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Friday, 11 May 2018

Some Questions and Answers


Some Questions and Answers

Since the questions have come in different platforms (discord, bitcointalk, mail, etc.,) and from different members, Emeraldtony, Otclegend, Hondajazz, ponomarevolegmsk and others, I have chosen bitcointalk as the common platform to answer these questions. Will post the link in other platforms.

Question: What's the difference between blockchain and cryptonote?

Answer: Blockchain is the generic term used for the concept on which every crypto currency is built upon. Dictionary meaning - "a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly." Wikipedia - "A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network." Hence the safety for participants offered by a block chain is unrivaled in nature due to its decentralized and distributed framework. Compare it with a bank or a regular financial institution where in the transactions are registered and stored very securely but are stored privately! In such cases, data distortion, selective release and manipulation are all a definite possibility by means of collusion!

A blockchain can be created using different algorithms and CryptoNote is one such algorithm. More about the advantages of CryptoNote can be read in our white paper.

Question: Will the devices support the GSM standard for Russia?

Answer: Yes. Our choice of OEM suppliers will not just ensure this but also ensure that the necessary compliance, clearances and approvals for specific countries we plan to launch are also in place. 

Question: Is there a particular cell service that is being provided by us or can the device use any service?

Answer: Pocket Miner can use a sim card of any service provider. In future with the help of country specific community members we will attempt to provide top ups and recharges for mobile and data services using a payment gateway inside our own wallet similar to doing a mobile recharge through a bank account. This has a potential for huge revenue generation in the future.

Question: Any additional info on value added content such as ebooks, text books, etc., planned to be offered through our Pocket Miners?

Answer: Offering value added digital content through our Pocket Miners is part our original concept behind the idea of creating Pocket Miners. Just imagine a four year engineering course and the possibility of delivering all text books, study material, Power Point presentations, practice tests, research database access through pre-purchased logins, lecture videos, case studies, the list that can be delivered is endless, through our pocket miners and the business of doing that is much bigger than the actual sales of our Pocket Miners. And most importantly it will be our contribution to preserving and protecting our environment by reducing the usage of paper.

Answering my own question about the Howey Test, in order to keep our coin as a crypto currency and not be classified as a security which comes under the purview of the SEC in the US we need to separate out and isolate the business section of our coin from the coin itself. We have also mentioned this in our white paper. All these business operations related to Pocket Miners will be done by Pocket Miner Corp. And Pocket Miner corp will invest in our coin and fund the research and development of our coin. This is like Jack Ma of Online Giant Alibaba and Jihan Whu of Bitmain the manufacturer of ASIC Bitocin miners Antminer funding Tron (TRX).

I guess this gives all of you a clear picture of the scale of operations that we are talking about in the future! The more decentralized a coin is, the less problem we will have with the Howey Test or any other similar regulation. So I expect all our community members to give up whatever they are doing right now and jump in as full timers to take this dream project of ours forward within the next one year!

Cheers Everyone!

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