Pinkcoin is a community and donation driven, altruistically inspired crypto-currency. It is also about rewarding its users using state of the art staking technologies unique to PinkCoin, such as flash-stakes and side-staking.
Proof-of-Stake or better known as “staking” allows you to get rewarded by simply having Pinkcoin in your wallet. Depending on the amount of PINK that you own you’ll receive steady rewards of 100 PINK, or 150 during select FPoS hours. All you have to do is keep your Pinkcoin wallet loaded up with coins and running.
Proof-of-Work or better known as “mining” rewards people for using computing power to solve complicated cryptographical puzzles in order to validate transactions. When someone finds the solution they will be awarded 50 PINK. If you decide to mine through a pool you’ll be rewarded based on how much you contributed to the solution. This however requires a lot of computing power and electricity.
Regular Proof-of-Stake (PoS) will reward 100 PINK every 6 minutes to someone staking their coins on the PINK network.
Our unique Flash Proof-of-Stake (FPoS) is active 4 times a day for an hour. During those hours everyone staking on the network will be able to get rewarded 150 PINK every minute.
Side-staking lets users share incoming stakes to as many addresses as they like. This makes it easy to donate or gift a part of your stakes to friends, family, campaigns and charities, and is a great tool for getting people involved.
Each day up to 92000 PINK is distributed through our proof systems:
Proof-of-Work: 36000 PINK
Proof-of-Stake: 20000 PINK
Flash Proof-of-Stake: 36000 PINK
Technically you could start staking with 1 PINK, however if you want to qualify for staking rewards you’ll need more coins which all depends on the total network weight. Please use the provided calculator at “How many stakes will I earn each day” to find out how many coins you need for the amount of stakes you’re looking for.
Please fill the fields below in order to calculate your maximum estimated daily and annual stake rewards:
Total Network Weight:
Total maximum daily stakes:
Annual expected staking rewards:
Every unlocked and connected wallet is competing to secure their share of 440 total daily stakes for the entire network. Being that these numbers are rough estimates, it is not guaranteed you will get as many stakes as are expressed.
Staking is very simple. You will need to have your wallet open and connected. Bear in mind that the better your connection, the better you will stake. To start staking, follow the following process:
Hover your mouse over the connection icon in the bottom right of your wallet, make sure you have enough connections to stake. If you a low amount of connections try adding nodes to your pinkconf.txt file (Go to “How to add nodes” for a detailed explanation).
If the amount of connections is still low after adding nodes, try enabling UPnP in you wallet under: Settings > Options > Network > Check “Map port using UPnP” in order for this to work you have to enable UPnP in your router as well.
Make sure that the arrow in the bottom right is green if it’s not green make sure your wallet is unlocked, it can take up to 1 hour for your coins to mature and the arrow to turn green.
This may be due to your screensaver taking up too many resources. Instead of using a resource-hungry screensaver, try to deactivate it and set the monitor to sleep after X minutes of inactivity
Pinkcoin takes no responsibility in any damages to your computer which may arise from tampering with your system settings
In your wallet go to: Help > Debug Window > Bottom left open the Pinkcoin Configuration File. When you have the config file open insert your In your wallet go to: Help > Debug Window > Bottom left open the Pinkcoin Configuration File. When you have the config file open insert your list of nodes. After you put in your list of nodes save the file and restart your wallet.
When two wallets receive a stake at the same time the person who is able to get that data to the network first will be awarded the coins. If you weren’t able to get the reward it will show up as ”Generated but not accepted” in your transaction history. This is why we recommend having your staking device connected through a ethernet cable, this doesn’t mean you will lose every stake if you’re using wifi just make sure your connection is strong.
When you first start staking you have to build up coin weight, and it takes 30 days to hit your maximum. You can still earn stakes before that time but in order to be as efficient as possible you’ll have to wait 30 days. The amount of coins you have may also play a role in not getting any rewards. Check out our calculator over at “How many stakes will I earn each day?”.
When you transfer PINK to your wallet, you coins will show up as one block. If you leave it as one block your coin weight will be used after every stake, and that block will have to build up weight again which can take quite some time. If you split up that block into smaller blocks through coin control you’ll be able to maintain your coin weight when you stake because it will only use the coin weight of one block, all your other blocks will keep their weight and thus making your staking far more efficient.
