“The Pinkcoin Development Team Answers Questions From the Community”
12/5/17 By Devin Saxon. Did you miss the AMA held by ThePinkCrypto‘s Moonshot Group last week? Well fret no more, The Great Pink Buffalo is here to save the day! Below are all the questions and responses from that most fruitful exchange; feel free to scroll through and review all the answers straight from the PINK Dev Team.
PinkCoin AMA hosted by The MoonShot Group
What is the purpose of PINK?
“Pinkcoin is the first blockchain specifically designed as a fundraising platform for social impact causes where we’ve gamified the proof of stake model and incentivized philanthropy from our users. We’ve been around since May of 2014 and have been traded on Bittrex and Poloniex since day 1.” –CryptoCayce
When can I get a PinkPi?
“The PinkPi device is currently wrapping up the final coding and UI interface. It took a little longer than we had hoped, but we want to make sure the final product we are putting out is of high quality, so every step of the way we are testing, having the code reviewed, and taking the necessary security steps to make sure the device is easy to use, functional, and safe. We added in a lot of features we we’re originally going to release down the road. We hope to have the unit ready before end of year. We totally understand the frustration of having to wait for this amazing little device, but we want to make sure our first physical product is top notch.” –Elypse
Can you tell us about any upcoming partnerships that would elevate the PINK platform/brand?
“We already have several official partners including those recipients of our Donate 4 Life pool funding system such as Cardiac Kids out of Toronto Canada which is an organization that works w/ Sick Kids Hospital to help kids born w/ congenital heart disease to subsidize the costs of their many open heart surgeries they will have to endure throughout their life. We are also partnered w/ a school out of Switzerland called Zwischraum-Thugaru who are teaching their students blockchain tech through Pinkcoin. We’ll be announcing several more partnerships in the coming months but I’ll share one that we’ll be announcing in the next week with you guys here: Givehealthy.org an organization who is disrupting the traditional food-drive program by giving fresh fruits & vegetables and other healthy foods to those in need.” -CryptoCayce
Will they accept Phore as a currency for PINK?
“I guess it would be possible in the future via decentralized exchanges or if Phore was compatible w/ cross chain atomic swaps. but as of this moment there aren’t any PINK/Phore currency pairings on any exchange that I’m aware of” -CryptoCayce
Can we stake only PINK on it [PinkPi]?
“The code for the device currently supports PINK only, and that will also be the case for the “for sale” device. However, we will be releasing the code to the community down the road as well, so other project’s and individuals will be able to utilize the code for their own project/coin. The raspberri pi zero is a very hardware specific device, so it can only run one optimized wallet at a time. We are specifically building our code to function on the specific device. This is for a few reasons. One of those being that the device is being built to help bring newcomers into the space by offering a simple plug-n-play device that any novice into crypto can setup without having to cross the cumbersome barrier of knowledge this space demands” –Elypse
What does PINK do? Why would I want to invest in it?
“Well aside from the whole disintermediating the traditional giving process by giving people an alternative and transparent opportunity on the blockchain via Pinkcoin thing we also have a pretty sweet and talented group of innovative developers who do cool stuff like create interactive twitter games that encourage social interaction while incentivizing game play. create unique wallet features like Side Staking (the ability to split up your staking rewards from 1%-99% and forward them to up to 100 different addresses, your own, your friends, donate4life partners, all transaction-fee free). oh and did we mention we’re a hybrid PoW/PoS/FPoS (Flash Proof of Stake, increased staking rewards from 100-150 during 4 hours of the day) which the PoS portion averages ~20% APR” -CryptoCayce
What motivation did you have when creating this platform?
“We saw that everywhere that Bitcoin and Crypto was being talked about was in the same breath as scams, ponzi, darknet, drugs, money laundering and overall a very shady and negative light. We saw something very different and a lot of opportunity to reshape the narrative surrounding cryptocurrencies as an outlet for doing good in the world” -CryptoCayce
Due to concerns validated by recent issues with applications such as Coinpouch, how will coins be protected when staked via PinkPi?
“Security is a major concern in this space, and we don’t take these issues lightly. The device’s code is being built similarly to how our desktop wallet functions, so the same security scenario’s apply. We have a top notch security reviewer, Philip (@_MiW) who reviews all our code before the even the beta devices are being sent out. All the information will be stored on the Pi device itself, so it would be the user’s responsibility to make sure to take all necessary precautions while using the device. e.g. setting up passwords, backing up wallet.dat files, etc” –Elypse
Will the PinkPi reward system be any different than the desktop wallet?
“The reward structure is the exact same as our desktop wallets. Standard PoS block reward set at 100 PINK, and Flash PoS block reward set at 150 PINK. We’ve staked multiple blocks using our alpha devices and they function beautifully” –Elypse
And most importantly, when does my model ship for beta testing?
“Your beta unit will hopefully be out to you before the end of the year. We are a little behind schedule on it, but that’s purely a result of us wanting to put out high quality software and hardware” –Elypse
Any successful idea will have copycats, how do you plan to stay ahead of them?
How much will PinkPi cost?
“The device is currently slated to cost around 100-150 USD. or around 0.01-0.015 BTC. This is currently the most economically priced staking device we are aware of in the market right now. We want this device to be able to be bought and used by anyone or any bag size.” –Elypse
What impact has side staking had on PINK since implemented?
“Side staking has had a tremendously positive impact on PINK since we implemented it. It’s the engine that makes our Donate 4 Life (donate.with.pink) platform go. Its how we’re able to forward the pools staking rewards to our partner organizations automatically without transaction fees as well as a vehicle for other philanthropic minded users to easily donate a portion of their staking rewards to causes they want to support in a set it and forget it manner which provides both the pools and our partners a steady stream of donations.” –CryptoCayce
Why the buffalo?
