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PoSToken The World’s First PoS Smart Contract Token

October 7, 2017 - Uncategorized

About PoSToken

PoSToken is not only an Ethereum token, but also a brand new Token Standard for Proof-of-Stake tokens.

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PoSToken is the world’s first Proof-of-Stake smart contract token on Ethereum platform. It’s based on the ERC20 Token Standard and implements all standard methods. As an Ethereum token, PoSToken first implements the Proof-of-Stake mechanism, meaning that holders of PoSToken can earn some extra tokens just by holding PosToken for a period of time, greater than or equal to The Minimum Coin Age.

Furthermore, the idea behind PoSToken is not only to issue a simple Ethereum Token with Proof-of-Stake mechanism but also to define a brand new Token Standard for Proof-of-Stake tokens. A interface including some standard functions was defined in the code of PoSToken, we call it PoSTokenStandard, which is like the ERC20 standard. It’s a new Token Standard devised specifically to help developers easily issue Proof-of-Stake tokens. It’s a real innovation and we believe that a new era of Crypto Tokens is coming.

• Specifications of PoSToken

  • 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

• PoS Annual Interest

  • Year 1 : 100%
  • Year 2 : 50%
  • Year 3–15 : 10%

According to the above annual interest,the Max Total Supply of PoSToken (10M POS) will be reached in about 15 years.Once 10 Million is reached, no more PoSToken will be generated via PoS.

• PoS Mining Guide

By considering the convenience of use and the consumption of less gas, PoSToken provides two methods to trigger PoS mining. However, the basic premise of starting PoS mining is that you should have held some PoSToken for a period of time, greater than or equal to The Minimum Coin Age. Then you can start PoS mining by:

1.Sending a transaction to your own address with any amount.
We recommend this approach which can easily be done with any Ethereum Wallet.

2.Using MyEtherWallet.com or Mist or any other software that can interact with contracts to execute mint() function.
For now you have to use MyEtherWallet.com or Mist or any other software that can interact with contracts to execute this function. It maybe a little inconvenience for you, need to have some practical experience of interacting with contracts. But don’t worry about this, we have taken this into account and a Wallet for Proof-of-Stake tokens has been added to our development plan. We will soon release the first version you can test. By using our PoS Token Wallet, you can easily start PoS mining just by clicking one button. Worth mentioning that the wallet will support any tokens based on the PoSTokenStandard.

Return coin age of your account. Return 0 means that your coin age doesn’t meet the min coin age now.If you are not sure about your account’s coin age, you can execute this function for query.

• Calculation of CoinAge

Coin age is simply defined as token amount times holding period.In a simple to understand example:
1.If Bob received 10 tokens from Alice and held it for 60 days, we say that Bob has accumulated 600 token-days of coin age.
2.Additionally, when Bob spent the 10 tokens he received from Alice, we say the coin age Bob accumulated with all tokens in his account had been consumed (or destroyed).

• Distribution

After the contract deployed, only 1Million POS, 10% of the Max Total Supply, will be created as the Initial Supply

  • Develpment: 100K
  • Marketing: 50K
  • Bounties: 50K
  • AirDrop: 800K

• Free Airdrop

  • 80% of the Initial Supply, 800K POS, will be allocated for the airdrop.
  • The airdrop will start on August 28th, 2017 at 15:00 UTC and last until September 12th, 2017 at 15:00 UTC. Running only 2 weeks.
  • The airdrop will stop immediately when the total airdrop supply (800K POS) are all claimed.
  • All the remaining tokens that haven’t been distributed after the airdrop, will be burned. will be allocated for a 2nd-Round airdrop.
  • We will do our best to make the airdrop as fair as possible.
  • How to Participate in Airdrop here https://postoken.org/airdrop.html

To receive the free PoSToken airdrop, kindly do the following:

  • 1.Update your forum signature to match your membership level. Just follow us on Twitter @PoSToken and retweet this tweet.
  • 2.You can get EXTRA BOUNTY by adding the PoSToken signature bb-code matching your membership level to the signature field of your Bitcointalk profile.
  • 3.Apply on our website. >>LINK<<.
  • 4.After you have applied, you can check your application status at >>LINK<<.
  • 5.You can apply when the airdrop start and be paid after the airdrop ends.(within 2 or 3 days)

• Airdrop Rules

The following rules apply:

  • 1.One person can only apply for once. If it is discovered that multiple applications belong to the same person, all applications will be banned from the airdrop.
  • 2.All members include newbies are eligible to apply.
  • 3.All accounts registered on bitcointalk.org after August 22, 2017 are not qualified.
  • 4.Bitcointalk accounts with negative trust are not qualified.
  • 5.All accounts registered on Twitter after August 22, 2017 are not qualified.
  • 6.Your Twitter account must have at least 100 real followers before you retweet.
  • 7.All accounts accept airdrop need to keep 90% of the tokens received on the account during the whole airdrop period.
  • 8.All accounts who accept airdrop should pay close attention to PoSToken including our ANN thread and website and twitter or others from official.
  • 9.Final explanation right belongs to the PoSToken Dev Team.

Additional rules for signature bounty:

  • 1.You must leave the PoSToken promotion signature in your bitcointalk account for the duration of the airdrop promotion period. If, for whatever reason, the signature is removed during the period, your account will be disqualified from future distributions (even if you put it back).The signature should keep 2 weeks at least.
  • 2.To receive extra signature bounty, your bitcointalk account must be an active account, and is required to post at least 10 valid posts per week with more than 50 characters in each post, and you can post anywhere in the bitcointalk forum you wish. Spamming, low quality posts, copy paste and off topic posts will not be counted.

If your account meets the above conditions, you can get:
Rank………….. Distribution Signature Bounty Max Distribution Newbie…………..5 POS+10 POS15 POSJunior Member15 POS+30 POS45 POSMember…………..20 POS+40 POS60 POSFull member25 POS+50 POS75 POSSenior member30 POS+60 POS90 POSHero member35 POS+70 POS105 POSLegendary member 40 POS+80 POS120 POS
• Bounty Campaigns

More campaigns coming soon.

• Technology Roadmap

  • PoS Token Creation Service Q3/2017
  • Multi-PoS-Token Wallet Q3/2017
  • PoS Token Block Explorer Q4/2017
  • PoS Token Decentralized Exchange Q1/2018
  • PoS Mining Pool Q2/2018

This is a summary of our roadmap, more details will be updated after the airdrop completed.

• ANN Translations

MORE INFORMATION:

Website | Whitpaper | Github | Bitcointalk | Twitter | Slack | Contract

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