Another Deep Dive into the Crypto-Underground
December 16, 2018
Today I take another deep dive into the crypto underground to fish up some exclusive news and an interview with the co-founder of one of the coins that I have personally been playing with for a little while.
The PrimeStone project name stands out to me. For some reason, I really like the name of the project. It reminds me of Gold or Diamonds.
I was unable to find a definition of the word PrimeStone so I did what I always do and trekked into the hellish pits of the crypto-underground, fighting off 3 headed hydra monsters that spewed flaming ICO presale spam at me, dodging venomous serpents trying to bite me with promo codes for phony exchanges, and sifting through a sea of dead coins all bobbing up and down trying to catch their last breaths before drowning in the sea of the bear...
And then, like Indiana Jones in the Temple of Doom, I saw it, glowing, from a pedestal in the distance, surrounded by traps on all sides...
PrimeStone Cryotcurrency
By: Decryp70
Traditionally my content has been written for miners because at heart I myself am a miner. I just find the entire economy of proof of work systems to be fascinating.
Now I write content for anyone that wants to learn about Bitcoin, and crypto but let me explain a little bit about why I like writing about mining proof of work cryptocurrency.
When we think about a precious metals, for example, a resource such as gold, we tend to think about where gold's value actually comes from.
Gold is used in electronics like phones and computers, as a currency, as jewelry (ever been to an Indian wedding or been shopping for an engagement ring?), and as a store of value. All of these things do add to gold's value but then again, copper is also used for all three of those things, so is silver, and the price of silver and copper are no where near as valuable as gold.
The primary reason that gold is so valuable is because of how much it costs to produce, the cost of the machinery and labor required to pull it out of the ground, the cost of fuel to run the machines to dig it up, the cost of time and labor for men to run these machines, the cost of refining gold nuggets into gold bars and coins.
The reason that it costs so much in comparison to copper or silver is because of gold's rarity and therefore it is more expensive to pull out of the ground. If gold was more common then it wouldn't cost so much to produce.
When we relate this to cryptocurrency we look at computing power in terms of "mining" gear. Blocktimes in terms of labor. Difficulty, block rewards, and the supply (circulating and total) in terms of scarcity.
Proof of work coins cost more to create then proof of stake coins and other types of consensus. This could change in the future but as of right now proof of work is king when it comes to security and hard value. Computing power, hardware, and electricity all cost money. This is akin to the bulldozers and heavy machinery used to pull gold out of the ground.
Learning how to mine and how to store coins takes time, time is money. Time is cryptocurrency. Cryptocurrency is a measure of value for time invested. Those that are buying these coins on the exchanges are essentially paying for this time and computing power and determining the value of each coin.
This is why it is so interesting to me to study the eco-systems involved with proof of work coins.
Learning how to mine and stake coins is one thing, learning how build your own cryptocurrency from scratch is a completely different animal all together.
Right now creating your own coin is a very costly and time consuming endeavor. Currently, you need to be familiar with programming and blockchain development. But what if there was a way for anyone could create and develop their own digital currency?
PrimeStone intends to introduce us to an easy to use platform that will allow anyone to create their own decentralized digital currency based on the PSC blockchain, regardless of programming knowledge or skill.
Details on the Primestone Platform:
https://primestone.global/documentation/
The reason projects like PrimeStone have had me drooling so much lately is not only because the ambitious plans to allow anyone to create their own crypto but also the fact that they combine proof of work algorithms with masternodes and proof of stake technology.
Masternode's usually require a collateral of a pre-specified number of coins which are locked into a stake that will earn a residual, passive income in that currency. The user can sell the coins for Bitcoin, use the coins within the crypto eco-system, or build more masternodes with the coins to further increase their crypto income.
PrimeStone is a still a coin that can be produced by hashing algorithms using ASIC hardware similar to Bitcoin. The difference with PSC vs. BTC is that once you have mined a certain number of PrimeStone you can take 1,000 of your hard earned coins and put them into a collateral based hot wallet running on the decentralized network called a masternode and earn additional coins, passively.
