What is PutinCoin (PUT) – Crypto Beginner’s Guide
Since cryptocurrency came into being there have been over dozens of new altcoins made. Each altcoin has provided a new solution to one of the world’s many problems. From altcoins being used to make secure transactions, store data, secure games, reliable streaming platforms or simply serve as a financial payment method, these little altcoins have been serving the new digital age well.
With the rise in popularity of various digital coins such as Bitcoin, there have been movements within various countries to keep up with the new financial transition. The new frontier of the digital age and financial institutions is here. The only question is whether this will be good for the future or simply another economic bubble.
After all, almost every century/millennium has seen a transition of sorts when it came to money and how people bought various goods and services. The old methods of bartering transitioned into the gold, silver, bronze, and iron coins of ancient times. From gold and silver came the modern day treasury backed paper notes.
These paper notes would later move past the gold and silver standards and become a fiat currency.
Now we live in an age where fiat currency is becoming, for the most part, redundant in most first world countries.
So what is the next step? Well, like any other future progress, our future isn’t entirely certain on which route it will take for the next “it” currency. Some believe credits will be the new age way of dealing with transactions, debt and so on. Others believe decentralized digital currency will be the better way to go to negate the financial and economic bubbles of the future.
So what are nations doing to keep up with the digital trends? The United States has already jumped onto the cryptocurrency bandwagon with the own USD altcoin. Russia has made its own response with PutinCoin.
PutinCoin: Paying Tribute to Russian Leadership One Altcoin at a Time
It may seem a bit odd to name a cryptocurrency after a leader who is, for the most part, fairly controversial with his policies and diplomatic conduct. But Russia hopes to put its best foot forward and has launched this cryptocurrency in hopes of bringing the Russian economy into a more modern era of digital commerce.
After the economic fall and heavy sanctions in 2012-2014, Russia’s economy hasn’t been doing so well. The developers of PutinCoin hoped to change the tides for the better by giving Russians a safe way to grow their economy both domestically and abroad. Currently, Russia’s economy still suffers from severe corruption, so a decentralized cryptocurrency would surely help Russia’s economic growth.
The original purpose of this bizarre altcoin was to pay tribute to the man himself, Putin. The developer’s intentions for the coin are to allow endless possibilities for all traders, businesses, social projects, and private persons.
How Does PutinCoin Work?
PutinCoin operates on its own blockchain network. The altcoin uses a unique algorithm called Scrypt. This high-security and well-encrypted algorithm allow people to earn PutinCoin by either proof of work or proof of stake.
PutinCoin’s proof of work mining scheme is intended to be easy on people’s computer hardware. The altcoin offers all miners who use it an annual mining interest of 100 percent. This cryptocurrency is able to be mined on Linux OS, Windows OS, and Mac OS. Registration is not required.
All users have to do is use the wallet address in place of their username. Since all wallet addresses are unique, users will only need to make a password for their wallet.
Proof of stake is just as simple as PutinCoin’s proof of work method. You only have to purchase this altcoin from one of the available cryptocurrency exchanges that offer it. Currently, the PutinCoin platforms offer a wide variety of gaming applications, different wallet options, block explorers and so on.
While it is a strange altcoin, PutinCoin has proven itself to be reliable. Its proof of work method has held up to scrutiny. Proof of stake for the altcoin is also valid since there have been a few trades already using this cryptocurrency.
Whether you like the man or not, this Russian cryptocurrency is definitely an amusing investment, all things considering.