Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Pengolincoin on August 23, 2020. This guest star Citizen and Vin, Pengolin Coin Builders. If you were unable to join the live AMA, no worries, here comes our 45h AMA recap!
We are glad to meet here:
Citizen, Founder Pengolincoin
Vin, Advisor Pengolincoin
For taking your time out from busy schedule for the AMA!
Introduction session
Q1: Can you introduce yourself to the community? What is your background and how did you join Pengolin Project?
Vin: Hello everyone! Thank you for being here. I am CryptoVin, I am Co-owner and an advisor for the PengolinCoin project. I have been involved in cryptocurrency for about 5 years. It has been a dream of mine to start a cryptocurrency project, I met Citizenz7, and here I am! Our core team members are, Co-owner @Citizenz7, Lead Blockchain Developer @Alonewolf2ksk, Developer @CryptoPandesal, and Developer @ApolloTeamLeader2. We have a great team and we are also all friends. We all work very well together and have accomplished much in a short amount of time. We hope you all decide to join the PengolinCoin family!
Citizen: Hello I’m Citizenz7, founder of PengolinCoin. I have founded PengolinCoin (PGO) back in late march 2020. I live in France.
I met Cryptovin right after the PGO launch. He is the advisor/investor for PGO project.
Q2: Can you briefly describe what is Pengolin?
Vin: PengolinCoin is a Proof of Stake (PoS), open source, decentralized blockchain-based cryptocurrency focused on achieving fungibility, transaction speed, community, network scalability, and real-world utilization.
Q3: What companies/projects do you see as competitors, and how does Pengolin stand out compared to them?
Vin: PengolinCoin’s competitors are other projects that claim their coin is used as a currency. PengolinCoin is different in several ways. PengolinCoin’s transactions are instant because it retains the valuable features of Dash, such as its instantsend technology and masternodes. Masternodes are a crucial part of the network and provide maximum uptime and service. What distinguishes PengolinCoin from others is that it not only uses Masternodes, but it also uses the PIVX Proof of Stake (PoS) consensus algorithm technology. PoS is truly decentralized, fair, secure and everyone can participate. Unlike the Proof of Work (PoW) consensus, there is no expensive computer equipment or programming knowledge needed, and it is ecologically friendly. Most all other privacy coins use Proof of Work (PoW) as a consensus. Miners need expensive equipment, programming knowledge and it uses a lot of power. Furthermore, PoW is overrun with ASIC and FPGA miners which prevents decentralization and causes a risk of successful blockchain attacks. PengolinCoin was PoW not too long ago so we have first hand experience of these problems. Even Ethereum is switching from PoW to PoS which should say a lot about how good the PoS consensus is. Furthermore, PengolinCoin will implement zk-SNARKs and Sapling privacy protocols making transactions and staking private. Other projects don’t offer both of these features.
Q4. What is the use-case of the Pengolin Coin?
Vin: Our use case is as a privacy currency. We are focused on fast, private, secure, and very low cost transactions, network scalability and fungibility. We are currently being used by Orecoingames.com casino as a currency payment option. PengolinCoin is a young project and is growing fast. We will continue to develop partnerships and add PengolinCoin as a payment option to our partnered websites. We intend to expand this use case and we are also looking into using PengolinCoin in decentralized finance options. Cryptocurrency changes and grows every day and there will be even more use case opportunities for PengolinCoin which we will certainly take advantage of.
Q5: DeFi is very hype right now. Are there any plans for Pengolincoin going to DeFi?
Vin: Decentralized Finance or Defi is very hot right now, yes. We are consulting with experts in the Defi field to see what PengolinCoin’s options are and we will certainly take advantage of them if the opportunity exists. Stay tuned!
Twitter Session
Q1: How does PengolinCoin achieve numerous parallel transactions without having confirmation issues? We know that users who stake their tokens are rewarded, but what type of users are rewarded?
