[ANN][PSB] Pesobit, the currency for remittances and international cooperation

[Isolani159]

Pesobit is undergoing upgrade.

Pesobit will upgrade to a better form of Staking taken from Crypto Bullion (CBX) which is PoSP. It aims to reward holders as well as users having their wallets connected to the network for staking. Further explanation will be posted regarding PoSP or Proof-of-Stake Participation.

Pesobit announced it officially on twitter and facebook.

Lets hope soon will get wallet !

What is different between POS and POSP. Is PoSP really superior to PoS?
I'm rather familiar with PoS. There's not any problem that I face to. The profit is gainning when I stake for long time.

The interest reward in PoSP is variable based on the actual level of network securing participation (staking and minting) at any particular time and is designed to reallocate the reward from non-participating entities (not staking and minting) to those participants who are more deserving for providing the service of securing the network.

This means Network of PoSP coin will be more secure and holders will get more benefit.

Ex. You hold two coins (one PoS and one PoSP) that almost have all same features (algorithm, staking rate, max supply, network weigh...) for the same duration. You will get more coins from PoSP than PoS.

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

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[Pioneer88]

Pesobit is undergoing upgrade.

Pesobit will upgrade to a better form of Staking taken from Crypto Bullion (CBX) which is PoSP. It aims to reward holders as well as users having their wallets connected to the network for staking. Further explanation will be posted regarding PoSP or Proof-of-Stake Participation.

Pesobit announced it officially on twitter and facebook.

Lets hope soon will get wallet !

What is different between POS and POSP. Is PoSP really superior to PoS?
I'm rather familiar with PoS. There's not any problem that I face to. The profit is gainning when I stake for long time.

The interest reward in PoSP is variable based on the actual level of network securing participation (staking and minting) at any particular time and is designed to reallocate the reward from non-participating entities (not staking and minting) to those participants who are more deserving for providing the service of securing the network.

This means Network of PoSP coin will be more secure and holders will get more benefit.

Ex. You hold two coins (one PoS and one PoSP) that almost have all same features (algorithm, staking rate, max supply, network weigh...) for the same duration. You will get more coins from PoSP than PoS.

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

That's great for Pesobit to be built with PoSP. I'm longing for Pesobit ICO ending, receive Pesobit and start staking .

[Lutzow]

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

And since the reward is higher if you have your wallet connected longer, people will Participate more in staking creating a bigger number of nodes and that's why CBX achieved that high number in nodes connected because of this which in turn making the network more secure.

[Pioneer88]

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

And since the reward is higher if you have your wallet connected longer, people will Participate more in staking creating a bigger number of nodes and that's why CBX achieved that high number in nodes connected because of this which in turn making the network more secure.

When will wallet be available for download?

[Isolani159]

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

And since the reward is higher if you have your wallet connected longer, people will Participate more in staking creating a bigger number of nodes and that's why CBX achieved that high number in nodes connected because of this which in turn making the network more secure.

When will wallet be available for download?

Block explorer will be available before the ICO ends. Wallets will be available after ICO. The situation could be changed based on the request from the community and investors.

[Pioneer88]

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

And since the reward is higher if you have your wallet connected longer, people will Participate more in staking creating a bigger number of nodes and that's why CBX achieved that high number in nodes connected because of this which in turn making the network more secure.

When will wallet be available for download?

Block explorer will be available before the ICO ends. Wallets will be available after ICO. The situation could be changed based on the request from the community and investors.

According to the roadmap, in September, there will be Windows, MAC and Linux wallets, Web-based wallet, Block explorer, Remittance platform, Pesobit->Peso exchange site, Listing to exchanges. That's wonderful news and for any investor's expectation.

[Isolani159]

This means when two coins have their holder 100% run clients to stake, there won't be different. However this seems hard to become reality because there're a lot of coins stored in cold wallets, in exchanges' wallets...Then POSP staker will be more beneficial.
Another question: according to the explanation above, the less number of stakers (less network weigh) the more benefit for stakers themself. Is this true? If it's true. The network security will be harmfully affected.

That's true. However the network in PosP is more secure than in POS. This is demonstrated by the fact that the origin coin of POSP (CryptoBullion CBX) has achieved a good standing in cryptocurrency world with the most number of  nodes comparing to other POS coins up to now.

And since the reward is higher if you have your wallet connected longer, people will Participate more in staking creating a bigger number of nodes and that's why CBX achieved that high number in nodes connected because of this which in turn making the network more secure.

When will wallet be available for download?

Block explorer will be available before the ICO ends. Wallets will be available after ICO. The situation could be changed based on the request from the community and investors.

According to the roadmap, in September, there will be Windows, MAC and Linux wallets, Web-based wallet, Block explorer, Remittance platform, Pesobit->Peso exchange site, Listing to exchanges. That's wonderful news and for any investor's expectation.