This means that while your hardware is passively hashing away solving complicated equations in order to have a chance of earning block rewards, your masternode is passively earning you coins as well.
In a bull market these earnings can become exponential as you keep compounding your rewards into more masternodes.
In a bear market these projects are so valuable to us because while mining costs are increasing and the value of our coins are decreasing at least we are still earning coins through the masternodes we have built even if we do become forced to shut down mining operations due to high electricity costs and falling coin prices.
PrimeStone masternodes assist in validating instant transactions on the blockchain and increasing security. Every single masternode is a hot wallet that remains open with a full copy of the blockchain that is always ready to assist with validation. Masternodes are designed to help make transactions happen almost instantaneously whenever coins are sent from one wallet to another before waiting on miners to get all of the required confirmations in.
The PrimeStone project is a new and ambitious project that is solving some of the issues that Bitcoin currently has such as transaction speeds, transaction fees, and are even adding an extra layer of security to the existing network by using masternode technology borrowed from projects like Dash and Pivx.
PrimeStone is a fork of Dash. When you look at the market cap of cryptos, Bitcoin is the king of Proof of Work, followed by Ethereum. Dash, while also a PoW coin, is also the king of masternode coins. Dash also uses proof of work but it was the first coin to implement masternodes to allow voting governance among its holders, private transactions through decentralized mixing, and instant transactions.
In January of 2019 PrimeStone plans on implementing the quark algorithm into the blockchain in order to introduce proof of stake technology. This will mean that PrimeStone uses proof of work, proof of stake, and masternode technology. Quark combines 9 different hashing algorithms into one. PrimeStone will still also use x11 and so this will be a true hybrid coin that utilizes up to 10 algorithms working together simultaneously on a single blockchain to make transactions ultra-secure, super private, and as close to instantaneous as transactions can get.
Many people, especially those that are new to the space will tend to view forks as something negative. I won't mention any names because I am not out to ruin reputations but I even heard one so called "expert" compare forks to "printing money" but if you know anything about Bitcoin then you know how flawed that logic is because that is like saying printing Venezuelan bolivars hyper-inflates the price of the US dollar.
The great thing about crypto-forks is that they lead to innovation of new ideas and without innovation technology becomes stagnant. Blockchains, along with markets, have an honest way to determine the innovating winners of innovation in cryptocurrency.
Right now, in order to create a cryptocurrency or to hard fork a cryptocurrency, it takes a lot of time and money. Imagine if there was a solid platform that allowed anyone in the world the ability to create their own cryptocurrency, regardless of programming knowledge or blockchain development skill.
Can you imagine how much the potential for innovation increases as usable platforms like these come to market?
When most people research a coin they will check out the website, maybe glance over the white paper, scan the bitcoin talk forum posts about it, monitor the price levels a bit and start looking for an entry point.
Primestone whitepaper and wallet:
https://primestone.global/whitepaper-applications/
When Decryp70 does research for a project he contacts the developers, corners them in a small concrete room with nothing but a 2-way mirror on the wall, and personally bombards them with questions with a heat lamp to the face, bad cop style.
I was lucky enough to get in touch with, Paulina Ozga, the Co-founder of the PrimeStone project and actually, come to think of it, it really had nothing to do with luck, it was due to the fact that the co-founder is active in the community and takes all investor inquiries seriously.
Here is what Paulina had to say about my questions regarding the new PrimeStone project.
Paulina Ozga - Co-Founder of Primestone Cryptocurrency
Decryp70: Hello! Thank you so much for taking some time to join us and sit through this interrogation process. How is going? What is your name and where are you from?
Paulina: Hello, haha, I am Paulina Ozga. I am well, thank you. I come from Poland, or to be more precise, from Gdańsk. Gdańsk is a lovely and business-friendly coastal city in the north of the country.
D: I've never been to Poland, although I have considered moving there to be a digital nomad, once. Anytime anyone uses the term "coastal city" I immediately get a tiny bit jealous. What is your role on the PSC team?
P: I am a co-founder of this project. Besides, I work here as CMO. So, there is a lot of things to be done, and no matter how long we – the team – work, it seems that there is still plenty of tasks to be done.
