After several discussions between some of the FAIL team members, and our lead developer pnoch, we have decided to fork FAILCoin and make it 100% PoS. We want to emphasize that this will happen after we complete our work on the new wallet, and we make sure its working properly!
FAILCoin is currently at ~579,400 block and we think that making the fork active after 700,000 - 750,000 block is realistic deadline, but we are not promising anything about timing! Our idea is people to have 1-2 months time (depends on mining difficulty) to update their wallets. If everything is fine, FAIL total supply will be about ~20,500,000 - ~21,000,000 coins with 3% PoS interest.
Now something about our future plans with partners. If you have the new Beta (though we think its better to call it Alpha) wallet, then you can see it has 2 "Partners" tabs for both YouTube and Twitter. Our original (and relitevly stupid
) idea was to add logos/pictures of our future partners in the wallet, with links to their channels/Twitter accounts (or both), but this would mean that we must compile new wallets every time we have a new partner. We have decided to code that part of the wallet as it is in Block explorer tab (see bellow). The wallet will open specific part of our website were our partners will be listed.
There are people who probably want to hear something more about bigger exchanges. We must admit that we tried couple of times to list FAIL on Bittrex, but we failed. It was against our beliefs, which are to talk with bigger exchanges after the coding part is ready, but many people asked us, and we tried. Personally I have said number of times that the idea behind FAILCoin is one of the best in cryptoworld. Why? Because we are targeting (we are supporting cryptocurrencies... its not all about FAILCoin) social networks were 100s of millions people could understand what is cryptocurrency and how they can use it. After the wallet (oh... that wallet!
) is ready, we will start talking with smaller YouTube comedy channels to accept FAIL as a way to reward their subscribers (for example - the most hilarious comments or ideas for new video) or to accept tips. All of this will be funded by us! We will not ask them to buy FAIL, we will send the coins for free! Probably somewhere between 3 and 5,000,000 coins will be send to YouTube and Twitter partners. So far we have some ideas about Facebook and Instagram too, but at the moment we will remain silent. Before all of this we will need bigger exchange/s (sadly or not - most of the people are not trusting smaller exchanges) such as Poloniex, Bittrex, Cryptsy or Coinbase (I'm joking! ), because FAIL first needs to find its initial price (we are currently not even on Coinmarketcap, because there are no trades on EmpoEx and alcurEX). Hopefuly, some of the bigger exchanges will give us a chance.That's it for now!
Thank you for your time! Stay strong and stay FAILed!
Kind regards,
Spartak Tomanov