Vin: Great question! PengolinCoin’s roots are derived from the cryptocurrency, Dash. Dash is a fork of Bitcoin, and through it, PengolinCoin retains the valuable features of Bitcoin such as its distributed, decentralized, immutable ledger, and its network of nodes. PengolinCoin also retains the valuable features of Dash, such as its instantsend technology and its use of Masternodes. Masternodes are a crucial part of the network and provide maximum uptime and service. A masternode is an incentivized node, on the PengolinCoin network, with a full copy of the PengolinCoin blockchain. Masternodes are responsible for blockchain validation, and transaction speed.
There are two different ways to stake, and earn rewards, in PengolinCoin, hot staking and running a masternode. Hot staking requires at least one PengolinCoin in your GUI wallet. The wallet must be left open, online and unlocked for staking. A masternode requires 100,000 PengolinCoins, a VPS with 20 GB of storage, 2 GB of RAM, a dedicated CPU Core, and a unique IP address. You can also have your masternode hosted by one of our masternode hosting partners. Hot staking rewards are determined by the amount of PengolinCoins staked, length of time staked and a randomness factor for fairness. Masternodes will pay out more reliably and receive a greater percentage of the block rewards.
Q2: Right now issuing a token is a rather simple process. However, building the system & ecosystem is the most difficult part. My question is, how will the demand of PGO will increase & how will PGO use within the ecosystem?
Vin: There are several ways we are going to increase demand, achieve mass adoption and utilization. First, PengolinCoin’s community. We will continue to grow our community through paid and social media marketing, airdrops, giveaways, and bounties. Secondly, by continuing to make PengolinCoin easy to use. We want everyone to be able to use and have access to PengolinCoin. If we make it easy for the masses to use, then everyone will be able to use it, thereby increasing demand. For example, there is no expensive computer equipment and mining knowledge needed. Simply stake at least one PengolinCoin in your wallet, leave your wallet open and unlocked for staking to earn rewards. We will also be releasing an ios and Android mobile wallet to store your PengolinCoins, no desktop or laptop needed.
Furthermore, we have partnered with sites such as Cryptocurrencycheckout, a cryptocurrency payment gateway integrator, and Cryptwerk, the largest directory of businesses which accept cryptocurrencies as a payment option. PengolinCoin is already being used as a payment option on Orecoingaomes Casino website and we will continue to develop partnerships and add PengolinCoin as a payment option to our partnered websites. PengolinCoin is on all the major social media, blogging and group websites such as Twitter, Facebook, Medium, Reddit, Uptrennd, Discord, and Telegram. PengolinCoin is on numerous cryptocurrency tracking sites such as Coinmarketcap, CoinGecko, CoinPaprika, CoinCoDex, and WorldCoinIndex. The PengolinCoin team has done AMAs, are currently doing them, and plan to do more in the future. Finally, potential users can discover PengolinCoin on our exchanges and shared masternode sites. All of these actions we are taking will increase the demand and ecosystem of PengolinCoin.
Q3: As one of your long-term strategies, you have set out to continually grow the community. What strategies do you have planned to further increase the community and expand Pengolin throughout the world?
Vin: Another important question! Community is very important to us and without it, no matter how good your project is, it will fail without a large, supportive community. To begin building any community you must be open, honest and transparent with them, which has always been our philosophy. Without honesty and transparency, a project will never build its community. To grow the PengolinCoin community the PengolinCoin team has partnered with CryptoMasters. Cryptomasters has run numerous Twitter and Discord promotions, introduction videos, project update videos, and tutorial videos to grow our community. We have also done airdrops, giveaways, and bounties to boost community involvement and grow the community. PengolinCoin is on all the major social media, blogging and group websites such as Twitter, Facebook, Medium, Reddit, Uptrennd, Discord, and Telegram.
PengolinCoin is on numerous cryptocurrency tracking sites such as Coinmarketcap, CoinGecko, CoinPaprika, CoinCoDex, and WorldCoinIndex. The PengolinCoin team has done AMAs, are currently doing them, and plan to do more in the future. Finally, potential community members discover PengolinCoin on our exchanges and shared masternode sites. All these websites drive people to discover PengolinCoin and they become part of the community. They also provide a means of communication, information, and services to our community. We have had great success and the community has grown quickly and in turn has helped PengolinCoin grow. As the community grows larger so will PengolinCoin.
