PieCoin Rebooted – Everything You Need To Know
What is PieCoin?
PieCoin (Persistent Information Exchange) is being rejuvenated by a brand new team, after its original developers abandoned it shortly after hitting the first exchange in October 2016.
Their efforts are clearly showing its impact; the community is flourishing, the price is increasing, features are being developed had released, and the trust in the coin has never been greater. The price has since early June soared from just 35sat to now 350sat. That is a 900% increase in just about 60 days!
PieCoin is pure PoS (Proof-of-Stake), that originally launched with a maximum coin supply of 430 million. As the original developer failed to sell all of the coins during its ICO phase in 2016, the remaining unsold coins were burned. This meant a total of 357 million coins were removed from the supply – ensuring fairness to all coin-owners and future investors. This brings today’s total PieCoin supply at 75 million today. The new developers have also since placed a max on how many coins will ever be produced, by capping the coin production during the PoS phase to an additional 19 million coins. This places PieCoin’s maximum supply at 94 million coins once PoS ends.
The coin’s rejuvenation is all thanks to the new team, who are working diligently to make sure that PieCoin has a long and prosperous future.
During this article I will investigate PieCoin in more detail, to give you as much background information as possible, to enable you to decide if you think this is a project for you to invest in.
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Historical Timeline of PieCoin
The new development team have been open about PieCoin’s past problems ever since they took it upon themselves to rebuild the project from the ground up. The coin was at its lowest point when the original coin developer decided to dump his coins on the exchange and then disappeared. Since then the coin laid dormant and went as low as 5 sat. With the new development team in place, the increased trust in them and the coin’s future, PieCoin’s evaluation has increased to approximately 300sat at the time of writing (3rd August 2017). The team has been actively working on the project officially since June, although the timeline below indicate that they commenced the retaking and rebuilding of the project as early as May. That means that the team has been working on this project for at least two months now – hence they appear dedicated towards the future of PieCoin.
PoS Proof of Stake
PieCoin was established as a pure PoS coin (Proof of Stake), with an annual interest to anyone staking of 20%. That means that if you keep your wallet open, with your coins stored locally and with Staking ON (this happens automatically after a while of having had the wallet open), you will receive frequent payouts of PieCoin to your wallet up to a maximum of 20% additional per year (depending on the amount of time you have staked of course).
Maximum Coin Supply
There are currently 75 million PieCoins in circulation. The maximum coin supply will be capped at 94 million. All of the remaining coins to be produced, will be so automatically during the PoS period. Once the maximum supply has been reached, the staking reward will drop to 0%. This leaves approximately 19 million coins still to be claimed. This should reassure investors that the coin’s value will not be diluted long term, by an oversupply of coins.
Trust in the Core Team
Building the trust with the community has been high on the agenda for the new team. This is quite evident in the manner in which they have collected and stored their donations, that were utilised for getting the coin on new exchange sites as well as paying programmers for their contribution to PieCoin’s development.
An example below can be seen from the Bitcointalk forum, where one of the core members highlighted that the donations were secured through Escrow.
The team have at all times also been highly transparent with the community, almost daily giving updates on where they are at and what their long term goals are, honouring the idea that this is now a community driven project.
Highlighted examples of success and Trust building;
- Published they were working on a Block Explorer on the 3rd of July 2017 – delivered: http://piecoin.thecryptochat.net/
- Donations to programmer secured through Escrow.
- Involved the community in the decision on the number of coins required for creating a Masternode.
- Kept their word, and launched it on CrypTopia (July 28th) when the 1 BTC donation was achieved.
- New wallet.
The future of PieCoin (Roadmap)
- Masternodes (Community consensus seems to be 100K coins required to form a Masternode)
- More Exchange Sites
- Social Sending Android Wallet
- Rebranding the coin to EpiTec (EPI). This will automatically change your coins to the new one.
- Rebranding and relaunching the website (Countdown here; http://www.piecoin.info/)
An old and early Roadmap that was shared when they first took over the Coin’s future development. All items on the roadmap have thus far been delivered – further increasing the trust in the team and the coin’s future.
