meantime, off-Blockchain services such as POWtoken.com offering a hybrid centralized/Blockchain currency and payment system can be seen as stepping stones to the ultimate goal of a decentralized currency.
The total supply of POW token was set at 231,802,823,220. That means there can never be more than this number of units of POW created. Of that total supply, 200.6 billion POW will be allocated to claimants on a ‘first come, most served’ basis.
POWtoken.com has been created by nine founders with experience spanning both Blockchain and traditional centralized server world. We have not raised any money from an ICO and have not sought external funding. None of the founders receive any salaries or expenses in relation to the POW project. A total of 31.2bn POW has been allocated equally to the nine-person founder team. This equates to 1.5% of the total supply for each founder.
If you have any comments or questions regarding these tokens please leave them below.
Written for PocoCoins by Wayne Johnson
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