“Buffalo mobilize their strongest towards the outside of the herd to protect their younglings, sick, injured and elderly centered in the middle. This ensures the greatest success in stomping out nasty wolves that try to eat the most vulnerable of their family. Buffalo herds are also lead by a wise matriarch vs the typical patriarchal social system. I felt that the buffalo was the perfect representation of what the PINK-Army stood for, protecting those who need help the most and focusing on those in need centered in the middle–essentially exactly what donate4life does, as well as the natural tendency for the most experienced PINK crypto enthusiasts to happily look out for those new to crypto or those vulnerable to sharks trying to mislead them, and so I made the buffalo the logo of the official blog. With the additions of Coin Artist and Rileyx it only makes the matriarch symbology even more relevant. Also, the “Great Pink Buffalo” is a play on the phrase the “Great White Buffalo”, you don’t what to let PINK be the one to get away. You want to hold onto it forever and never let go.” –Spock Skywalker
When PINK is minted, does it take 30 days to fully mature, or can you begin upgrading your rewards immediately?
“It only takes 1 hour for coins to mature, however when you receive a staking reward (minted block) the coins used in receiving the reward will have their accumulated weight reset and they have to start accumulating weight again, that is where the 30 days kick in because 1 coin gains 1 weight every day with a hard cap at 30 days, so after 30 days you’ll be at max efficiency. You can still receive rewards during that time.” –Riley
What is the status of your 501.c.3 status?
“We are an official Non-Profit as Pinkcoin Foundation Inc. registered in Florida. We have 27 months to prove with documentation to the IRS that we are acting as a Non-Profit for them to approve our 501(c)(3) status however its a “you’re innocent until proven guilty” kinda thing where in the meantime we have all the rights afforded to a 501(c)(3) status until they approve or deny us.” -CryptoCayce
What exchanges will PINK be on ?
“Pink is by no means a new currency. We have been around since 2014. We are traded all across the cryptosphere. We are listed on Poloniex, Bittrex, Cryptopia, CoinsMarket, Nova Exchange, Bluetrade, AllCrypt and a few others. We are also in talks with additional exchanges to help us get listed on their platforms.” –Elypse
Is Binance one of the desired exchanges?
“We have filled out information to be included in their monthly voting sections, and have reached out to them to be listed. We are awaiting to hear back on both accounts. It would be great to be listed on their great exchange” –Elypse
What is your strategy for acquiring partnerships of larger volumes and how do you specifically benefit their cause, assuming they have no need for international transfer of funds? In other words, how does PINK beat out USD if the funds being donated are localized (outside of them being able to stake)?
“We are leveraging our contacts to reach out to organizations we find interesting, we also have a PR firm working on our behalf to help us with this. outside of the benefit of a tax deductible receipt and the organization receiving interest through staking rewards & the USD value of the donations potentially increasing if they choose to hold PINK the biggest selling point is the transparency of the blockchain so they can see their donation is actually going where they think it is and not to pay hidden administrative fees” –CryptoCayce
Are PINK donations tax deductibles?
“Yes if you use our donate4life platform they are tax deductible”
What movements are you taking to increase the intrinsic value of PINK coins?
“Innovative tech develioment, creating more partnerships, growing our community, increasing our visibility and social media reach, working with our PR firm to refine our message and make sure we get it in front of the right audience”
I’ve heard that setting up and splitting all of your PINK into 1000 increment blocks was both time consuming and confusing. Is that still the case and can anything be done to simply/ease/optimize the user staking process?
“Correct we do recommend to split your PINK into increments of a 1000 coins, what you have to do is the following:
1. Select your coins (e.g. 50000 PINK)
2. Toggle “SplitBlock”
3. Enter the number of blocks you would need, we recommend 1000 coins per block (50000 / 1000 = 50 Blocks)
4. Enter your own address
5. Enter the total amount of PINK
6. Send and done
As you mentioned it can be confusing especially if you’re new to crypto and aren’t very familiar with QT wallets. And we have discussed this before and we would love to have this automated at some point in the future to improve the user expierence.” –Riley
— Alan Matthew (@AlanMatthew1) December 9, 2017
What are the plans on making PINK donations mainstream? When should we expect to see a facebook/twitter link to donate via PINK after a natural disaster? I have stopped donating to big shots like red cross and Unicef, as only a tiny portion of my dollar goes to the victims, PINK could easily take over this sector if we could use 100% towards relief efforts.
“These are in the works, we had 2 very successful fundraising campaigns for Hurricane Harvey & Hurricane Irma where raised over $30K USD in all different cryptocurrency mostly through Twitter and thanks to our partnership w/ Bittrex exchange who was our escrow and matched the donations for us we were able to donate over $60K USD to DirectRelief.org Disaster Philanthropy, & Habitat For Humanity. If anyone would like to help us make the process of donation via social media (specifically facebook, instagram, reddit) we’d really like your help.” –CryptoCayce
“Does PINK have any upcoming events?”
“We’re currently in the midst of our #31daysofgiving twitter event which is a fun interactive experience driven by our pinkcoin twitter bot @pinkcointips where you can gift and receive PINK which you can keep or donate to Educational Theatre Foundation, if you choose to donate your contribution will be matched by our sponsor @SpacePirate_io and their game Age Of Rust
To participate in the game on twitter Tweet: @pinkcointips gift @username
Replace @username with the twitter handle of someone you want to engage with, its a great ice breaker”
Huge shout out to ThePinkCrypto for giving the PINK dev team the opportunity to participate in a fabled Moonshot Group AMA. Stay tuned for more news coming your way hot off the stove, only from The Great Pink Buffalo!