Since we released https://www.palnet.io into the wild yesterday there has been a lot of enthusiasm but also a lot of confusion. I get it, these tokens are so new, and for those that haven't been keeping a close eye on https://steem-engine.com/ (now https://steem-engine.com/) the concept can be difficult to wrap your head around. Our team has been trying to field as many questions as possible both in discord and on the chain, but personally my sloppy little fingers can only type so much so I will try to consolidate the most asked questions into this post ٩(θ‿θ)۶
What is PALnet (https://www.palnet.io)?
The simplest way to explain it is to think of it as just another layer on top of the Hive blockchain. This isn't a fork, we don't have a new chain, the witnesses etc. are all the same. Everything you do on palnet will also reflect on Hive.blog/peakd/ etc. That includes posting, commenting, reblogging and voting.
What is PALcoin?
Palcoin is our own token that is similar to Hive but also has some differences:
- In order to reward PALcoins you need to stake your PALcoins (PAL power!)
- PAL stake will only reward posts using the palnet tag
- Author/curation rewards favour curation, they are currently set for 50/50
- Powerdown for PALcoin is 4 weeks
- each user will have one free downvote a day that will not impact their PAL VP (please note that this will impact your Hive VP)
How do I get PALcoin?
Currently there are a number of ways:
- There will be a claim drop to active users of Hive who are in good standing, this should happen very soon. We will make a post and also @everyone in the server as an alert!
- Posting! You can already earn PALcoins by posting through palnet.io (which will add the tag palnet automatically), or by adding the tag manually where you normally post (hive.blog/peakd/esteem etc.)
- If someone holding staked PALcoins votes you, you will earn PALcoin
- Proof of Interaction, this one is fun, we highly value active community members so have set aside a portion of coins to reward active chatters in the PAL server. We are currently working on setting up a faucet for claiming coins.
- Buying tokens, tokens can be bought on https://steem-engine.com/ (now https://hive-engine.com)
- Buying a miner. We have two options available, PALM (palminer) and PALMM (palmegaminer). These tokens allow you to mine PALcoin. The megaminer is 4 times more powerful than the miner for only 3x the price.
What can I do with my tokens?
- Stake them! You can stake your PALcoins and reward other users through voting, remember the curation rewards are 50/50, and we hope this change will encourage more content curation :)
- Trade them for votes from the @minnowsupport account, this is currently in the works and is expected to be up and running shortly!
- Buy ads, users will be able to trade PALcoin for promoted posts on the palnet.io platform
- Sell them, the tokens can be bought and sold on https://steem-engine.com/ (now https://hive-engine.com), but why would you sell ;p
- Other fun stuff! We are looking into options where user can trade in PALcoins for custom badges in discord or on palnet.io just to spice things up.
Overall I have been quite pleased by the amount of people posting with the tag and I think people seem excited to try something new!
I hope this has cleared up the main questions about PALnet, if there is anything crucial I have missed or you still have questions ask away in the comments and I will do my best to answer and amend the post :)
I highly suggest reading the full white paper here: https://www.palnet.io/minnowsupport/@minnowsupport/palcoin-launch-a-revised-whitepaper-and-token-launch-by-the-minnow-support-project
If you would like to join us in the PAL discord: https://discord.gg/ndmbb84
Update about claiming your coins!
Since this post came out we have released the claimdrop. You can check if you have coins to claim by visiting https://steem-engine.com (now https://hive-engine.com) and looking for the little PAL icon on the upper left , just click and claim your coins!
Once you have claimed refresh the page and they should appear in your wallet. To stake the coins (this is needed to vote palnet posts!) click the little lock icon on the right side and choose to stake a specified number of coin!
This really explains it all very well, will plug this link as an answer to people with questions! :D Got some already. I’m excited!
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Thanks soyrosa, we have been answering questions all day so I think it was easier to simplify the explanation, practice makes perfect lol!
@vachemorte hit me up on discord...made my first palnet tagged post tonight! Technically I added it 45 minutes after posting....is there a window for adding it?
I have been told that you can add it later and it should be fine, not sure if a time window but I don't think so. If you post from palnet.io it adds it automatically
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Much wow. Such explain.
For real, thank you.😍
My pleasure Carrie 😘
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This is fun. I claimed, staked PAL, and I bought and staked 1 PALM, just to try all of this out. 50/50 author/curator rewards should be interesting!