Paulina Ozga, left (Co-Founder) and Krzysztof Bielicki , right (Founder) or Primestone Cryptocurrency
D: I know the feeling. Crypto is an insidious hobby. What got you into cryptocurrency?
P: First of all, we were just bitcoin holders, we were trading it from time to time, but still we watched and closely examined everything that happened on the cryptocurrency markets. There were a few things that we did not agree with, and that could have been done better. We started thinking about various solutions, discussing how the functionality and security of digital currencies could be improved. Already then we knew that blockchain can provide much more than it currently does. It can be popularized and used in businesses, cryptocurrencies could become a common payment method. A lot of things can be changed… A few months later we changed thoughts into actions and now… we are here, talking to you and presenting you our own cryptocurrency and the project that has a lot to offer.
D: That is admirable. We could use a lot less talk from all the "experts" and much more action sometimes. When did you first find out about bitcoin?
P: Oh, It was quite long ago. We were mining bitcoin during our studies… It was in 2010 or 2011. I cannot remember now the exact year.
D: What made you decide to create the PSC?
P: We decided to take things into our won hands and… and we made it! We took the risk, but we knew what to do, we knew what are our goals. However, many unexpected obstacles surprised us on our way, we knew in what direction we are going and what we would like to achieve. We have always wanted to create a good coin and an impressive project that will constitute a major breakthrough in blockchain tech. We want to prove how much can be improved, done or created.
D What coin was PSC forked from, what algorithm does it use and why?
P: PSC was forked from Dash, currently it used X11, but at the beginning of 2019 there will be a change. We will become a hybrid coin with 2 algorithms: X11 and Quark.
D: So, it will be a true hybrid. Is this a Proof of Stake, Proof of work coin, or...?
P: Currently it is PoW, but it will also change. Together with the change of algorithm, there will be also a change in consensus. Currently it is PoW/MN and in 2019 it will be PoW/PoS/MN. That is why we need this second algorithm I have written about. PoS requires Quark.
D How long as PSC been around?
P: Not so long, since June 2018. So we are half a year old now 😊
D This is the reason I like to let people know about projects like this. It gives people an opportunity to assess what the project is offering and to become an early adopter. Are you worried about the current market conditions and are current prices demotivating you from working on the project?
P: Always after bessa there is hossa, and we believe that it is better to start with your currency when there are “bad conditions” and your price is low. Then you can expect a growth when hossa comes. But if you do it another way round and you start when there is hossa on the market, then the falls will be very painful for you and the whole community.
D That is a good way to look at it. What use cases do you see for PSC?
P: PSC will be used as a common medium of exchange. Thanks to our wallet enabling crypto payments it will be used all around the world for everyday expenses in local shops. We want to work on the position of our coin and make it stable and well known coin on the market. We would like to be considered as a currency enabling safe, quick and cheap transactions, which together with its platforms develop a solid remarkable product.
D With Bitcoin becoming more of a digital gold and store of value, I feel like these types of innovations are important and not to be overlooked. What do you have planned for the future of PSC?
P: First of all a few changes will be introduced in the currency itself.
1.) There are a few amendments that will be introduced at the beginning of 2019: 1. there will be a change from PoW to PoW/PoS.
2.) The necessary collateral to run a masternode will increase from 1K to 10K PSC.
3.) LN will be also applied in PSC
4.) The following functions will be applied: SegWit, Replay Protection, Zero Knowledge Proof
Then the team will focus on platforms that will be introduced in the following years. The first one is the platform enabling each user to create their own digital currency without any IT knowledge or programming skills.
The PrimeStone Platform will be an intuitive tool that generates a new cryptocurrency based on the PSC source code.
The second platform, the ICO Platform, will enable users to create their own ICO.
The PrimeStone team has developed an innovative solution that protects both sides - investors and authors of the projects.
The third platform will contribute to the development of the Blockchain technology. The main objective of the platform is to popularize the commercial usage of blockchain tech, it means to allow each economic entity to adapt blockchain tech for the individual needs of different businesses.
Besides the mentioned platforms there will be also the wallet for crypto payments and crypto exchange created.
