Review on Pakcoin by Stephen Toluwani
The Crypto of Pakistan could still Increase in Value as long as more Partnerships are put in Place
The Pakcoin project is one Crypto project that can be said to be focused on the local population of Pakistan and comes with a singular and major use case; to facilitate Peer-to-Peer transactions. The project has come up with a business plan to solve the issues faced when making use of Fiat currencies to make payments. This solutions can be found in the fact that it's transaction fees are quite very low but they are dynamic, meaning, it might be higher or lower depending on the amount of Coins to be transacted. Also, the speed of making this Transactions is close to instantaneous as every transaction made is added to it's Blocks for confirmation which takes just one minute. With all these solutions, Pakcoin has really been an invitation to cryptocurrencies usage in Pakistan particularly but it's usage worldwide is still very limited. Making use of PakcoinI in Pakistan is very easy as the number of retailers accepting the Crypto coin are very largely concentrated there but has no partnership with the outside world. This is probably what must have limited it's wide adoption in other countries. Aside from that, it's unpopularity spans into the number of exchanges that supports the trading of the coin. As Pakcoin is listed on just two unpopular exchanges with a trading volume not exceeding hundreds of dollars, it doesn't look like an investment asset to people outside of Pakistan
The Pakcoin is actually mineable using the Proof of Work Consensus Mechanism and it's Validators are rewarded for their work in securing the network. It only takes 1 minute for a block to be added to it's Blockchain which makes its transactions very fast and ideal for business transaction. There is also a Halving that occurs every three years which expectantly, should help push price up but looking at the statistics of the coin historical price movements, I don't see much potential in it until wide adoption takes place. The information displayed on its webpage is quite distorted with one info counteracting the other. This should be looked into to help establish transparency. It's in the broader sense, a good project with a lot of prospects but being confined into one country can't really help matters. It's partnership should span into other big time international retail stores and that should be what can help the project in a massive
Pros
- Pakcoin is basically used to facilitate Peer-to-Peer transactions and it's transaction speed is quite fast
- The cost of making transactions using Pakcoin is relatively low and makes it ideal for use in business environment
- The Pakcoin is a mineable asset which earns it's Validators money for securing it's network
Cons
- Information on its webpage about it's block rewards amongst others is actually distorted
- It's still very unpopular, it's listed on only two exchanges in which just one is actively trading the coin
