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Review on Honest by Ivy Pavlov
Lets take a look at Honest Token (HNST). HNST is a BEP-2 token. At the time of…
Lets take a look at Honest Token (HNST). HNST is a BEP-2 token. At the time of writing this 1 HNST is about $0.04. Honest Mining is a Proof of Stake (PoS) platform that offers an option for those with low budgets and minimal technical knowledge. This would be ideal for someone who would like to start PoS mining on a budget. The way their masternodes work, they stay matured and running, even when a user exits the node, so less downtime and greater rewards.
What they are proposing is a PoS mining pool. A group of individuals can group together to fund the required stake to host a masternode. Then the rewards are distributed among the various participants of the pool who are deemed eligible. They are basically holding everyone’s input crypto in specific wallets to mine as a collective. This means much lower entrance stakes from each person and leaves all the technical work for Honest Mining to do.
They advertise that they only charge fees when rewards are received, which vary from 2%-10%. They do not charge fees on deposits or withdraws. They aim to offer an easy platform with simple deposit and withdraw mechanisms. Honest Mining seems to be growing at a healthy rate however its definitely far from being perfect or a finished product. The team varies in crypto experience and technical backgrounds.
This project seems to be rough around the edges but could have great potential. It seems to be in the right sort of environment it would need to grow and flourish into something big. However the idea of pooled PoS mining seems risky. Trusting a single entity with the managing, distribution, and allocation of the group’s funds is centralizing the process of PoS mining.
Pros
- • Minimal technical knowledge needed • Low Startup costs (Compared to traditional PoS mining) • Seems convenient • The Dev Team seems to understand that they are far from a polished product and are open to input from the community • Functional website, some social media presence, whitepaper • Already listed on multiple exchanges
Cons
- • White paper is mostly just outlining PoS mining, diagrams in whitepaper are all pixelated and appear to have been copied from another source • PoS mining is still in its infancy stages • Some of the charts on their website have errors or are not designed well • Wording on the website could use improvements
