PoSToken: The World’s First PoS Smart Contract token.

4 min readSep 25, 2017

Hi guys, Today I want to talk to you about a new project I am extremely excited about. I stumbled on PoSToken while I was reading through the ALT coin announcement page on Bitcointalk.org and ever since, I bookmarked the thread and checked regularly. Here’s why:

What is PoSToken?

PoSToken is an ERC-20 token that can be minted via interaction with a smart contract. It’s the first of its kind, and It is poised to pave the way for a new standard of Proof-of-Stake tokens.

Mode Of Distribution?

Now this is the fun part, This token is airdropped to anyone who shows interest and meets the requirements clearly stated in the Ann Page on Bitcointalk. Although the first round of airdrop has ended, Once you read and understand the requirements, you can apply here for the second round which is live!

There is a total supply of 10M tokens that will ever exist. 1 million of the initial supply will be used in the following ways:

800,000 POS — Airdropped distribution

100,000 POS — Development of the Project

50,000 POS — Marketting

50,000 POS — Bounties

The developers of this project are very interactive on the bitcointalk forum and also transparent as they listed the ethereum addresses that holds all the funds as stipulated above.

Development Address

Marketing Address

Bounties Address

AirDrop Address

Supply?

The maximum supply of this token is 10 Million, However there’s a supply of 1million tokens as shown above, hence the remaining 9 million tokens will be minted over a period of about 15 years. Maybe you should read that line again. 15 years!!! With this low initial and total supply, don’t miss the opportunity to be a part of this revolutionary project as an early bird. It gets even more interesting as the interest for the first year is 100%, and the second year 50%. You will literally double your initial airdropped tokens in 1 year.

How Do I Mint more tokens?

It’s actually a very easy process, don’t worry :) Keep reading for a detail guide.

First! you have to ensure that your tokens have been held in your eth address for atleast 3 days.

This is the minimum coinage required before you can start minting. You are probably wondering what Coin age means.

Coin age = {No of Tokens X No of days held}

Note that as stated above, your coin age does not start counting until the 3rd day.

To make it even clearer, this is what to expect when you first receive your POS tokens in your eth address:

No of days held:

day 1 =0 day 2 = 0 day 3 = 1

Now assuming you have 50 POS tokens, and you held them for 12 days, your Coinage would be as shown below:

Coin age = { 50 X (12 –2)} = 500 token days.

Don’t worry too much about the calculations. The POS team supplied us with an awesome tool to check coin age, and estimated rewards. You can find it here: POS Calculator

Now, there are 2 ways to activate POS mining.

Send any amount of POS tokens back to your self (same ethereum address that holds the POS tokens).
Interact with the contract with any ethereum wallet that is capable of calling smart contract functions. I personally prefer myetherwallet.

Here’s a pictorial view of what to do:

navigate to www.myetherwallet.com always make sure you are on the right website. click on contracts.

2. Make sure Interact with Contract is selected, then in the Select Existing Contract tab, look for POSToken Contract. Then scroll down and click Access.

3. Next, Scroll down and select “mint” function. You will be prompted to unlock your wallet.

Choose your preferred way to unlock your wallet:

4. After unlocking your wallet, click on WRITE, and then this window pops up. Ensure to leave the default settings and click. ‘Generate Transactions’ and you are done :)