Since we released https://www.palnet.io into the wild yesterday there has been a lot of enthusiasm but also a lot of confusion. I get it, these tokens are so new, and for those that haven't been keeping a close eye on https://steem-engine.com/ (now https://steem-engine.com/) the concept can be difficult to wrap your head around. Our team has been trying to field as many questions as possible both in discord and on the chain, but personally my sloppy little fingers can only type so much so I will try to consolidate the most asked questions into this post ٩(θ‿θ)۶
What is PALnet (https://www.palnet.io)?
The simplest way to explain it is to think of it as just another layer on top of the Hive blockchain. This isn't a fork, we don't have a new chain, the witnesses etc. are all the same. Everything you do on palnet will also reflect on Hive.blog/peakd/ etc. That includes posting, commenting, reblogging and voting.
What is PALcoin?
Palcoin is our own token that is similar to Hive but also has some differences:
- In order to reward PALcoins you need to stake your PALcoins (PAL power!)
- PAL stake will only reward posts using the palnet tag
- Author/curation rewards favour curation, they are currently set for 50/50
- Powerdown for PALcoin is 4 weeks
- each user will have one free downvote a day that will not impact their PAL VP (please note that this will impact your Hive VP)
How do I get PALcoin?
Currently there are a number of ways:
- There will be a claim drop to active users of Hive who are in good standing, this should happen very soon. We will make a post and also @everyone in the server as an alert!
- Posting! You can already earn PALcoins by posting through palnet.io (which will add the tag palnet automatically), or by adding the tag manually where you normally post (hive.blog/peakd/esteem etc.)
- If someone holding staked PALcoins votes you, you will earn PALcoin
- Proof of Interaction, this one is fun, we highly value active community members so have set aside a portion of coins to reward active chatters in the PAL server. We are currently working on setting up a faucet for claiming coins.
- Buying tokens, tokens can be bought on https://steem-engine.com/ (now https://hive-engine.com)
- Buying a miner. We have two options available, PALM (palminer) and PALMM (palmegaminer). These tokens allow you to mine PALcoin. The megaminer is 4 times more powerful than the miner for only 3x the price.
What can I do with my tokens?
- Stake them! You can stake your PALcoins and reward other users through voting, remember the curation rewards are 50/50, and we hope this change will encourage more content curation :)
- Trade them for votes from the @minnowsupport account, this is currently in the works and is expected to be up and running shortly!
- Buy ads, users will be able to trade PALcoin for promoted posts on the palnet.io platform
- Sell them, the tokens can be bought and sold on https://steem-engine.com/ (now https://hive-engine.com), but why would you sell ;p
- Other fun stuff! We are looking into options where user can trade in PALcoins for custom badges in discord or on palnet.io just to spice things up.
Overall I have been quite pleased by the amount of people posting with the tag and I think people seem excited to try something new!
I hope this has cleared up the main questions about PALnet, if there is anything crucial I have missed or you still have questions ask away in the comments and I will do my best to answer and amend the post :)
I highly suggest reading the full white paper here: https://www.palnet.io/minnowsupport/@minnowsupport/palcoin-launch-a-revised-whitepaper-and-token-launch-by-the-minnow-support-project
If you would like to join us in the PAL discord: https://discord.gg/ndmbb84
Update about claiming your coins!
Since this post came out we have released the claimdrop. You can check if you have coins to claim by visiting https://steem-engine.com (now https://hive-engine.com) and looking for the little PAL icon on the upper left , just click and claim your coins!
Once you have claimed refresh the page and they should appear in your wallet. To stake the coins (this is needed to vote palnet posts!) click the little lock icon on the right side and choose to stake a specified number of coin!