Yeah I am excited about the curation rewards, I hope it will encourage more voting!
btw, funny how, earlier today, I responded to @sanderjansenart on a comment on Wiley Wiggleface and the movie 'Dazed and Confused' was dropped, due to the actor Wiley Wiggins ( who I met in the Netherlands ). Further info here - make sure to scroll down to the comments section
Thanks for the explanation of what Palcoin and Palnet is. Was just wondering, when will we be able to claim the PAL airdrop and how do we claim? Thanks.
now - https://steem-engine.com
O cool. Thanks for that.
So if I post here in PAL net, it will also show in Steemit? But what I post in steemit doesn't show here? :/
If you post on steemit it will show here if you use the palnet tag :)
But the inverse is not true, posting in palnet will not show in Steemit?
Yes everything you do here will reflect on steemit!
Only to earn palcoin though I believe? I posted on Steem peak using the palnet tag and it did not show up in my feed here.
There is some issue with a delay this evening that the Devs are looking into, but after the kinks are ironed out it should and has worked already 😊 basically this frontend sort all steem post by the palnet tag and displays them here!
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if i post here on palnet, do i earn steem and palcoin?
Yes, if you get voted by people with pal staked you will get palcoins, if they also have steem staked you will get steem also :)
So this is palnet is just a reward platform on top of steem like steempeek, but is more designed like steemit? Reward tokens for diferent platforms on top of steem reward system is nothing new though. I see how others could build on top of this with more freedom if steem-engine is part of this layer. That is very intresting with layering on top of layering this like this alows maybe.🤔
How do you mine, why is mining needed and where do you buy the miner??🧐🤓🤑
Yes it's another steem interface like steemit or steempeak etc. but we have our own token running on top of it. You can buy the miners on steem-engine.com, stake them and they will mine palcoins :)
I notice that I'm not in the spreadsheet for the whitelist. I've been an active member for 2 1/2 years posting every day, and I spend hours on this site every single day. Any chance that you could personally add me to the list? You could check my blogs if you like.
Where can I see the whitelist?
It's linked in a comment either just above/below you, sorry I am on mobile rn so it's harder to tell 😊
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Thanks a lot 😊
Can you link the spreadsheet please ?
Edit: Found the link, I'm not listed either. Is the claim drop only for active members of the PAL discord or active members of the Steem Blockchain ?
https://docs.google.com/spreadsheets/d/1cbCdCn7-LyIarcurn-N1_dpfAHWsAzvCE9HMiWi9n4k/edit#gid=1579377021
We made the whitelist from a variety of factors, activity on steemit, we filtered through various blacklists etc. We are planning on distributing to people who were missed with the unclaimed coins after the drop and will let everyone know what the process is when we have it ready.
I likely have one of the most active blogs on the blockchain that gets plenty of activity from other users on it so it was a little surprising not seeing my name on the list if activity on the Steem Blockchain was one of the top factors. I'm not on any blacklist as far as I know either.
Thanks for the explanation.
It's hard to say and I am surprised you are not there, we'll do our best to sort you out when the claimdrop dust settles
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Thanks for all the responses.
you are actually on the list for 315 palcoin :)
I'm not on that list either? Some shitposting bidbot abusers are on the list.
I have no idea why some people aren't o it, we couldn't check all the names one by one unfortunately, as I mentioned above though we will have a process for people who missed out to claim some.
I realize it's not an easy process. I don't take it personally and assume it was just a small mistake.
Is this Jacky Chan?
yes :)
Great guide. There mustn't be unanswered questions after this :)
Looking forward to make my first try tomorrow
I'm happy you found it helpful :)
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oh wow... very exciting
Only thing I would add is how/where to get a miner?
They are listed on steemengine as PALM and PALMM, PALLMM is the more expensive one!
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Ok cool will go check it out thanks!!
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Thanks. This looks pretty cool :-)
Great explanation, this is pretty new to me. I just started messing around with Palnet yesterday. It's great to see a bunch of familiar faces already here!
Hello!
This post has been manually curated, resteemed
and gifted with some virtually delicious cake
from the @helpiecake curation team!
Much love to you from all of us at @helpie!
Keep up the great work!
Manually curated by @carrieallen.
Thanks for the cake :)
Has anyone made a calculation how many staked PALcoins does one need (approximately) to have a vote worth at least 0.01 PAL at 100% VP? :)
This is tough to do right now as this number will fluctuate so much depending on how many people are staking/voting etc. After a few weeks when we have a stable userbase and everyone has claimed I think we will have a better idea!
This all sounds very exciting. Good job.
This is a very good guide of all the basics thank you I will start to link to it as it is a faster read than the whitepaper. I am glad to be staking my coins now and trying now this new spin on steem.
haha yes TLDR whitepaper :) welcome aboard!
