PosToken is the world's first Proof-of-Stake smart contract token on Ethereum platform. It's an ERC20 Token which follows the ERC20 Token Standard and implements all standard methods.
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 at least 3 days, greater than or equal to The Minimum Coin Age.
PoSToken is the first implementation of PoSTokenStandard, a brand new unofficial Ethereum Token Standard, which is defined in the code of PoSToken and is devised specifically for issuing Proof-of-Stake Tokens. PoSToken is just a start of Proof-of-Stake tokens and the PoSTokenStandard will help developers issue more PoS tokens in the future. That's the real purpose of PoSToken. We believe that a new era of Crypto Tokens starts here.
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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:
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).
After the contract deployed, only 1Million POS, 10% of the Max Total Supply, will be created as the Initial Supply
.
This is a summary of our roadmap, more details will be updated after the airdrop completed.
