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 346,988 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 10,144 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.
Beneath the surface there is work being done by the Ethereum team on initiatives such as POS and Sharding, which should solve the problems of scalability and transaction costs.
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 346,988.
Allocation = 0.704 * 1010 * (2 x 346,988)-1
= 10,144 POW
|Already issued to developer team||
|Already issued to social media claimants||
|To be issued to future social media claimants||
If you want to buy or sell the POW ERC20 token, the following exchanges allow to do so:
The following service providers have info on POW:
The contract address for POW/ETH is as follows (Please do not send any ETH to this address):
To see recent POW transactions on Etherscan.io, click here.
POW is an Ethereum ERC20 token which functions as a crypto-currency. POW is not a utility token. POWtoken.com is an ‘off-Blockchain’ wallet for storing POW and allows free transfers to other users of POWtoken.com within the POWtoken.com environment. Claimants receive free POW when they register at POWtoken.com using a social media OAuth login or a Coinbase.com account.
Transfers of POW within POWtoken.com are currently free of all transaction charges – at some point in the future we may have to introduce small fees to cover server costs.
We will NEVER share any of your contact details with any advertisers or partners. When you receive a transfer of POW from any other user within POWtoken.com, you will receive an email alert to that effect. If you wish you can unsubscribe from these alerts using the link at the bottom of the alert email.
Ocassionally (we have not sent one since we launched over a year ago!) we will send an email to the userbase telling them of new functionality that has been introduced. Again, if you wish to unsubscribe from these service alerts you can do so using the link at the bottom of the email.
POWtoken.com users can make withdrawals of POW from the POWtoken.com wallet to the Ethereum network. For this they require an Ethereum wallet.
Just like a wallet in the real world, please be careful where you leave it and who you show it to as transactions are irreversible. It is your responsibility to maintain good device security and password security.
POWtoken.com is in constant development, and although we’ve made best efforts to make it secure, it is possible that bugs will exist and will potentially be exploited. If the contents of your wallet are lost POWtoken.com will not be liable for any losses. For this reason we strongly urge you not to purchase POW or hold significant quantities of POW within the POWtoken.com wallet.
Please remember the POW issued to you was FREE and that all of the developers and customer services team of POWtoken.com are volunteers and are not paid.
Updated November 22nd 2018.