PYRK AMA🎉:Hotbit English Tg Group

💗Host:Daisy, Hotbit Marketing Director

💗Guest:Michael Osullivan,Lead Developer of PYRK

Q1:What is different about Pyrk?

Pyrk is different than alot of recent coins, as we did not do any ICO and we did not Premine. The intention of Pyrk is to be a purely community coin. I liked the privacy features of Dash, and I also liked the Multi algo in Digibyte, so I took those and merged them together. Then on top of that, there is a sidechain based on the Colored coins protol for creating your own tokenized assets.

Q2: What are Pyrk tokens?

Pyrk Tokens are a sidechain on top of the Pyrk blockchain using the OP_RETURN fields originally developed by Bitcoin. Using these data fields on the Pyrk Blockchain, we can verify and build a sidechain containing information about Pyrk tokens. Pyrk tokens are similar to ERC20 tokens, but they are much easier to create and maintain. You can also add unlimited metadata to your tokens, so if the purpose of your token is to create an online immutable database, then you can use Pyrk Tokens for that also.

Q3: What are the use cases of Pyrk tokens?

There are many use cases. one of the main use cases would be a simple token to create your own ICO for a project. You can Create the tokens you need, dispurse them to other users, and burn the ones you don’t need later. Another use case could be to track a shipment accross a supply chain using the Metadata fields, as an item moves along you can add information about it to the blockchain and that information will be there forever.

Q4: Is transactions privacy important?

It’s important to some people, and some people aren’t really aware that they may need to be concerned about it. With Bitcoin based coins, it is relatively easy to track transactions from one point to another and people have been mining this data for years. So I guess the question you need to ask yourself when it comes to privacy is “is this a transaction I want everybody in the world to know about”. In most cases people don’t mind, but there may be cases where you are making a payment for something you don’t necessary want to be assocated with.. and I’m talking about legal things, no illegal things..

Q5: Why do we use PoW consensus?

Proof of work is just that, doing work for the chain. And this work isn’t free. The problem with PoS assets is you don’t really need to do anything other than hold coins to mine them, and you really don’t have to do anything. We also have masternodes, which gain a % of the block rewards, but they are are doing something for the network such as facilitating privacy transactions or instant transactions.

With PoS, the richers getting richer, with PoW, everybody has the same chance.

Q6: How do I run a masternode?

To run a masternode you need to have a dedicated in which to run the masternode. This means a computer that is always online and has a dedicated IP address that does not change. This dedicated IP address is required so that other Masternodes can communicate with you and verify you are running. The easiest way to run a masternode is to use a Masternode hosting service, such as ihostmn.com. Using a service like this makes things alot easier as you don’t need to maintain the server running the masternode. Forthermore, you don’t need to send them any coins, you can keep those in your local wallet and lock them there. These hosting services typically have documentation and how to to get things running quickly.

Hotbit.io is one of the professional digital asset exchange platforms that provide trading services among major digital currencies like Bitcoin and Ethereum.