The wallet will enable crypto payments for everyday expenses in stationary shops. You will use your phone to pay in each crypto you choose.
Users will have the possibility to make payments in each digital currency listed on the (PrimeStone) Exchange.
Thanks to this solution cryptocurrencies will become as popular as cash or cards.
D Wow. There is so much more going on with the project than meets the eye. I think it might be time to fill my bags. What is your ideal price for 1 PSC coin?
P: The best would be the highest price bitcoin has ever reached 😉 But we know that it would be hard. However, we believe that 2 USD is a realistic price that could be gained in a relatively short time.
D: That seems to be a realisitic target when you consider everything that is coming down the pipeline. What do you hope to accomplish using PSC?
P: We have that with the usage of PSC we will develop a set of well-known platforms used by individuals and companies. We hope that our solutions will be satisfactory for those who use crypto for private and for business purposes. What is more, we do believe that our undertaking will attract a lot of people who still doubt if they should get involved in crypto. The PrimeStone team aims to build a strong, stable and well-known product designed to meet the needs of every potential user.
D You guys seem to take a lot consideration into the needs of the users. When new investors find out about your project, what are some things that you want them to know about your project?
P: All the things we want them to know we have collected in the pdf file, which in the form of presentation, points out our future plans and solutions we would kike to apply. That makes investors aware that we are not a mere coin that suddenly appeared on the market and it will also vanish rapidly. We want them to know that it is a huge and serious undertaking that is supposed to do much more. That is why we still develop and improve, cause there is still a lot to be done!
D: I can certainly see that, now. What motivates you to continue to invest your time into the project?
P: The community, we are in a constant contact with our community on discord, twitter and telegram. We are discussing with them new ideas, they share their questions or concerns. We have built a strong community that is very active and some members really got involved in the project. They try to contribute to our mutual success, and it is great. We love it. Of course, there some quarrels between users or some unpleasant comments about the project but we know it happens and it will happen, but the most inspiring thing are those members that still believe in us, in our project. We want to prove them and ourselves that it is possible, that all we have planned can come true! There is nothing impossible in our plans, there are only things that need time and funds. There is bright future ahead 😊
D: You convinced me to give the project a deeper look, for sure, but how is PSC different from other crypto coins?
P: The team and ideas we have. PSC unlike other coins will be used in all platforms that will be developed in this undertaking.
D: What does the future of the internet, and/or the future of money look like to you and where do you see PSC come into play?
P: Cryptocurrencies are inevitable future of money, and PSC will come into play each time people want to use it as a medium of exchange, when they want to create their own crypto.
D: How do masternodes add value to the PSC blockchain?
P: It is additional security for us, because the more masternodes are available, the harder it is to attack a particular network
D Security is wonderful but how do masternodes add value to a PSC user's life? What's in it for me to put the coins that I mine into a node instead of just selling them for the OG BTC?
P: Mostly, the possibility to get coins without mining ( and without the usage of a huge computing power and electricity).
D: Alright. So, then what suggestions can you give to a new user of PSC?
P: First of all, they really need to know what project they are participating in. There is a lot of information and documents available for all potential users, and it is a must to read them before making the decision.
D: What else would you like us to know?
P: We aim to be one of the best crypto projects in the world and we would like to be in the top 10 on coin market cap.
D: To hear that kind of confidence coming from a project that is six months old would sound silly coming from most but after seeing what you guys have accomplished in such a short time and your plans for the future, I think I'd be the silly one to discount that statement. What can we do to help your project succeed?
P: Make people know about us. There are still new users joining our community but we know that the majority of crypto users have not heard about us or did not put any attention to our project.
D: Hopefully we can help you out with that one. If you had one piece of advice to Bitcoin and cryptocurrency hodlers and investors, right now, what would it be?
P: Patience is a key.
D: Thank you so much for your time, Paulina. Keep up the good work and I will keep adding masternodes in order to get to that 10k mark in order to be ready for the January hard fork.
Wow!
This project is so much more ambitious then I had originally anticipated.