If you have around or less than 1,000,000 coins we recommend going with 1000 coins per block, if you have more coins you can increase the amount of coins per block. Make sure that you have enough blocks to keep your staking cycle going.
Stakes per day * 30 = X (Blocks required each month)
X * 3 = Minimum amount of blocks recommended to have (Don’t go below 1000 coins per block)
Pinkcoin uses the scrypt algorithm. In order to mine PINK you will need a miner that supports scrypt.
You may mine Pinkcoin at the following pools:
The swap started on April 1st, 2017. The first 3 months people would receive 100% of their coins on the new blockchain at a 1:1 ratio.
On July 1st, 2017 our depreciation schedule kicked in, for more information go to: “Depreciation explanation”
The old blockchain was filled with too many orphans, the codebase was based on an early unstable POW/POS mechanism, the staking mechanism had a bad bug that would cause the whole blockchain to freeze, and staking rewards weren’t calculating properly. Rather than take our chances with a hard fork, we opted instead to move to a proven stable codebase and take the opportunity to design a new Pinkcoin that better serves our vision and purpose.
In order to swap your old Pinkcoins over to the new blockchain visit: https://swap.with.pink/
In 2016 the original Pinkcoin Blockchain slowed to a halt as fewer and fewer coins were able to produce blocks on the chain. The core problem was discovered, but repairing the problem would have required a hard fork. Unfortunately the chain had developed other problems in the years since it was launched*. Due to this fact, we decided to select a proven stable codebase to extend with innovative new features and ideas we had been developing, and use a coinswap method to allow people to convert coins from the old chain to the new chain.
Every holder of PINK was given an opportunity to swap their Pinkcoins from the original 2014 chain to the new 2017 chain at a 1:1 ratio for a 3 month period from April 1st 2017 to July 1st 2017. We created an infographic describing the process, the swap timeframe, and the depreciation ‘bleed’ information, and shared these across social media and in our slack channel. The original chain was supported through this time, though we knew it was only a matter of time before the original chain would grind inevitably to a halt.
During this time, people that were able to access their coins and had access to a fully sync’d chain were able to use the automated swap site to easily redeem their old Pinkcoins for new ones. People that could not access or send their Pinkcoins on the network but did have their original wallet.dat files were asked to upload their wallet.dat files to a secure location and to provide the encrypted link to those wallet files to us through the swap website. With those wallet.dat files in hand we were able to rescan them and load them into a client that had access to the current blockchain, and then those coins were funneled through the automated swap system just like everyone else’s. We were able to access coins left in corrupted wallets by extracting addresses and private keys from those wallets, and running a script that checked the balance of each extracted address on the block explorer. Nonzero balance addresses had their private keys imported into new wallets, and the recovered coins were again funneled through the automated swap system. In this way, all the swapped coins were funneled through the swap system and accounted for on both chains. Coins swapped in this way on the old chain were sent to a burn address.
There are some exceptions. Bittrex did not use the automatic swap for example. They sent their coins directly to the burn address, and we credited them the equivalent number of PINK. Poloniex refused to burn their coins, but agreed to send all of the old PINK in their possession to a single address under their control as a way to prove ownership of the nearly 200m coins they held without having to verify and monitor each and every address they were held in. With those coins in place, we could be sure that we would not doubleswap any coins that originated from that address, and we credited Poloniex with the equivalent number of new Pinkcoins from that address.
At the end of June the old D4L wallet stopped producing blocks and we were unable to find more coins to produce the necessary number of blocks to get it going again (old Pinkcoin had a maturity period of 510 blocks.) The question of whether we should start staking the few swapped but notyet burned coins came up, but in the end we had a team discussion and decided that with only a few days left to go and the relatively small percentage of coins that remained to swap (less than 20% of the coinbase had gone unclaimed through the automated swap system + Bittrex & Poloniex swaps after the 3 months swap period), we would move to a manual swap method where we verified balances directly from wallet.dat files.
We admit that our swap method is centralized and depends on community trust in the Pinkcoin team, and the decision to take that responsibility was not one we made lightly. There were many heated discussions spanning weeks among our team about it. Decentralizing the swap would have had it’s own problems. We would not have been able to help many of the members of the Pinkcoin community that held coins in wallets that were corrupted or excessively large. We could not have easily helped users extract keys and recover coins from corrupted wallets, and we could not definitively say how many coins were live in circulation. We wanted to be able to assure new investors that all of the coins on the network were in live circulation, and reduce the impact of discovered old coins on the market over time. We were also looking for a way to expand D4L and create a network that was immune to attack and could be sustained even if nobody was staking or mining on the network. By taking central control of the swap it allowed us the direct control we needed to make sure that the community that has stuck with us for so long was taken care of, and that we were able to produce a new chain that was truly revolutionary.
