Bitcoin has become an example to follow for many crypto projects that try to develop a new decentralized payment method. One of them is Picacoin - a cryptocurrency that aims at becoming a universal decentralized coin that is separated from the state. Can it survive among dozens of other Bitcoin alternatives and will it attract investors?
Look: this Picacoin review will shed some light on this project and explain its main idea and goals.
Table of Contents
What is Picacoin (PIC)
Picacoin that is set to be listed on crypto exchanges as PIC is a cryptocurrency developed by a team of crypto enthusiasts who aim at creating a decentralized currency that is out of the state control. It means there are no nodes that have full control of the funds and no one can ever take coins from their holder. Another purpose of this project is to increase the awareness of blockchain currency innovation since Bitcoin has already created the foundation but has not managed to become a universal banking method based on blockchain technology. Picacoin creators hope their project will do that!
How does it work
According to the whitepaper, Picacoin uses a blockchain protocol where numerous blocks are added to. To have a full understanding of this technology, it is necessary to think of blockchain as a chain of blocks organized by date starting from an early one and finishing with the most recent one.
A great role in this process is played by miners who discover blocks and add them to the chain by performing intensive cryptographic calculations to verify blocks. Miners try to find a certain hash or a string of characters that require lots of calculations and when they manage to solve this puzzle the first, they get a reward - a Picacoin block. They use the SHA-256D mining algorithm for this purpose.
Problem and solution
The main problem that should be solved by Picacoin is removing third parties from taking control of the money earned. Traditional banking systems manage other people’s money, while blockchain technology is absolutely transparent and public, so it is impossible to make shady stuff with it. Picacoin should become that decentralized payment tool that will make life and money management easier.
Features
What are the main features of Picacoin? Currently, there is not much information about the project, so they are limited to the following:
- Decentralization.
- SHA-256D mining protocol.
- Desktop wallets for Windows and Linux.
- MIning pool called solopools.net.
- A blockchain explorer.
How to earn Picacoin
Currently, the only way of earning Picacoin is mining. You can join the pool and start mining Picacion blocks. However, since the ambitions of the development team are quite impressive, probably, the coin will be added to popular exchanges too. The total supply of coins planned is 21 million PIC.
Picacoin wallet
There is a native desktop wallet to store Picacoin. You can download two versions on the official website: one for Linux and one for Windows.
Pros&cons
Picacoin is only at the beginning of its way to success, so there are strengths and things that need improvement too.
Pros:
- Decentralized;
- Available for mining:
- High network security;
- Native desktop wallet.
Cons:
- No information about the development team;
- Lack of details about the coin;
- Use cases are not explained.
F.A.Q
What is Picacoin?
Picacoin is a decentralized cryptocurrency launched with the goal to provide money holders with their funds management.
Where to store Picacoin?
There is a native desktop wallet for Windows and Linux OS, but this crypto can be also stored in hardware and paper wallets too.
Is Picacoin available for mining?
Yes, it is. There is an SHA-256D mining protocol that allows discovering new blocks in the pool.
What exchanges is Picacoin listed on?
Currently, Picacoin is not listed on crypto exchanges, but the team is working in this direction.
Summary
Picacoin is a new player in the crypto market that welcomes new participants and contributors. Being a very young project with no Picacoin reviews, it has very ambitious goals, but will it be able to fulfill them? Let’s find out in some time.
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