For Sale

It has been a few weeks since we provided a progress update for POSW 2.0 – the team exchanged thoughts and ideas and wanted to share some of them on the following major topics: 

Ledger Wallets: We have seen incredible support and fanfare about the Ledger wallets. After an initial rocky start due to supply shortages, we have shipped several hundred of these wallets with another round going out today. We are already in discussion with Ledger about updating the app for the new wallet code to ensure a seamless transition. 

POSW Wallet Upgrade: This has gone from an initial plan of just bringing the source code up to the BTC codebase to a complete overhaul with awesome new features and an entire codebase revamp. The teams have worked really well together to integrate internal ideas and ideas from the community to make a truly uniquely-featured wallet. We have a functioning testnet with many of the wallet algorithms already complete and under testing. One additional feature we are currently investigating is integration between the wallet and the poswallet.com statistics reporting server. 

poswallet.com core codebase rewrite: This has also been completed; however, it was a few months late. In the end, we rewrote all of the modules as well as adding a few related to user and transaction security. We were not happy that it took so long to complete, but are now focused on completing other tasks. 

poswallet.com site update: The new layout/codebase integration is currently undergoing internal bug testing – we expect to bring a few beta members into the testing loop soon. The layout is simpler, more useful, and less buggy. We also have some cool ideas for new website features that we are exploring (some tied in with the release of the new wallet codebase) including: a buy/sell marketplace for users to use POSW to purchase goods, a merchant area for people to connect with external merchants, pooled POSW masternodes, ‘featured’ masternodes where other coin masternodes are available via a POSW buy-in, and more. If you have an idea you think is really cool or unique, please let us know! 

POSW Team 

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We fixed a few bugs related to coin prices and holding value calculations this morning – some users were seeing incorrect multiplication for estimated account values. Please let us know if you see any more issues related to value calculations. 

We are getting more caught up on open support tickets, but are still lagging behind. If you have an urgent bug or support request, please contact poswallet.verify@gmail.com and the support team will get back to you.

Update: As multiple national governments are now requiring online coin/token exchanges to register as securities exchanges, the poswallet.com exchange will be disabled on 7/30/17 while we work through all of the required paperwork to comply with these new regulations. On this date, all existing exchange orders will be cancelled and all coins will be transferred to staking balances. We will keep the community up to date on the registration status. 

Due to all of the uncertainty with the BTC and the introduction of SegWit, we will be putting the BTC wallet in maintenance on July 28th. We suggest that you withdraw your BTC to a personal wallet during this transition. 

The address form for Ledger wallet shipment is available via the left menu. Please make sure you fill this form out completely so we can ship your shiny new Ledger USB wallet! If you have not yet purchased one, head over to the the Ledger ICO page before they are all sold. We have almost completed the Ledger testing and expect to start shipping very soon. 

Beta testers will have access to the new homepage for PoSWallet 2.0 in the very near future – we are finishing up the new database code to increase load speeds first. 

As a reminder, new address generation is disabled during this transition phase. Stay tuned for more updates and sneak peaks at the new design. 

The 500 POSW reward is still ongoing for people who buy the custom POSW Ledger wallets. The POSW will be deposited in accounts when the Ledger wallets ship.

We have some awesome news for POSW and PoSWallet.com 2.0! First off, the custom Ledger wallets with the POSW laser marking look REALLY good. Secondly, ETH integration is complete and will launch with PoSWallet 2.0. This means that when ETH switches to PoS, you will be able to group stake it here. 

The address form for Ledger wallet shipment is available via the left menu. Please make sure you fill this form out completely so we can ship your shiny new Ledger USB wallet! If you have not yet purchased one, head over to the the Ledger ICO page before they are all sold. 

As a reminder, new address generation is disabled during this transition phase. Stay tuned for more updates and sneak peaks at the new design. 

The 500 POSW reward is still ongoing for people who buy the custom POSW Ledger wallets. The POSW will be deposited in accounts when the Ledger wallets ship.

We apologize for being a few days late on the next post in this series – but here it is! There has been a ton of action in the cryptocurrency space over the past week or so – huge price swings in BTC, ETH, LTC (and frankly, everything else) plus quite a bit of discussion on the future of both BTC and ETH. Make sure you take some time to read up on the status of each of those coins after you finish here.

