POW tokens : Frequently asked questions

[Green Ocean]

A lot of people, including me, have some questions about this new launched token.
Well, here's an overview from their FAQ section.

ALL ABOUT POW 'LITE'

WHAT IS MY POWTOKEN.COM ACCOUNT FOR?
Your POWtoken.com account is for sending and receiving POW 'lite' to and from your friends. Initially we have integrated with Facebook, but will soon roll-out more social media platforms that can be used. All the free allocations of POW 'lite', are simoultaneously represented by a real ERC20 token on the blockchain. These real ERC20 POW tokens are held in a single ETH account on the Ethereum blockchain. Your individual holding of POW 'lite' is kept track of using a centralised database and is 'off-Blockchain'. The POWtoken.com site operates that database and gives you access to your POW 'lite' and the ability to transfer it to friends (currenctly restricted to your Facebook friends, but soon to be including your friends on all the major social media networks).

ARE THERE ANY FEES?
There are zero transaction fees on transfers when you send or receive POW 'lite' between other POWtoken.com account holders. At some point in the future we may introduce a small fee to cover the running costs for the centralised servers. If POWtoken.com proves to be a massive success, the costs of a centralised server could be start to be quite large and will require a small fee to be added to each transaction. This fees would likely be just 1 or 2 cents per transaction which is still a fraction of the costs of making similar transactions on the Blockchain currently.

CAN SOMEBODY SEND ME POW IF WE ARE NOT FACEBOOK FRIENDS?
No, but there is a simple solution - send them a 'Facebook Friend Request' and as soon as they accept, they can log back into POWtoken.com and they will see you have been added to the list of contacts that they can send POW 'lite' to. In the next release we are planning to allow users on POWtoken.com to send POW 'lite' to other account holders who are not their Facebook friends - this will for instance allow you to be paid for service and goods from people who you do not know.

CAN I SEND POW TO A SOMEONE IF WE ARE NOT FACEBOOK FRIENDS?
No, but there is a simple solution - send them a 'Facebook Friend Request' and as soon as they accept , log back into POWtoken.com and you will see they have been added to the list of contacts that you can send POW 'lite' to. In the next release we are planning to allow users on POWtoken.com to send POW 'lite' to other account holders who are not their Facebook friends - this will for instance allow you to pay for service and goods from people who you do not know.


CAN I SELL POW 'LITE' FOR CASH?
Not yet. But our plan is to build a 'bridge' between POW 'lite' and POW ERC20 by December 2017. This bridge will allow you to transfer your POW 'lite' onto the Ethereum Blochain where it will becom POW ERC20. You will then be free to sell your POW ERC20 for cash. So, in the long term, the answer to your question is yes.


WHAT IS POW ERC20?
POW ERC20 is an Ethereum Blochain asset or 'token'. Ethereum is the second largest cryptocurrency on the planet. Ethereum is slightly different to Bitcoin in that it is designed to allow 3rd parties (such as POW) to create 'Tokens' which piggyback on the Ethereum Blockchain. It means that you get all the benefit of a Blockchain, without the need for creating a network of miners to keep the ledger up-to-date. Of course, the miners have to be paid, which is why transaction costs on the Ethereum network are actually quite high. Our innovation is to 'lump' all the users accounts together (rather like a nominee service does for equity holdings) and keep them on a single ETH address (ETH or Ether, is the currency of the Ethereum Blockchain). We then get really creative by issueing the users with POW'lite' which they can trade with other POWtoken.com account holders, with zero transaction fees. The POW'lite' collectively add up to the total number of POW ERC20 being held in the single ETH account designated for this purpose. As we talk about elswhere in these FAQs, the plan is to create a bridge between the POW'lite' world and the POW ERC20 world, by December 2017.