What is PinkCoin (PINK)?
Future of PINK Cryptocurrency and know how to buy PINK

#1. What is PinkCoin?

PinkCoin: The Basics

  1. PinkCoin is a cryptocurrency designed as a charitable platform from a company of the same name in Vancouver. Based on the blockchain, it is a PoW/PoS coin that uses the X11 hashtag algorithm.
  2. It is also recognized as one of the few asset-backed cryptocurrency, backed by numerous certified, fancy colored diamonds (mostly pink) with a total NAV of $5,000,000 USD.

PinkCoin Development

  1. Danny Johnson, a former poker player, started PinkCoin in 2014 with an aim to revolutionize charitable giving by bringing it into a blockchain via a cryptocurrency.
  2. The cryptocurrency has a core team of 15-20 people with 4 members as their Board of Advisors. It developed PinCoin in 2014 and was it first traded on May 2nd, 2014.
  3. PinkCoin has a maximum supply of exactly 381,906,699 coins.
  4. It was developed to support their #Donate4life campaign; having received around 3,000,000 donations till date. The campaign turns a one-time donation into a permanent investment, with the profit being transferred directly to a supported charity for lifetime.


#2. What are the benefits of PinkCoin?

Pinkcoin Technology

  1. Since conventional PoW (Proof of Work) systems are very expensive and require heavy payments in the form of real world currency for electricity and cooling, PinkCoin’s PoS (Proof of Stake) hybrid system is extremely cost efficient.
  2. But PoS isn’t the only algorithm it relies on. Pinkcoin is a hybrid PoW/PoS/FPoS (Flash Proof of Stake) coin. The flash-stake period prioritizes lower sized wallets, increasing the likelihood that less wealthy wallets will stake. Flash rewards are also worth PoW block reward + PoS block reward, encouraging more peers to be online in these periods.
  3. FPoS offers a modified stake reward for 4 hours a day. In these 4 1-hour periods, blocks are staked every minute. The concept will improve mempool (unconfirmed transaction) draining every 6 hours, helping clear any backlogged transactions when and if this occurs in the future. Additionally, it may shape a cheaper fee model; for transactions that do not require instant confirmation (e.g. <1 day confirmation), these will likely confirm in the next flash-stake period.
  4. PinkCoin offers another revolutionary and unique staking feature called side-staking. Side-staking allows users to break up staked reward blocks while outputting them automatically into multiple addresses. This extraordinary ability offers a concise and simple way for users to donate and tip their staked rewards to friends, family, various crowdfunding campaigns, and all their favourite charities. It is a simple way of empowering users with coin control to pursue altruistic endeavors at their own parameters.
  5. PinkCoin has focused on building a user-friendly control system. The aim of PinkCoin is to establish a simple transaction model/system between individuals and public facing businesses, therefore making it one of the best user-friendly cryptocurrencies.


#3. How to buy and store PinkCoin?

How to buy PinkCoin

PinkCoin can be available in the following ways:

  1. It’s not always possible to directly buy cryptocurrencies like PinkCoin through liquid cash. Traders trying to get PinkCoin might probably first need to buy Bitcoin or Ethereum at a cryptocurrency market and exchange it for PinkCoin in CoinSwitch or trade it on Bittrex.
  2. For forging PinkCoin by staking, you’ll need to download the Official Pinkcoin Wallet Client from its website, that that allows you to stake PinkCoin in order to earn some of the newly distributed minted tokens.

The cheapest means of payment is to buy bitcoins through a bank account (or PinkCoin directly with bank account) and exchange the BTC for PinkCoin. And the fastest way of doing it is to buy PinkCoin with a credit card but with an additional fee.

How to store PinkCoin:

  1. Cryptocurrency exchanges are always on the radar of hackers, so it’s always safe to keep your cryptocurrency in a private wallet.
  2. You can use a hardware wallet or a software wallet to do this for PinkCoin. Though hardware wallets are more secure since they are not connected to the internet 24/7 and can be kept securely wherever you like.


#4. What is the future of PinkCoin?

Also Read: Complete Analysis of PinkCoin | Live PinkCoin (PINK) Price Charts And Predictions

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  1. PinkCoin was launched at a price of $0.000057 USD in 2014, and since then till the beginning of 2018, it did not show a significant rise in its value.
  2. It was after 15 days of the beginning of 2018, when its price reached an all-time-high at $0.09064114 USD. It's on a falling trend since then, showed some improvement in May, but again slumped by 43% in July.
  3. PinkCoin has interesting future plans. It is trying to soar onto a platform to explore the benefits of a universal tax subsidy program. It will also help in incorporating a method for individual tax deductions.
  4. “We are working hard to build our new wallet and redesign coin specs to support the #Donate4life campaign. Right now, we need to spread the pink love and show the world the power of giving”, explains the spokesperson at the Vancouver-based company.
  5. The existing codebase of PinkCoin platform is being optimised by the developers while researching advanced techniques on gasification. The aim is to improve ways of incentivizing philanthropy and to support the decentralised process of voting.


#5. How is PinkCoin different from other cryptocurrencies?

PinkCoin became a near instant sensation, and a notable nuance to all cryptocurrency landscapes of the time.

  1. PinkCoin is a new and unique cryptocurrency that works to attain some charitable goals first and only then focus on returns or profits.
  2. Cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) work using a PoW (Proof-of-Work) algorithm, while Pinkcoin operates on both PoW/PoS. PoW requires a massive amount of processing power, hardware sources, and energy in the form of electricity, which thus proves that a large amount of work has been performed before mining any individual block. Proof of Stake blocks, unlike Proof of Work blocks, are not mined. Instead, Proof of Stake blocks are forged, or minted. It can be considered to be the most environmentally friendly and cost-effective consensus method.
  3. PinkCoin has interesting anonymous features. However, these features are still experimental, so people are advised to use them at their own risk. Anonymous addresses can only be used once, and transactions are limited to 500k PC at a time. Usage after the limit can result in the coins returning back to your wallet.


#6. Should you invest in PinkCoin?

Though PinkCoin (PINK) has been recognized for its charitable aim and endeavours, its past price trends and ability to stand out amongst other cryptocurrencies gives an idea of its bright future in terms of an investment.

  1. They have a unique way of promoting their cryptocurrency. For example- Every highest donator gets a special mention on their Twitter handle. They also sell funky merchandises on their website, like T-shirts, playing cards and many more. A part of their profit from selling those merchandises directly goes to their charitable fund.
  2. This year, PinkCoin joined the Blockchain for Social Impact Coalition (BSIC), an initiative of ConsenSys that incubates, develops and implements confederated blockchain products and solutions that can address social and environmental challenges across the United Nations Sustainable Development Goals.
  3. A recently established partnership with Pi-Supply has allowed PinkCoin to develop an unabridged connection between designing and fabricating its own hardware devices ranging from staking devices to a whole slew of other crypto specific hardware machines.
  4. It is relatively safer, as it's backed by certified diamonds which are insured by Lloyd's of London and stored in a private vault at 21 Dundas Square in Toronto, Canada.
  5. It runs on a charitable motive and from the time of its development till now, it has got a fair number of investment partnership deals with various companies including Pi-supply. If it continues to get more investments in the upcoming months, it is sure to head for a brighter future.
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