POW is a crypto-currency that is being issued free to every Internet user on the planet. It's simple to claim your allocation by using a social media account that was created prior to September 15th 2017, or with a verified Coinbase.com account. The earlier you claim the bigger your allocation will be.
So far 339,854 users have claimed POW since we launched on October 2017. When we first launched, the first claimant received 10bn POW. Since then the amount allocated to each new claimant has fallen according to our published algorithm. A new user currently receives 10,357 POW. By the time we reach 50 million users that amount will have fallen to 100 POW. When we eventually reach 2 billion users, each new user will receive just 1 POW.
Although POW is being freely distributed, doing so is creating a valuable network as described by Metcalfe's law.
Consider the utility of with just a few key strokes being able to pay anyone on the planet, speedily, with privacy, security and zero transaction fees. At time of writing Bitcoin has approximately 30 million users, and a market capitalisation of $150 billion.
POW is a standard ERC20 token on the Ethereum Blockchain. Ethereum is the second largest crypto-currency after Bitcoin. Ethereum allows the creation of token's like POW to utilise their Blockchain. The address of the POW ERC20 contract is: 0xEb2dA9FAC54284cEA731D1F10bb34EEcB3c00c14
POW can be held off-Blockchain at POWtoken.com where it can be transferred to other users of POWtoken.com with zero transaction fees and with transactions clearing in less than 1 minute.
The POWtoken.com service is built using the Laravel PHP framework which facilitates easy integration of third party Oauth2 providers like Facebook, Twitter, Reddit and LinkedIn; stateless architecture allowing for scalability and robustness.
Ethereum might change the world, but by the admission of its founder (Vitalik Buterin), the technology is not ready for mass market adoption. The Ethereum Blockchain is handling around 12 transactions per second currently, which pales compared to the volumes achieved by services like Paypal and VISA.
In the meantime off-Blockchain services such as POWtoken.com offering a hybrid centralised/Blockchain currency and payment system, can be seen as stepping stones to the ultimate goal of a decentralised currency.
The total supply of POW token was set at 231,802,823,220. That means there can never be more than this number of units of POW created. Of that total supply, 200.6 billion POW will be allocated to claimants on a 'first come, most served' basis.
POWtoken.com has been created by nine founders with experience spanning both Blockchain and traditional centralised server world. We have not raised any money from an ICO and have not sought external funding. None of the founders receive any salaries or expenses in relation to the POW project. A total of 31.2bn POW has been allocated equally to the nine person founder team. This equates to 1.5% of the total supply for each founder.
The current version of the allocation algo is displayed below:
There have been three iterations of the Algo since we lauched in Oct 2017. To read more about these iterations, see our Whitepaper.
Below is the calculation of the allocation for the next user who will be claimant number 339,854.
Allocation = 0.704 * 1010 * (2 x 339,854)-1
= 10,357 POW