Q4: How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates about PGO?
Citizen: We have taken numerous steps towards educating our community and investors on PengolinCoin and Blockchain technology.
PengolinCoin is on all the major social media, blogging and group websites such as Twitter, Facebook, Medium, Reddit, Uptrennd, Discord, and Telegram.
We continuously communicate and educate with our community through these websites.
Furthermore, we make PengolinCoin tutorial and project update videos to educate and inform people as well.
Finally, holding AMA sessions such as these is a great way to introduce and educate people about PengolinCoin and blockchain technology.
Discord: https://discord.gg/XTk8u4w
Telegram: https://t.me/pengolincoin
Twitter: https://twitter.com/PengolinC
Facebook: https://www.facebook.com/PengolinCoin-105101314474751
… and many more you’ll find on our website: https://www.pengolincoin.xyz
Q5: Everything start with education, and it’s true with blockchain technology too. What steps is Pengolin taking towards educating it community & investors on the benefits of Pengolin technology & blockchain as a whole?
Vin: We have taken numerous steps towards educating our community and investors on PengolinCoin and Blockchain technology. As we had said previously, PengolinCoin is on all the major social media, blogging and group websites such as Twitter, Facebook, Medium, Reddit, Uptrennd, Discord, and Telegram. We continuously communicate and educate with our community through these websites. Furthermore, we make PengolinCoin tutorial and project update videos to educate and inform people as well. Finally, holding AMA sessions such as these is a great way to introduce and educate people about PengolinCoin and blockchain technology.
Live AMA
Q1: 15 million PengolinCoins were pre-mined, how will this pre-mined token be used and how will block rewards be allocated?
Citizen: Premine was for the most part used for Swap process (from old PGO POW to new PGO POS).
11.5M PGO were used for swap process and 3.5M are kept for the project: Exchanges, marketing, development)
Q2: PengolinCoin uses two different staking systems to run its network- hot staking and masternodes. What are the difference between this two system and what do you think is the best staking method for beginners?
Vin: Hot staking requires at least one PengolinCoin in your GUI wallet. The wallet must be left open, online and unlocked for staking. A masternode requires 100,000 PengolinCoins, a VPS with 20 GB of storage, 2 GB of RAM, a dedicated CPU Core, and a unique IP address. Hot staking rewards are determined by the amount of PengolinCoins staked, length of time staked and a randomness factor. Masternodes will pay out more reliably and receive a greater percentage of the block rewards. The easiest way to earn rewards, from a technical view, is to stake in your GUI wallet. However, it is almost as easy to run a masternode by using a masternode hosting service. They set up the server and can help you if needed.
Q3: How can I stake Pengolincoin. Can you please tell me the process. And how much rewards will I receive if I hold $PGO token? And can unstake my token anytime or there a time-lock period?
Vin: You can stake PengolinCoins in your GUI wallet, by hosting a masternode or by putting your PengolinCoins on a staking site such as Trittium. There is a randomness factor involved in staking to keep it fair and decentralized and you would also have to consider the difficulty at the time which can vary, amount staked, time staking and how many others are staking, amount they are staking and the length of time they are staking. So, it is difficult to give an exact number. A good estimate would be, a user staking 60,000 PengolinCoins, with a continuous uptime, would generate about 165-225 PengolinCoins a day.
Q4: Can you tell some about your CHARITY project? Unfortunately we dont hear too much about charities in this sector.
Citizen: PengolinCoin is rare, unique, fast and secretive, just like the Pangolin. We believe that every business should give back. PengolinCoin has partnered with the Pangolin Crisis Fund and they represent our charity. A portion of PengolinCoin’s revenues go to helping save this endangered animal.
We have already made some donations:
- First donation to Pangolin Crisis Fund has been sent on may 1rst, 2020: $100
- Second donation to Pangolin Crisis Fund has been sent on august 14th, 2020: $50
Q5: How secure is the Pengolin network? How do you prevent hacks from happening as has happened with LTC recently?