As previously mentioned, we wanted to touch on one reason we have not previously discussed for why we are delisting the majority of coins at poswallet.com and focusing on improving POSW as a coin: having POSW as a base pair in an exchange with many of these coins was forcing POSW into a negative value trajectory. This might not make sense on the surface; however, here is an example of what we were observing – a coin with relatively low volume or value could be quickly dumped on the poswallet.com exchange, followed by a firesale of said POSW for BTC. We observed this happening repeatedly on many of the coins previously listed on poswallet.com. As the focus of PoSwallet 2.0 is on making POSW a useful cryptocurrency (rather than just a support coin or base pair), we weighed the positives and negatives of the previous plan and decided it was time to change our strategy.

So what do we think is important for making POSW useful? We have already highlighted the get POSW accepted at other vendors, as well as the need to make POSW portable (either via mobile wallets, accessible cold storage, or hardware wallets). We also need a more user-friendly, streamlined interface at poswallet.com where users can learn about the benefits and uses of POSW as well as interact with each other. Thirdly, we think it is important that POSW is easily transferred into other cryptocurrencies in a seamless way – idealy where a user could send POSW to an address, choose the coin they want to receive, and provide a receiving address. The current exchange is similar to other exchanges, which are generally clunky and slow; we want to introduce a better, easier system of exchange as part of PoSWallet 2.0.

More to come, with more details, in the next post! For now, please make sure you continue to withdraw coins from the wallets being delisted. Once a wallet is delisted, the wallet is removed and the server is shutdown.

Now that we touched on where we think the big players are heading this year, let’s take a minute and focus on some of our goals for POSW. We are taking a multi-faceted approach with the main goal being: make POSW useful outside the ecosystem of poswallet.com. In the third installment of this series, we will discuss more on why the previous system was inherently flawed.

The most important driver of cryptocurrencies is ease-of-use – if someone has a choice between two completely equal coins (A and B, for example), they will most likely choose the coin that is most accessible or easiest to use. To this end, we have partnered with Ledger to include POSW on their Ledger wallet (we are continuing the bonus 500 POSW for everyone who buys a Ledger wallet in the ICO) – users will be able to transact with POSW, as well as BTC, ETH, and others, quickly and easily. There are 500 of these wallets available, each customized with the POSW logo inscribed on the actual USB wallet.

Secondly (and just as important as ease-of-use), is having a market or economy where the coin can be spent. We could make POSW the easiest coin to use and store; however, if there is nothing to buy/sell/trade, there is no real-world use in keeping the coin long term. This is part of the multi-prong approach we are taking – work with ecommerce sites online to accept POSW for their goods and services (fueled by the inclusion of POSW in CoinPayments). We are starting with websites related to cryptocurrency, as they are the most likely to adopt, and will continue to branch out to other industries as our network grows. POSWallet.com members are encouraged to let us know if they have an online store, as we would love to work with you above anyone else!

Finally, we think it is important to offer users a way to be part of something bigger – combining many to make one to use an adage. We have a few ideas on this front – some we have already discussed – with the short-term implementation being related to masternode pools. We have been working on this for a few months, with a focus on developing a user experience that is both stable and transactional – a somewhat difficult balance when the fixed requirements of a masternode are included in the equation. We have also mentioned partnering with a non-profit in a two-fold effort: to reach out to folks that would not necessarily ever interact with cryptocurrencies and to give back to the community. We are currently in discussion with multiple non-profits and will update the community once we have more details here.

As a reminder, please continue to withdraw coins that are being delisted. We are processing withdrawals on some coins manually – if a withdrawal is submitted before delisting, it will be processed.

We finished adding a few more features to the PoSWallet 2.0 Block Explorer after the initial round of feedback – slight delay to fix a few more bugs, we need 1-2 more days to finish. We will have a bug bounty once it is rolled out.

In the first part of this series, we want to touch on where we think cryptocurrency is going and how it is going to change society over the next year or so. We are planning 3-4 segments that touch on different aspects of crypto and how POSW and POSWallet 2.0 will be a part of the cryptocurrency movement. Some of the posts may be wordy, so bear with us!

