PoSToken Whitepaper

Abstract

Background

In the world of crypto currency, Proof-of-Work(PoW) and Proof-of-Stake(PoS) are the two most important algorithms, although more and more algorithms are being proposed. Bitcoin is the first p2p crypto currency and is also the first crypto currency to use Proof-of-Work algorithm. Soon after, Peercoin was created in 2012 and is the first implementation of Proof-of-Stake algorithm. In simple terms, coin holders can earn some extra coins just by holding some coins for a period of time in the Proof-of-Stake system. To ordinary users, this is the biggest difference between Proof-of-Stake and Proof-of-Work. Now, PoSToken first implements the Proof-of-Stake mechanism as an Ethereum Token. Holders of PoSToken can get revenues by holding PoSToken for a period of time. It works the same way as Peercoin and any other coin with Proof-of-Stake algorithm do. 2.Introduction POSTOKEN PoSToken is the world’s first Proof-of-Stake smart contract token on Ethereum platform. It’s based on the ERC20 Token Standard and implements all standard methods. As an Ethereum token, PoSToken first implements the Proof-of-Stake mechanism, meaning that every holder can earn some extra tokens just by holding PoSToken for a period of at least 3 days, greater than or equal to The Minimum Coin Age. POSTOKENSTANDARD Furthermore, the idea of PoSToken is not only to issue a simple Ethereum Token with Proof-ofStake but also to define a brand new Token Standard for Proof-of-Stake tokens. A interface including some standard functions was defined in the code of PoSToken, we call it PoSTokenStandard, which is like the ERC20 standard. PoSTokenStandard is a new Token Standard devised specifically for issuing Proof-of-Stake tokens and maintained by PoSToken Dev Team. Although it’s an unofficial Token Standard, we will do our best to build an entire and healthy ecosystem based on PoSTokenStandard. A series of services and applications that use PoSTokenStandard will be created in the near future. This future of Proof-of-Stake tokens starts here and we believe that a new era of Crypto Tokens is coming

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PoSToken Whitepaper

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