Vin: LTC or Litecoin has a PoW consensus which is susceptible to 51% attacks because of the decentralization problem with ASIC and FPGA miners. PengolinCoin is not PoW it uses a PoS consensus protocol. Blocks are forged or minted by stakers not miners. In PoS, a successful PoS attack would greatly de-value the attacker’s assets when discovered, whereas a successful PoW attack may cost an attacker only electricity. Also, PengolinCoin staking is decentralized amongst all of its users and cannot be traced by electricity use, whereas mining is usually centralized by mining cartels, concentrated in regions with cheap electricity, and is traceable by high constant power demand. Also, For one, as you start purchasing all the liquidity out of the exchanges, the price for the existing tokens will start to rise, causing a massive price increase, exponentially increasing the cost of the attack.
Q6: How does Staking work and what is the minimum requirements for Staking ?
Citizen: You need to download and run the PengolinCoin wallet. You need at least 1 PGO in your wallet. Simply leave your wallet online, open and unlocked for staking. After 21 confirmations your wallet will start staking.
There is a randomness factor involved in staking to keep it fair and decentralized and you would also have to consider the difficulty at the time which can vary, amount staked, time staking and how many others are staking, amount they are staking and the length of time they are staking. So, it is difficult to give an exact number.
A good estimate would be, a user staking 10,000 PengolinCoins, with a continuous uptime, would generate about 50 PGO a day.
Q7: Why Pengolincoin choosing Proof of Stake (PoS) consensus algorithm!?, and not other algorithm like PoW?
Vin: We chose PoS because everyone can stake PengolinCoins in their wallet to receive rewards. Unlike Proof of Work, there is no expensive computer equipment and programming knowledge needed. PoS uses very little energy and is eco-friendly. Lastly, PoS is decentralized, ASICS and FPGA proof, secure against attacks and allows for almost instant transactions. PengolinCoin has incredibly low transaction fees that are typically a fraction of a penny due to the PoS efficiency. This means it is perfect for micro-transaction business pricing models that previously existed using Bitcoin. PengolinCoin is based on Bitcoin 0.10.x core which means it is more up to date than most other PoS digital currencies that commonly use a lower Bitcoin core version. PoS is a type of consensus mechanism in which users of a blockchain-based network have to stake some portion of their coins or tokens, in order to have a chance at verifying transactions in a block. In a PoS system, a forger is chosen via a two-stage pseudo-random process.
The main thing that is taken into consideration when a forger is selected for verifying transactions is whether they have a stake in the network. If they have staked their funds, then the amount of their stake is also used to determine their eligibility to validate blocks. Furthermore, the PoS algorithm discourages malicious activity on blockchain networks because a forger would lose their entire staked amount should they try to act dishonestly or tamper transactions. The advantages of using a PoS system is that it’s energy efficient, because unlike a PoW system, there is no mining process involved which consumes a lot of power/resources (electricity), no expensive hardware, no need to learn mining command lines, and everyone can do it! A masternode is an incentivized node, on the PengolinCoin network, with a full copy of the PengolinCoin blockchain. Masternodes are responsible for blockchain validation, and transaction speed, PengolinCoin transactions are instant. Also, masternodes enhance the functionality and security of the PengolinCoin blockchain.
Q8: Many of investors care about early price of token, How is the pengolincoin to prevent early investors from selling their token and what benefit will pengolincoin give to them?
Vin: In order to get rewarded users must hold or stake their PengolinCoins. A masternode requires 100,000 PengolinCoins and those coins are locked. The reward is the incentive to hold and not sell.
Q9: What is Your Background And How Did You Come To The idea To Create Pengolin?
Citizen: I have created PengolinCoin back in march 2020. At first, i have forked a Turtlecoin code then adapted it.
Pengolin is actually an older version of the word Pangolin, technically means the same. We wanted to have our own unique name while representing the animal. You might be wondering why PengolinCoin is not spelled PangolinCoin. Well, the word Pangolin is derived from the old Malay word, Penggoling, which means to roll over into a ball. So, we morphed the origins of the name with the name itself. We also wanted a unique name as well so PengolinCoin was born.