The team originally proposed the idea of Masternodes back in June 2017 on the Bitcointalk forum. Since then they have been working hard at trying to get programmers to assist them in the development of it, as well as deciding on the ideal number of coins required to form a Masternode. The community consensus in June and July appeared to be 100,000 coins required to form a Masternode. Recently more people have given their feedback and suggested the number should be much lower – in fear of potentially capping the future price growth as a result, as the more expensive a masternode gets, the less likely it is to increase significantly in price. The team has not yet decided on the final number of PieCoins required to form a Masternode. As the developers emphasize the involvement of the community you are currently able to have your say in the future of the Masternodes for PieCoin. Have a look at the Tweet below and have your say by selecting how many coins you would prefer to see, to form a masternode. Let your voice be heard.
Have your say in how many coins will be needed to form a Masternode by voting on Twitter:
— Pie Coin (@PIEC0IN) July 30, 2017
When masternodes are implemented, one can expect a price surge, as masternodes are highly popular. Lots of people are looking for alternatives to expensive mining and find Masternodes to be a good option, that gives them a steady return and positive ROI. One should also expect that the exposure of PieCoin across social media to increase, and with that increased awareness typically comes an increase in demand, resulting in a further price growth.
The team aims to have the masternodes listed on http://masternodes.pro/ so that you can track your ROI if you own a masternode. This is also bound to reach a new audience that otherwise may not have heard of the coin before, and again result in increased demand for the coin.
PieCoin Social Sending
With PieCoin they are trying to make the coin as user-friendly as possible and expanding beyond the traditional exchange sites and wallet software, by allowing the end-users to easily transfer coins across social media channels. All you would need to know would be someone’s name and the social media network, to be able to transfer them PieCoins.
Some ways you will be able to send or receive PieCoins will be:
- Pay PIE @someone with Twitter
- Send friends PIE on Facebook
- Give a slice of PIE on Reddit
- Share some PIE over chat
- Earn some PIE with your blog
- Gift some PIE over email
- Plus, they are working on more ways to be integrated
Where can I buy/trade PieCoin?
PieCoin can currently be traded (bought and sold) across 4 different exchange sites and the team have publicly announced they are working on increasing that number. More exchange sites should increase trading volume and a higher trading volume should have a positive impact on the price, when all things are taken into account.
Currently you can trade PieCoin across the following exchange sites:
Are there plans for adding more exchange sites?
Yes, the development team have announced that publicly.
Would you recommend investing in PieCoin?
I always vouch for representing the facts and letting the reader decide on their own, based on those facts. Personally I love where the coin is at right now, including its low price. For me, all the facts taken into an account, made it a no-brainer for my portfolio and I as a result bagged a modest 101,256 coins at 200 sat. Considering their future plans, I intend to keep this stash for quite some time, and stake them in the wallet, in order to increase my PoS earnings and thereby maximise my coin-holding.
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Where can I find the PieCoin Wallets?
- Windows Wallet
- Mac Wallet
- Linux Wallet
- Raspberry Wallet
Social Media Channels
- Facebook – https://www.facebook.com/Pie-Coin-285991198535533/
- Slack – https://join.slack.com/piecointeam/shared_invite/MjEwMTMwMDYyNjU4LTE0OTk2NjIzODAtMmExOGRiNGI1YQ
- WhatsApp – https://chat.whatsapp.com/9xKByKFl0xgKWZXjJrT17v
- DiscordApp – https://discord.gg/ppAv5T2
- BitcoinTalk – https://bitcointalk.org/index.php?topic=1959110.460
- Old ANN Thread: https://bitcointalk.org/index.php?topic=1647617.0
- New ANN Thread: https://bitcointalk.org/index.php?topic=1959110.msg19460996#msg19460996
- Official Website: www.PieCoin.net
- Check the Price of PieCoin: https://coinmarketcap.com/currencies/piecoin/
- Block Explorer – http://piecoin.thecryptochat.net/