Very helpful post for dumdums like me.
I saw my name in the spreadsheet, however, I do not understand how would I be able to claim them? Is it in the post and I did not understand? :facepalm:
Just go to https://steem-engine.com/ and login using your posting key or preferable keychain, look for the little pal logo on the top lift and click it. The site has been getting hammered today though so it is intermittently not working. You will have a whole month to claim them :)
I was lucky enough to get it at the first click. Really amazed by how simple the process it. Made a post on palnet describing the steps to share it with others.
Thanks for spreading the word!
Increíble! ME incluyo!
welcome to palnet :)
Thanks for the great explanations 👍 a couple of my questions were answered here ❤️ just can't wait to get some more PALMM 😉
Can you sell your Pal for cryptos like BTC?
You can sell PAL for Steem and Steem for BTC.
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steemengine tells me to go eat dust and die it does not let me log in
Are you using your posting key? I use keychain extension made by yabapmatt I much prefer it
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yup and hey are not getting my master key ..i tried the pal net site to it tells me to go away too ...
Yeah never use the master, this is the first I heard of someone having this problem since the release. I will have to get back to you. Palnet is just a steemit clone so the posting key should work 😞
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nods
@tygertyger login with the posting key. You will not be allowed to login with Master key, much like in Steemit right now.
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nope i used posting it's a glitch
May be this is done on purpose.
Login in with master key is not the most clever way to do it. (OR should i express myself stronger?)
I can't find the PAL icon :(
I'm not sure why you aren't on there, it's possible you were on a blacklist? we filtered using various blacklists also looking at activity and a few other factors. We will do a second round after the one month period , keep an eye out for the post from @minnowsupport on how to do so.
I was not blacklisted on #minnowsupport :( Thanks for your advice.
No I don;t see you blacklisted on minnowsupport but we also used many community blacklists, like I said we will see what we can do for everyone who was missed.
It was only yesterday I heard about this and I signed in.
I noticed that is hard if you are a smartphone user also if you use the desktop version.
The lines are written partly through each other.
Well, I managed.
Disappointing again is there is less room for those with a slow connection. I can seldom use discord, see a video and have a hard time to load posts.
Any way, I am a bit wiser and will see where this ends.
I wonder where all people find the time to join so many different networks. I am already spending over 12 hours here. I must be in the "wrong" circle.
💥💕
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I still dont understand , I staked my PALcoin 310 , but How do I get more coins to Stake!? I did my first post on palnet and have been upvoting and commenting and resteeming on there but did not recieve any more PAL tokens !? also my post only shows 0.18 Pal payout but on Steemit its over $10.00 , can you or someone please explain to me how this works, or what this means , thanks for your awesome post @juliakponsford , great job! 👍👍👍✌😎
PAL power works just like steem power, but it is all dependant on the tag.
If people have both staked and you are adding the palnet tag to your posts when they upvote you will get PAL coins in addition to steem. For your post you mentioned that means you got upvoted by lots of people with staked steem, but very few people with staked PAL. Does that make sense?
Ok thanks for your awesome reply and the information, much appreciated! I still dont know how I get PAL Tokens added to my wallet!? I have 310 staked but 0 coins on Steem-Engine .👍✌😎
You have to earn them, then claim and stake them, same as steem! Or you can buy some on steem engine.
As for the zero, it shows like that if it is all staked. So you have 0 liquid.
Ok so I guess im earning them by upvoting and commenting , posting etc. and will have to wait for the post pay out in 7 days before they are added to my steem engine wallet. Thanks again for the info, I will need to wait untill have more money to buy PAL tokens. so untill then I guess my upvotes are worth 0. 😎✌👍
You only earn them when someone with pal staked votes one of your posts or comments. And yes the payout is 7 days same as steem.
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Thank you for all the info!👍👍👍
By now I assume the way to claim Pal coins would be out. Any article you can direct me to?
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There is still time to claim, I suggest reading this: https://steempeak.com/minnowsupport/@minnowsupport/how-to-palnet-io-and-palcoin-with-keychain-and-steem-engine-com
Thank you @juliakponsford! Kind of you.
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I claimed my PAL tokens. Also, thanks to a good friend @sthitaprajna. Came back to thank you!
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I just resteemed this post. Better late than never, right ;>)
Thanks Julia! This was very helpful.
Um abraço
Thanks for this post. Helped clear a few things up regarding the PALcoin.
I think you meant to change one of those links to Hive?