Topic: [Whitepaper][POSW] POSW COIN | The World's First Trustless Profit-Driven Economy - page 3. (Read 20939 times)

FAQ taken directly from the Discord:

1.) When are masternodes expected to come out?
They will be released upon launch of mainnet. Expect it this February.

2.) Which exchange is PoSW getting on?
Devs can’t talk about exchanges, nor speculate on price.

3.) How much for a Masternode?
Masternode amount range = 20-25k

4.) What do I need to do for the swap?
There will be an announcement with instructions about what to do with your coins to get ready for the swap.

5.) When is the swap?
Q1 2018

6.) What is the swap rate?
1:1

7.) Can I join the testnet and practice setting up a Masternode/TPoS?
Testnet is open to the public, everyone is encouraged to join.

8.) Where’s the Github, why is there no activity?
Github will be made public upon launch of mainnet along with all features (MNs, TPoS, Treasury, etc)

9.) I heard someone talking about a whale club, what’s that?
If you have 100k PoSW you can join the whale club on Discord.

10.) Where can I found more info on Mastersnodes, RSB, and TPoS?
Link to the white papers: https://bitcointalksearch.org/topic/m.21943695

11.) Is it safe to hold my coins on poswallet.com, windows desktop wallet, or ledger nano s?
Yes, It is safe to hold your coins on poswallet.com, windows desktop wallet, or ledger nano s until the swap and after.

12.) Can I put my coins in term deposit?
Term deposits are available and when the new coin is ready can be canceled for free.

13.) Is there going to be a bounty list?
Yes, we have a confirmed list of bounties with a specified budget to be released around the time of the swap so get ready.

14.) How much will dividends be after the swap to the new coin?
Dividends will be replaced with RSB (Revolving Stake Bonus) on the new chain. Check out the whitepaper and read this articles for more info:  https://medium.com/poswallet-weekly/rsb-rewards-creating-new-models-for-business-2cccfe258572

15.) What is the link to Discord?
Discord invite link: https://discord.gg/cyF5yCA

16.) Are there any competitors to PoSW?
PoSW has no direct competitors allowing for unmeasurable growth and first movers advantage.

17.) Where do I buy PoSW?
Cryptopia is the best exchange to purchase PoSW.

18.) How profitable is a Masternode?
There will be a Masternode ROI calculator to determine this.

19.) Can I run more than 1 Masternodes on a computer?
TPoS and Masternodes both require 1 static IP address each. To run more than one, you can purchase a VPS.

20.) What is the staking rate on poswallet.com?
Default staking rate on poswallet.com is 1% per year and will change in the future.

21.) The faucets are gone, will they be added back??
At the moment we aren't planning on adding faucets back into the page, but it's a possibility in the future.

22.) Is the picture true, can PoSW handle 3500tps?
PoSW's transaction speed is 2.5x Litecoins, not 3500.

23.) Where can I find info on the contest?
Information on contests can be found in the #announcements channel.

24.) Are the memberships worth it?
Memberships on poswallet.com are currently not worth it unless you have 100k+

25.) Where can I learn more about the future vision of the project?
Info about the future vision of PoSW can be found at: https://medium.com/poswallet-weekly(edited)

26.) How am I going to get all my PoSW out of poswallet.com for the swap with such low withdrawal limits?
Withdrawal limits in poswallet.com will be lifted for this special case.

27.) I heard there are problems with the Ledger Blue wallet?
Do not send PoSW to ledger blue, funds are not able to be sent out, ledger has been notified about this problem.

28.) Can I stake my coins on the Ledger Nano S?
Coins on the ledger wallet do not stake, in the future you will be able to through TPoS(on the roadmap).

29.) Where can I find the address to deposit on poswallet.com?
In wallet tab on poswallet.com you can find the POSW address in wallet balances section to make a deposit.

30.) Will you be adding the ability to stake other coins back onto poswallet.com?
Yes. PoSW Coin and poswallet.com will have separate roadmaps. PoSW Coin's roadmap can be found in the #announcements channel.

31.) Will other coins begin to use trustless staking as well?
We definitely see other coins using this feature, as it is revolutionary within the crypto community. However, if coins choose to do this they will have to fork off from PoSW itself.

32.) Is there a dedicated development fund to keep the project motivating?
We are implementing a treasury feature similar to PIVX where a portion of the block rewards go into a fund that is used to pay for development. However, PoSWallet is mainly a community project as it is also a place for the devs to stake their coins. Regardless of how large PoSWallet becomes, we will always use the service to stake our coins - the community just makes it infinitely times better!

33.) How do referral bonuses work?
Users can earn a referral bonus when they refer a user and that user buys a membership (up to 250 POSW/month purchased) or deposits coins (up to 2.50% of deposit). You earn more if you also have a membership (for deposit earnings). All referral earnings are paid in POSW. Earnings for deposits are paid after the deposit has been at poswallet.com for 45 days. Membership purchases are paid daily. There are rules concerning when commissions are paid, as well as substantial security measures to make sure the system is not cheated.

34.) How are withdrawals from POSWallet.com handled? Are they manually reviewed?
Over 99% of withdrawals are automatically analyzed and processed by our security system, creating a very fast withdrawal experience for the user. For the other 1% or so, manual review can be triggered for multiple reasons: suspicious account activity, large number of sequential transactions, etc. For manual review transactions, they are generally reviewed within 4 hours. If your transaction gets flagged for manual withdrawal we apologize for the inconvenience.

35.) Is there a daily withdrawal limit?
There is a daily withdrawal limit based on your level of account verification. Your limits will gradually increase as you activate 2fa, or get your account verified.

