A Small List If You Are Pressed For Answers
Don’t Fret. Read This Article Instead.
PURA Vida everyone! We all know the situation. There you are, sitting in the coffee shop with your friend, sipping your drink. You are telling your friend all about PURA. He has a few basic questions. He says he’ll be sure to check PURA out and the next time you meet, he’ll let you know what he thinks. And as the discussion evolves around crypto the next time the two of you meet, he has all these more detailed questions. All of a sudden you don’t feel quite “firm” about your passion for PURA anymore. You are nervously awaiting the next question and hope you have the answer. Well, fret no more because today the PURA Team has the answers to the ten most, ahem, “uninformed” questions and statements about PURA.
1. PURA cannot really be considered decentralized because of its masternodes?
There are over 700 masternodes which means PURA is more decentralized than other coins. Bitcoin has over 9.500 full nodes but a larger market cap and you don’t need to lock up Bitcoins to run a full node. BTC would need to have about 2.8 million full nodes to reach the same level of decentralization based on the calculation that BTC’s market cap is 2800 times that of PURA. There is a large number of Masternodes because they are financially incentivized to serve the network. Bitcoin nodes are not.
2. A government could just buy all the masternodes and control the network?
A stake of 100.000 PURA is required for running a masternode. At a recent price of around 10 dollar cents, this is equivalent to a stake of US$ 10,000 per masternode. It would cost some million USD to buy all masternodes at this price, provided the price did not rise during the attack and PURA holders are willing to sell at this low – which is nearly impossible. However, trying to buy this amount of PURA in the face of limited supply could easily cause the price to increase 30-fold, making the attack very expensive.
3. The price of PURA is artificially elevated because so much is “locked up” in masternodes?
The stake for each masternode is not locked up. Masternodes can be taken offline and the PURA sold at any time. The ratio of the amount of PURA locked-up is probably similar to 50 percent of Bitcoin held in cold storage. The difference is that Masternodes serve the network and get paid to do so.
4. PrivateSend isn’t private because masternodes could spy on the network?
Masternodes are selected randomly in a PrivateSend, mixing transactions. Each coin is mixed through different masternodes multiple times before it can be spent via PrivateSend. Even if an attacker controlled 25% of the masternodes, the odds of tracking a transaction through eight rounds of mixing is less than 0.004%.
5. PURA has poor privacy because PrivateSend transactions are not mandatory?
PURA has optional mixing through PrivateSend which has never been broken. If a merchant didn’t want to accept mixed coins because of their unknown previous history, the merchant could simply be sent unmixed coins. Also, normal transactions are much smaller (in kb) than other private protocol transactions, so on-chain scaling is simpler. PURA offers the best combination of normal, instant and private transactions for all user needs.
6. PURA is a coin swap scam?
There are many challenges involved in the issuing of a new coin, especially as the vision and goals from the backing team keep developing. PURA started as PuraVidaCoin (PVC), which was mined for about one year by thousands of people around the world. The technical foundation of the PVC blockchain was insufficient for the implementation of future improvements. ICASH could supply this foundation, so they partnered up with PVC and evolved together towards PURA through a coin swap organized by the PVC team for PVC holders and the ICASH team in work with exchanges for ICASH holders. The swap was successful. Within two weeks, the price rose from US$ 0.03 to US$ 1.08. This development marked a great success for ICASH holders as they had never experienced such substantial price movements over the previous years.
7. PURA is a scam because a huge amount of PURA is owned by only a few people?
At the moment, the top-ten wallets hold 30 % of the coin supply. Three wallets belong to exchanges, where the coins are owned by users who store or trade PURA there. One wallet is for the PURA Bounty Program and another is reserved for PURA Planet.
Thus, these PURA are not owned only by a few but many. There are also over 700 masternodes, which are owned by hundreds of people. Most of these people share the PURA Vision and have been supporting the project since its very beginnings, despite the fact that there were no exchanges and no price for more than one year. Many of them were among the early adopters and supporters from the start and deserve their stakes. PURA now has over 40,000 unique addresses with balances less than a year old, thus there are thousands of people who own PURA coins.
8. PURA has few developers and very little activity on GitHub?
The unique PURA treasury system currently pays about thirty people (and rapidly growing) to work full-time on projects, as well as several part-time staff and contractors. GitHub may appear inactive because development of PURA is taking place in private repositories for competitive reasons. PURA features various USPs, thus it is important that the code remains private until it is released.
9. PURA is a Ponzi scheme because masternodes earn a return on their stake?
Full masternodes require 100.000 PURA and serve the network by running robust full nodes, which process private and instant transactions. In return, they earn 50% of the block rewards that are paid when new blocks are mined. This provides a return of approximately 2.5% annually to masternode owners. With most currencies, 100% of the block reward is paid to miners who spend most of the block reward on electricity, hardware and personnel costs. Each masternode has also the right to vote on budget proposals that request funds from PURA Treasury to finance PURA projects.
10. PURA is just a marketing gimmick?
PURA is a next-generation cryptocurrency similar to DASH but with many features such as
- AI Blockchain
- PURA Planet
- Proof of Acceptance
- Mobile Mining
- Auto-Updating Wallets
- Push-to-deploy Masternodes
- Common Nodes
PURA´s unique block reward system reserves of each block reward:
- 10% for PURA Planet – a decentralized self-funding budget system to fund environment and social projects
- 4.4% for PURA Governance System – a decentralized self-funding budget system to support development of the currency, reimburse developers and to fund promotional activities such as conferences and marketing
- 10% for Proof of Acceptance – a decentralized self-funding reward system to reward merchants who accept PURA as payment
- 4% for Common Nodes – these require only 1000 PURA and were established to reward regular users for holding PURA and for running a node on a wallet
- 51.6% for Full Masternodes
- 20% for Miners
With these answers, you are now all set to convince your friends to start with PURA. For even more information regarding PURA, PURA Aurora AI, and the PURA wallet, please read the PURA Whitepaper.