At first Paulina was talking about how they wanted to be a currency and then he came out with the right hook and upper cut of building apps, exchanges, a cryptocurrency creation platform, mobile apps, and even implementingthe lightning network in order to continue to compete with the king BTC himself!?
I advise everyone to take a deep look at this project because these guys have been mining bitcoin since 2011, long before many of us even knew what BTC even was.
This duo is obviously not some fly by night money grabbers.
These are people that truely care about adoption and the future of crypto.
As always, use common sense and personal responsibility when putting money behind any project, especially new alt coins. I am not a licensed financial adviser and this is not investment advice. These projects are just things that I am personally involved in, I do not get paid to post these stories, I just do it because I enjoy educating people about the lesser known happenings of the crypto universe.
Please stay tuned for more Primestone and crypto content. We will be conducting another interview with Paulina that will actually be live on our Coin Decrypt live stream and podcast!! During the podcast/live stream we will be giving away PrimeStone coins to help people hit that 10,000 mark for the masternode collateral increase!! You can will be able to find details on our website dailycryptonews.org, soon!!
PrimeStone Source Links:
Paulina Ozga:
https://www.linkedin.com/in/paulina-ozga-a8307516b/
Krzysztof Bielicki:
https://www.linkedin.com/in/krzysztof-b-93a4334a/
PrimeStone Website:
http://primestone.global
Discord:
https://www.linkedin.com/in/paulina-ozga-a8307516b/
Masternode Info:
https://masternodes.online/currencies/PSC/
Get your free $100 credit for a VPS to host your PSC masternode:
https://m.do.co/c/67b15b93ecf0
How to setup a PSC masternode:
https://steemit.com/bitcoin/@kryp70kn1gh7/n96jb3eb
Coin Decrypt Links:
Ad-Free Crypto News Blog Platform:
http://dailycryptonews.org
Bit.Tube:
http://bit.tube/coindecrypt
Youtube:
https://www.youtube.com/channel/UCP7XI8a2yaToiulX848vdRQ?view_as=subscriber
Twitter:
http://twitter.com/kryp70kn1gh7
If you enjoyed the article and want to contribute to more content that helps push towards crypto adoption then you can donate Primestone to this address:
PSC: XnXiuyfXK6ngPPi4YY5s8vru6xFdxX73zS
You can also support us by upvoting, resteeming, and subscribing to our channel and podcast called Coin Decrypt. Right now we have a BitTube and YoutTube channel and will be adding our podcast to our website this week!!
You can also donate here to support crypto adoption and our ad-free content:
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I myself have a primestone masternode. I think it pretty shit that the collateral will rise to 10,000 psc in January. It may make or break the coin. I'm also concerned about the lack of detail they have on their roadmap. It's not very specific about what they are actually planning on doing in 2019. I think the coin has potential and all but still has a lot of room for improvement.
Nice post btw :)
Thanks for the comment. Collateral increases suck sometimes but they do happen and at least they gave us a 3 month notice. If the collateral increases then so do the rewards. Primestone has a long way to go but keep in mind that the project is only 6 months old. I appreciate you taking time to read the interview, it means a lot to me! Have an awesome day!!
That truly was an in-depth article. Thank you for sharing this information with us. Will have to read it again when I have more time.
The reason I like to write about these lesser known projects is just because they are usually community run projects that don't have the money to hire journalists and pay for marketing so nobody is talking about them.
Thank you for checking it out.
The positive support truly means a lot. I am working on creating a podcast that teaches people about bitcoin and cryptocurrency so I am trying to figure out what topics people are interested in learning about the most. All of my broadcasts will be uploaded to my bit.tube/coindecrypt channel, as well as dailycryptonews.org.
if you want to make impact with your podcast in the world outside of the crypto crowd, I highly recommend that you use libsyn as your host. I have used them for the past 3 years and find their service great. The plans start for as little as $ 5 per month and it will put you into all the major outlets - including spotify. They also are pioneering to get into pandora - so far, it is just a few accounts but might be open to all soon.
Thank you for the suggestion. I will look into it. Since my website is ad-free and does not currently have any revenue streams and I am looking into all of the free options first but I will def keep this in mind should I need something better.