36.) Will there be a coin swap in order to get all these new features online?
As soon as all new features have been successfully tested, to implementing them, a coinswap will be done. This process should be done through an exchange which we will try to compromise with a major exchange.

37.) What is the ROI from hosting a Masternode?
The ROI from hosting a Masternode will follow a seesaw mechanism, which will change depending on how many Masternodes are live. As more nodes come online, the ROI will gradually decrease until nodes start to go offline. This will then trigger the ROI to gradually increase and nodes will to start to come back online.

38.) What is Trustless staking?
Trustless PoS essentially allows users to own a stake in PoSW, and have merchants do the staking for them using their high-bandwidth continuous connectivity (to ensure maximal rewards distribution) while not having to share any spendable balance or private keys with the merchant. Your funds are yours and yours alone, and will safely and securely grow over time even while you sleep.

39.) How does Trustless staking work?
Trustless staking works with something called Triplet-based encryption. The basis behind this is that instead of just the private and shared keys, we have introduced a third key the shared key. This allows the owner of PoSW to communicate with the merchant, and have their coins stake on the network without the owner having access to their funds.

40.) Are there more use cases for trustless staking?
Absolutely! It also has other, tangential uses in the crypto space as well. Considering we have likely only scratched the surface of TPoS capability and use, it is very likely that some pretty special ideas will be generated in the near future.

41.) Why is the swap manual and not automatic?
Having an automatic swap would make it an airdrop, meaning we are taking past blocks and building off existing wallets. From a technical standpoint, a coinswap will create possibilities of privacy, security, and a new way for the chain to operate by breaking old molds.

42.) Will the exchange be making a comeback?
Unfortunately, no. At this point of time there are no plans to start it up again.

43.) What’s the purpose of adding anonymity (stealth mode) feature? PoSW gonna enter the black market?
With the block chain being transparent and public by nature, authoritative figures, companies, and governments will eventually develop algorithms and means to analyze this data and develop profiles on users without them knowing. We see privacy playing a large factor in the future and want to make sure our users have the option to protect this privacy if they choose.

44.) Why are you forking off the PIVX chain?
We are applying their features like MN, stealth mode and instant send, so we can focus on new tech/features for POSW, like TPoS, Lightning Network, Atomic Swaps, CCPoS, etc.

45.) When you finish the new coin developments, will it be available in ledger nano s? Is my nano s safe to keep my coins on while the changes happen?
We are working closely with the Ledger team and have notified them that a fork is on the horizon. Since coins will have to be swapped, there will likely be a required transaction to swap the coins from one Ledger app to the next.  We will publish a clear guide on how to swap coins and transfer them to the updated Ledger app when it is available.

46.) What sort of community involvement would the team like to see to help with marketing and adoption of posw 2.0?
Besides the bounties, it will be very important for the community to reach out to merchants to accept POSW as payment.  Building a strong merchant platform will propel POSW forward faster than anything else.

47.) Will the new wallet add support for Mac and Linux users? Are there plans for a mobile wallet?
There will be working versions of Linux, Max, and Windows wallets either at launch or shortly after launch.  We want to make sure all users have access to the wallets. Once the desktop wallets are complete, we will focus on branching out to other potential platforms.

48.) What separates PoSW from all the other coins to make this investment someone’s best option?
TPoS will gain attention from whales of other communities to convert their wealth to PoSW as they will be able to stake without making their assets “hot” and susceptible to hacks. We are also exploring an option for users to receive their interest gained in other forms of currency, while their main source of wealth stays safe.
 
49.) Since TPoS is an innovative way of “No need to trust”, do you think it will have use case in other industries/markets/businesses besides crypto market?
The technology we are implementing can be applied and disrupt a broad range of industries. TPoS essentially allows differing degrees of access to a given asset. In our case the owner of PoSW will be able to allow 3rd parties to perform actions with their coins (staking) however they will be limited to this designated action and nothing else. This could apply to everything from the sharing economy to general security. If someone wants to rent an apartment the owner can allow the customer access into their front door but deny access to their bedroom door, allow access to drive a car but limit access to open the hood and tinker with the engine ect.

50.) What can i do with my stake count?
They are there automatically. Your balance increases automatically with what you get in stakerewards.

51.) I tried to witdraw from cryptopia to stakenet net wallet but it says that the address doesn't exist, do I have to withdraw from poswallet wallet?
Don't not send it to the testnet wallet, send it to your ledger, poswallet.com, or windows wallet address.

52.) What programming language(s) is XSN written in?
C++ + Qt

53.) Where does the posw coin itself derive value? Why is it necessary?
Posw originally addresses the issue of staking for nontechnical people with poswallet.com and accepting term deposits, membership and selling other merchandise to support dividends to posw holders
Stakenet, a new rebrand which focuses on technology improvements on the blockchain level, aims to improve the coin by introducing tpos, which enables cold wallet staking, lightning network term deposits, and cross chain pos.
These tech improvements really pushes the boundaries of tech so that posw will keep up with other coins technology improvement. So posw will always stay relevant and be a storage of value.

54.) Can someone tell me in one sentence what problem this coin solves?
Problem it solves is people want PoS features but for other coins and people don’t want to be technical, just want the money to grow.

55.) What’s the block reward and what percentage will be paid to masternodes?
The block reward in the first month will be 50 xsn, then reduced each month after by 5 xsn until it reaches its base level of 5 xsn per month. The roi of a master node will be determined by the seesaw mechanism.

56.) What is the blocksize going to be for XSN?
2MB

57.)  What's the block time for XSN?
60 seconds