Netcoin started out it's life as a POW (proof of work) only currency, we found this had it's limitations and wanted to improve it's viability and security. To achieve this we have incorporated POS (proof of stake), but not any old POS as you will soon find out!
Most POS coins today offer a set percentage rate, we wanted to do something different! We took a long time thinking and discussing how we could go about doing just that. What we came up with may change POS forever!
PIR (Personal Investment Rate) is very simple, the more you stake (hold coins in your wallet) the higher the percentage reward you will receive! To our knowledge there is no other coin offering this today. Why did we do it? Well allow us to explain.
PIR is a way to encourage adoption and increase the urge to buy more Netcoins because PIR makes it always beneficial to own and hold more Netcoins! It is also a way to reward the people that take the greater risks, we all know how volatile cryptocurrencies can be, so the more you have, the greater the risk you take, we believe you should be rewarded for that and PIR helps to mitigate that risk.
OWI (Open Wallet Incentive) is a new take on POSV, other cryptocurrencies have taken this route, but we developed our own take on it independent of the other options out there. As a result ours is a little different.
With all other OWI concepts that we know of, if you do not stake after a certain period your reward merely stops growing, which is fine. But we wanted people to have greater encouragement to help secure the NETwork by giving them a large incentive to keep their wallets open and staking.
So with OWI the reward not only stops but each day after the 30 day period the reward declines a tiny bit day by day. We believe this is the best way to reward those that are helping to secure the NETwork by staking at least once a month.
As a non-political online money, Netcoin is backed exclusively by code. This means that—ultimately—it is only as good as its software design. By funding the Netcoin infrastructure, including a core development team, we can make Netcoin more respected, trusted and useful to people worldwide.
Cryptography is the key to Netcoin’s success. It’s the reason that no one can double spend, counterfeit or steal Netcoins. If Netcoin is to be a viable money for both current users and future adopters, we need to maintain, improve and legally protect the integrity of the protocol.
In the context of public misunderstandings, misinterpretations and misrepresentations, Netcoin needs to be clearer about its purpose and technology. Allowing the community to speak through a single source will enable Netcoin to improve its reputation.
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