To limit the risk of old coins depressing the market, but provide ample time for people to swap, we selected an automated swap period of 3 months. April 1st to July 1st 2017. After July 1st began what we call the ‘bleed’. Each month all unclaimed coins would suffer an additive 10% depreciation when they are claimed that is, first month 10%, second month 20%, third month 30%, and so on. This depreciation would halt at 90%, and our team will honor swaps indefinitely, but after 9 months a full year after the chain launch, any discovered old Pinkcoins will only be swapped at a rate of 10 to 1, but will always remain so after that. We feel this gives ample time for everyone holding old pink in private wallets ample time to swap most, if not all of their original Pinkcoins.
So what happens to the ‘bled’ Pinkcoins? They are transferred to Donate4Life, effectively removing them from circulation, but as part of Donate4Life they will serve two purposes. They will support the network by participating in the staking mechanism, and they donate their staking rewards to the funds Donate4Life was created to support. The charity aspect of Donate4Life cannot be understated, and is core to the function of Donate4Life and why it was created to create a dependable funding stream for the charities that we have partnered with.
But far less mentioned is the purpose D4L serves in supporting the network. D4L ensures that the network will survive even if no one on the network stakes OR mines. And when our work to decentralize D4L is completed, the network is guaranteed to be sustained for as long as there are nodes connected to the network, and the blocks produced by D4L and the transactions included in those blocks can be fully trusted because they could only exist if the majority of all
live nodes agree about their construction. This will add a third layer to the network on top of POW and POS keeping each other in check, and will create a situation where the consensus of all connected nodes contribute blocks to the chain, further hardening the trustless system.
*The short 30 second blocktimes created a colossal chain, and worse, a third of the chain was filled with orphans. A full sync to the blockchain would take weeks, and could take months, and would often stall and force people to restart the client many times. The chain had grown well over 3m blocks, and as the syncing process approached the end of the chain, fewer than 10 blocks would sync each second. Moreover, many PINK holders lost or were unable to access huge numbers of coins due to corrupted and unresponsive wallets (Some wallet.dat files grew in excess of 100mb). Repairing all of the problems would have been a massive undertaking, and our reward for such an effort would have still left us with a chain that was unprunable and difficult to sync to, and would have made the only practical option to download a copy of the multigigabyte bloated blockchain and bootstrap it to achieve a full sync with the network, nevermind that many people would still struggle to use their existing wallets in the first place. We felt this solution was unacceptable, and decided to take the opportunity to create something new and innovative and fresh on a new blockchain. In the meantime we found and consolidated some coins to help kickstart the chain and get the chain going again. With these coins, along with the D4L wallet on the old chain, were able to get the chain staking consistently again, but we knew this was only a temporary solution.
Ensure your wallet is encrypted. Always use 2FA on exchanges. Never download untrusted software on a computer with your wallet.dat. Keep your virus definitions up to date on your Anti-Virus software. Always keep your operating system updated. Never use an email address associated with an exchange for anything other than the exchange. Never use a password for your wallet for anything other than your wallet. Never use a password for an exchange for anything other than the exchange. When creating a passphrase, always use a password with 6 or more easy to remember words, and do not use spaces. If you follow the above tips your Pinkcoin are 99.99999% safe from hackers. To be absolutely 100% certain you are safe, use cold storage to store your coins available on Shop.With.Pink.
Passphrase recovery is not possible, nobody but the owner of the wallet has the passphrase. It’s not stored anywhere so make sure you write it down somewhere safe. We recommend writing it down on multiple pieces of paper, if you store it on your computer and something happens to it you could lose access to your coins.
The Elder Tree, Rain Cloud, and Acorn Pools aid the community by adding a unique secondary reward structure to wallets that have staked in the past 24 hours.
Elder Tree → 99(PoS) or 148.5(FPoS) to a random wallet supporting the network.
Rain Cloud → Splits its stakes up and sends them to everyone who staked in the last 24 hours.
Acorns → 99(PoS) or 148.5(FPoS) to the smallest wallets supporting the network.