1. Who is @pennykoin1 and what is your background?
I’m Jerry Howell, a 44 year old married guy with kids. I taught myself programming and made a video game that sold like 50 copies.
The most technical job I had before was tech support for Hostgator. Most of the time I worked as a dispatcher fo AC companies, pretty blue collar stuff. I have a semester of college under my belt, all my programming knowledge was self-taught via the internet. I would argue you can’t find a better class than the ones you can get for free.
2. What are you currently working on and what are your plans for 2018 onward?
Mainly Pennykoin of course, there are a few side projects, but also related to PK. I have no plans of stopping.
3. How you became disabled?
I have a bladder disease called interstitial cystitis, the lining of my bladder is messed up. I can sit up fir about 2 hours, or stand up for about 30–40 minutes before it hurts too bad and I have to lie down.
4. How’d you come across Bitcoin?
Trying to talk my wife into being OK with me buying weed off the darkweb. I’m glad it didn’t happen, it was like $4 and I would hate regretting smoking a few million dollars. I really started paying attention to crypto last July. I read an article about the Bcash fork and it got me super interested in the tech and philosophy of it all.
5. What problems Pennykoin solves?
Most cryptocurrencies today are pretty intimidating to new users, in addition to all the new lingo they have to learn, most wallets are still to technical for the average Facebook user. That, and it’s hard to find places to spend cryptocurrency.
6. Pennykoin specs and how this translates to English for non-crypto speakers?
It’s based on the cryptonote protocol, which means like Monero, transactions, wallet amounts, and sender/receiver are all private and encrypted. Nobody can see in your wallet, or see what transactions you’ve made. We have a 3 minute block time which means that usually you can see a pending payment almost instantly, and it’s 100% confirmed and spendable in less than 30 minutes. Contrast to Bitcoin where you may wait 30 minutes for the first confirmation.
7. Why Pennykoin is unique, better than the other betting projects and why it will thrive?
Most cryptos are about speculation right now. Only a handful of projects are focusing on practical use like we are, I don’t believe there is only room for one cryptocurrency. Our approach and our community will guarantee that we aren’t going anywhere.
8. How will Pennykoin simplify the usage of crypto betting for mass adoption?
The 3 main tactics for the next 6–8 months are: Develop POS integration for Verifone and vend (these are popular cash register programs, Verifone are the card readers you see at gas stations, vend runs on Ipads and is used for restaurants and smaller shops), allow sending to a Bitcoin address from the PK wallet(send PK receive Bitcoin), and to keep growing the community and push public awareness.
If you can use Facebook and an online bank account, you should be able to use crypto, and that isn’t the case today.
This opens up MILLIONS of places to spend PK, and getting people to download & use it.
9. Who is behind Pennykoin? Backgrounds?
I’m the main developer for the coin, and the only one who isn’t anon right now. We have one other person who is helping with coin code, and many community members working on other projects (web wallet, funding site, trading bot to name a few).
I have always used computers and was an amateur programmer before I got disabled. Once I couldn’t work I had a lot of time on my hands and taught myself and did game development for a couple of years before moving to crypto.
10. How is/was Pennykoin funded?
Initially out of my pocket. Since then users have donated PK or Bitcoin that has covered our expansion (more servers, exchange listings, and hardware for development). It is 100% community driven.
11. Plans for exchanges?
We’re listed on letsdocoinz.com now, and we’ve dominated the volume there since listing. We have two more that are working on integration right now. We have been accepted to many, many exchanges, but lack the listing fees. As we start seeing PK prices rise we will see more donations and keep expanding that way.
12. What is/will be Pennykoin marketing plan?
Community, community, community. Say what you will about XRP and Electroneum, but they have succeeded at building real grassroots movements around their coins. Hopefully our goals and ideals will give people the same sort of excitement and motivation. It seems to be working so far.
13. What the governance of Pennykoin will be like by 2020?
I’m probably gonna stay in the “benevolent dictator” role for at least 5 years. I have very specific vision about our direction, and I’m not willing to budge to much on that.
14. Who are Pennykoin’s closest competitors, how different are they?
There are many privacy coins, but I can’t think of a single one that is focusing on the average user and everyday usage like we are. Privacy isn’t our main focus, it’s just a feature of sound money, so of course we have it.
15. What current partnerships Pennykoin has and what will be its purpose?
I’m hesitant to say partnership, usually that’s a lie in crypto. We have a licensed developer kit on the way from Verifone and are enrolled in their developer program. Verifone is estimated to have a worldwide marketshare of 45%. Almost half of the credit card reader/terminals you see will have the ability to accept PK.
16. Please share the tokenomics for Pennykoin.
We are a deflationary currency, like Bitcoin there will be 10 Billion PK ever minted, with 20% mined the first year. After that there will be 4 years at 10% and then an assessment of the situation. Tail emission (infinite money) is not on the table.
17. Current network statistics and growth analysis?
We have approx 70 full nodes active at time of writing, with a nethash just under 25MH. As we hit exchanges and unlock features, that will easily grow into hundreds of MH, providing a strong & fast network.
18. How much funds do the core team has in budget for development and marketing?
Actually none. We’ve just spent quite a bit of donations. In the past month we have received and put to use (two exchange listings, an Ipad, and Verifone edevkit) approx.15 BTC. I will keep developing PK without a salary, I have a small bag I’m growing through mining, that’s my check.
19. What will the roadmap look like after 2018?
The next 6 months are focused a lot on offline payments, but we don’t plan on ignoring online payments. We also have a hardware wallet/full node for less than $100 in the works, and plans to incentivize node ownership for a stronger network.
Thankful to @pennykoin1 for his time, honored to share a tiny bit of his life and his project, Pennykoin.
Interesting project, you guys should check it out if you are into tiny micro caps:
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DISCLAIMER: I AM NOT BEING PAID TO REVIEW PENNYKOIN.