Review on Pakcoin by Adejoh Samuel
Would PakCoin Remain Decentralized ?
Cryptocurrencies are gradually taking the interest of people around the world, as it has not just been introduced to Pakistani but the country has managed to make their own. It is called PakCoin. The PakCoin is a cryptocurrency that was built based on the Litecoin and gathered inspiration from Auroracoin (which happens to be Iceland's cryptocurrency). It was founded by Abu Shaheer on the 28th of May 2015. The coin has also been advanced compared to Litecoin as it's blocktime is once per minute and charges a near-zero fee. The cryptocurrency aims at exposing Pakistani to the world of crypto, making digital transactions possible in Pakistan. Although it has its services available in other countries, I still feel it is Pakistan centered.
The PakCoin can be mined on any computer or laptop and it's mining process has been made very secured. The PakCoin is presently decentralized but I'm having the fear of it being centralized as it centers on a country and the government might want to centralize it. The great increase in it's price makes it a coin worth investing as it's present price can not be compared to its price at the time of launching (not minding the fact that it's not yet even close to one dollar). It's trading volume is actually low and the token is listed in few and unpopular exchange platforms. Traders are also rewarded for buying the PakCoin either with fiat or cryptocurrencies. The project has its wallet available for download on Windows, Linux and Mac Operating systems and also has a web platform to access it's services. Scalability is something PakCoin has as it's capable of executing numerous transactions (I guess because it has lesser users) and has promised to increase it's scalability when the need arises.
Pros
- The coin can be mined at a low level of risk (or even no risk at all)
- It's transaction speed is very great as it's blocktime is once per minute
- The PakCoin charges a near zero fee for all transactions made and even rewards traders for trading their coin with either fiat or cryptocurrencies and also has their own exchange platform, MUBADIL
- The rapid increase in it's price is very encouraging to traders and should keep up
- The PakCoin had happened to enlighten Pakistani on the importance of cryptocurrencies
Cons
- I see the project as a Pakistani centered one, although it allows other citizens to use their services, I still feel so maybe due to its name and it's emphasis on Pakistani
- It has a really low trading volume
- It happens to be listed on few and less popular exchange platforms
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Comments (3)
December 19, 2020
The PakCoin is a crypto that was established by a Pakistani. That doesn't mean it's for Pakistans only. The owner might not agree to release the project to the Pakistan Government.
December 18, 2020
The future of PakCoin doesn't depend on it being centralized or not. It actually depends on their community. What if it remains Decentralized with a poor community? I still feel it can be great even when it is owned by the Pakistan Government.
November 24, 2020
I am still having a great fear of PakCoin being centralized due to the fact that it happens to specialize in a country and the government of that country might want it in their possession. PakCoin has been doing great lately but if it gets centralized, lesser traders would use it cos everybody, I inclusive loves decentralization.