So where do we see BTC and ETH going this year? BTC will probably touch $4000 and ETH may see $500. These are pretty important numbers for the human psyche, and are most likely highs that will be broached in November or December of this year. The real question is – what will be driving the surge in price of these assets? The answer is most likely not “new technology” – the BTC community has not shown strong agreement on the path it will take for transaction expansion and ETH has its own challenges with forks and token scaling/acceptance. We think the answer is a form of globalization – the “everyday person” is going to start thinking about investing in BTC/ETH (and a few other currencies as well – LTC and NEM come to mind here) as other markets continue the doldrums of poor returns. We performed a social experiment in the early days of POSWallet.com where we asked 50 random people at a large mall if they knew anybody that owned BTC; only 4% of the people we asked were aware of people owning BTC, and 0% personally owned BTC. We think this is going to change drastically over the next 6 months. Before going any further in this post, we want to reiterate that we are not offering any form of investment advice – just opinions.

So how does POSW become part of the growth that we think is brewing in the cryptocurrency world? We need to make offer some sort of unique feature, a gimmick perhaps that makes it memorable. We have some ideas on that (will be covered in later posts); however, before we get to that point we need to shift our model at PoSWallet.com to POSWallet 2.0 – focusing on POSW and growing a culture/community around it (rather than focusing on using POSW as a support token to access other coins). Part of this refocusing means we are delisting almost all of the coins – there will be a few more coins flagged for delisting this weekend – that can be staked at POSWallet.com – at a minimum we will keep POSW, BTC, and LTC for the short to medium term. Once the transition to POSWallet 2.0 is complete, we anticipate adding other coins and wallet features that increase a users ability to transfer between popular coins (spoiler alert!).

Thanks for reading, more to come soon!

As a reminder, please continue to withdraw the coins being delisted. If a coin is under maintenance, we will process withdrawals manually so it may take several days on wallets with maintenance issues. If you start a withdrawal and a coin is delisted, we will still process your withdrawal.

We finished adding a few more features to the PoSWallet 2.0 Block Explorer after the initial round of feedback – plan is to launch it on Sunday!

The POSW Limited Edition Ledger Wallet is now available in the ICO – pick one up now! There are only 500 available TOTAL. Anyone who buys a ledger wallet in the next week will get a bonus 500 POSW as well (within a few days).

We will have more details on the focus for PoSWallet 2.0 rolling out in a series of posts over the next week! Stay tuned – we have lots of ideas around where crypto is going and what will/won’t work to make crypto mainstream. In the short term, there will only be a handful of coins available here while we improve the POSW wallet and make partnerships. More details to come.

As a reminder, please continue to withdraw the coins being delisted. If a coin is under maintenance, we will process withdrawals manually so it may take several days on wallets with maintenance issues.

We finished adding a few more features to the PoSWallet 2.0 Block Explorer after the initial round of feedback – plan is to launch it on Sunday!

The POSW Limited Edition Ledger Wallet is now available in the ICO – pick one up now!

Here are some updates concerning some improvements and corrections:

  • Block explorer 2 has finally finished and it will be up and running this weekend
  • After many user requests, minimum withdrawal amounts have been removed! Withdrawals must be greater than the transaction fee in order to proceed!
  • Send backlog has been processed and there are no pending withdrawals as we speak
  • We started working on the updated wallet code
  • All wallets and deposit transactions have been refreshed
  • We have refunded all paid votes from the add coin section
  • A note has been added to all user dashboards if 2FA is not enabled and they have funds of over 5 btc of non POSW
  • An email has been sent to users that have delisting coins informing them to withdraw them asap

We are investigating an issue with low dividend amounts. Update 5/28 – Internal dividends recalculated and sent out – will use this information to upgrade the algorithm for next month. Thanks to all the users who helped!

Dividends just went out to internal and external addresses (may take up to 2 hours to see an external dividend). As we mentioned at the beginning of the month, the dividends algorithm changed to benefit users who hold their coins rather than those who buy at the dividend block. We are going to continue to refine the algorithm over the next few months, then investigate adding it to the staking algorithm for POSW.

As a reminder, please continue to withdraw the coins being delisted. If a coin is under maintenance, we will process withdrawals manually so it may take several days.