Q10: PENGOLIN is from DASH , and I do believe DASH is a FORK of BITCOIN, what FEATURES of BITCOIN does PENGOLIN share?
Vin: PengolinCoin retains the valuable features of Bitcoin such as its distributed, decentralized, immutable ledger, and its network of nodes.
Q11: What challenges are you expecting and your plan to make #Pengolincoin popular? What in #Pengolincoin makes you more confident than competitors?
Citizen: PengolinCoin is still a young project and while our community is growing it still needs to be larger. Our main mission currently is focusing on growing our community.
Community is very important to us and without it, no matter how good your project is, it will fail without a large, supportive community.
Our future plans include, making PengolinCoin even easier for people to access and use.
We will achieve this by creating more partnerships and providing more services to users.
For example, we will seek to list on larger and more highly ranked exchanges, provide a mobile wallet and cold storage for our community and add privacy features, just to name a few.
Finally, we will release creative bounties for our community to take part in which will help PengolinCoin grow while rewarding our community members.
All these examples will assist PengolinCoin in reaching real world utilization.
Q12: What is your strategy to make PengolinCoin token more valuable and how do you plan to support the price and supply of the token? Is there a PengolinCoin coin burning program?
Vin: PengolinCoin is still a young project and while our community is growing it still needs to be larger. Our main mission currently is focusing on growing our community. Community is very important to us and without it, no matter how good your project is, it will fail without a large, supportive community. Our future plans include, making PengolinCoin even easier for people to access and use. We will achieve this by creating more partnerships and providing more services to users. For example, we will seek to list on larger and more highly ranked exchanges, provide a mobile wallet and cold storage for our community, seek decentralized finance options, and add privacy features, just to name a few. Finally, we will release creative bounties for our community to take part in which will help PengolinCoin grow while rewarding our community members. All these examples will assist PengolinCoin in reaching real world utilization.
Q13: The original coinmarketcap cap description says that you are POW project, but your website says that you are a POS, so i figure that you migrate from PoW to PoS , but why? Can se know the reasons of this change?
Vin: There were several reasons why PengolinCoin moved from Proof of Work (PoW) to Proof of Stake (PoS). PengolinCoin’s mining algorithm was Cryptonight-Turtle (Pico), supposedly ASIC and FPGA resistant. As PengolinCoin’s hashrate grew, at one point 50 times higher than any other Cryptonight-Turtle project, it became apparent that Cryptonight-Turtle was not so ASIC and FPGA resistant. PengoliCoin was flooded with FPGA miners and when all of them went to sell their PengolinCoins it caused the price to go down. The PengolinCoin team investigated other algorithms to fork to but it turned out that no mining algorithm is truly ASIC or FPGA proof. The only defense against ASICs and FPGAs is to constantly fork the blockchain.
So, eventually, ASICs and FPGAs would have again dominated PengolinCoin causing harm to the value of the coin and causing it to be not decentralized. PoS cannot be mined, blocks are forged or minted by stakers. Therefore, it renders ASICS and FPGAs obsolete. Secondly, PengolinCoin’s code was old and outdated. A complete review of the code would need to be done and that would have taken months. PengolinCoin was fortunate to have found @Alonewolf a PoS blockchain expert. He was able to code a completely new blockchain, with a PoS consensus algorithm, for PengolinCoin, in a week. This saved PengolinCoin weeks of time and expensive code review. PengolinCoin’s code is new and up to date which will allow us to successfully grow the project. The team is excited about the new changes and the future is bright for PengolinCoin!
Vin: Ok, all done! Thank you for the great questions! If anyone wants more information please visit our Discord or Telegram channels, thank you!
Twitter: http://twitter.com/pengolinc
Telegram: https://t.me/pengolincoin
Reddit: https://www.reddit.com/user/PengolinCoin
Medium: https://medium.com/@cryptorigvin
Bitcointalk: https://bitcointalk.org/index.php?topic=5234832
Website: https://www.pengolincoin.xyz/
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