That's right. ICO fund has not been much yet however Pesobit's team members are doing their best to release all the roadmap's targets in time. The cooperation and relation to Filipinos Business Organization, Banks are also introduced in media.

[BossMacko]

I just notice when the price of pesobit increase, the available balance of pesobit in my account also decrease. Why did the available balance decrease? Sorry for the question it is my first time to join and invest in ICO. If someone invested 0.01 Bitcoin and he get 8928.571 pesobit then when the time pesobit turns to 0.01 value then the available balance in his pesobit will turn to 1. is that normal?

[Pioneer88]

I just notice when the price of pesobit increase, the available balance of pesobit in my account also decrease. Why did the available balance decrease? Sorry for the question it is my first time to join and invest in ICO. If someone invested 0.01 Bitcoin and he get 8928.571 pesobit then when the time pesobit turns to 0.01 value then the available balance in his pesobit will turn to 1. is that normal?

The more fund is invested to ICO, the less number of Pesobit each investment will recieve because the total number of Pesobit for ICO (16mil) is not changed. You see your Pesobit balanc down because of the increasing in ICO fund.

[Pioneer88]

Pesobit ICO has a good move today while gaining near 2btc after two quiet days. We see a lot of endeavors from Devs in publishing many useful guiding posts and release much updates.

[Lutzow]

Yes, there's a good price increase during the past 12 hours. It seems the final code for the PoSP adoption will be completed in 3-4 days. Once completed we can release the code in Github and submit them to the exchanges and blockexplorer. There's even a big chance that the online wallet could even be completed before the ICO ends this is so we can show to everyone what Pesobit is capable of

[doktor1897]

yes this is good news for us about pesobit . for accelerating and worked hard to source and github . we will wait for it in time.

[Krista]

What you have bounty campaign? Facebook campaign, news subscription?

[Lutzow]

What you have bounty campaign? Facebook campaign, news subscription?

We only have Signature and Twitter Campaigns. For News subscription, I'll have to see on that exactly. You can send me a PM then I can check what bounty can there be.

yes this is good news for us about pesobit . for accelerating and worked hard to source and github . we will wait for it in time.

So far, things are working according to plan

[Pioneer88]

Yes, there's a good price increase during the past 12 hours. It seems the final code for the PoSP adoption will be completed in 3-4 days. Once completed we can release the code in Github and submit them to the exchanges and blockexplorer. There's even a big chance that the online wallet could even be completed before the ICO ends this is so we can show to everyone what Pesobit is capable of

Github source code including all what you are doing is the best proof of work. You should present it soon. This is a boost for funding from investors.

[Isolani159]

Yes, there's a good price increase during the past 12 hours. It seems the final code for the PoSP adoption will be completed in 3-4 days. Once completed we can release the code in Github and submit them to the exchanges and blockexplorer. There's even a big chance that the online wallet could even be completed before the ICO ends this is so we can show to everyone what Pesobit is capable of

Github source code including all what you are doing is the best proof of work. You should present it soon. This is a boost for funding from investors.

Core Devs are doing their best to publish codes to Github next fex days. Investors will be able to test Pesobit soon.

[princessjenyz]

Hi, Dev. Why is my pesobit amount decreasing every time the value of it increases? Can someone help me please to answer this question? Thanks.

[chong_kee]

Hi Lutzow/Dev team,

I see the potential and support the project.  I have bought from the ICO, and will like to buy more but I have a couple additional questions:

1. Is there a minimum or target amount that needs to be raised for the ICO?  Most crowdfunding will reimburse the investors through the escrow if this target is not met.

2. Just for contingency planning - is the escrow just a single individual?  This is not a multisig setup right?  If something happens (I do not wish any, just for sake of discussion) and we lose the holder of the private keys during the ICO period - what is your contingency plan for that?

Thank you.

[bitwarrior]

Hi Lutzow/Dev team,

I see the potential and support the project.  I have bought from the ICO, and will like to buy more but I have a couple additional questions:

1. Is there a minimum or target amount that needs to be raised for the ICO?  Most crowdfunding will reimburse the investors through the escrow if this target is not met.

2. Just for contingency planning - is the escrow just a single individual?  This is not a multisig setup right?  If something happens (I do not wish any, just for sake of discussion) and we lose the holder of the private keys during the ICO period - what is your contingency plan for that?

Thank you.

Very good questions. I am also suggesting before releasing the wallet , there should undergo strict testing for usage and security issues that may arise. There have been an increase of altcoins with built in hidden premine and backdoor trojans or keyloggers that needs to be addressed when it comes for the pesobit wallet.

[Pioneer88]

Hi, Dev. Why is my pesobit amount decreasing every time the value of it increases? Can someone help me please to answer this question? Thanks.

Perhaps this is the first time you joining an ICO. Read previous posts for the answer.