firstly this is a work in progress whitepaper and differs from the former idea of having poswallet in the focus
secondly the main project has not been closed, but is being developed to poswallet2.0 according to the devs
a brief overview would be: first quarter poswallet.com is online and staking many different coins, releases posw-coin; second quarter price explosion (ath ~20366sat) followed by delisting of pivx, suboptimal marketing, a lot of fud, no profits, more delistings, announcing that poswallet has to change, idea poswallet2.0 with pooled masternodes & eth integration. third quarter poswallet.com has a server breach, admin decides to focus on security issues and gets new devs for the coin on board; idea shifts from poswallet being in the focus, to posw-coin being in the focus. first publications on how the coin should develop on posw.io and here.
so whilst the poswallet ann was more or less announcing an online staking service with an appendix coin, this thread is about the coin itself