PakCoin – Pakistan’s Cryptocurrency
PakCoin (PAK) is a cryptocurrency that was created in 2015; it’s branded as a digital currency for the Pakistani people. Pakistan is a country in South Asia that borders Afghanistan, Iran, China, and India and is along the coastline of the Arabian Sea which is part of the Indian Ocean. It is the 5th most populous country in the world with a population of 210 million, the 33rd largest country.
It has a land area of 882,000 square kilometers, and a gross domestic product (GDP) in excess of $250 billion. Its national language is Urdu and over 96% of the country is Islamic, with the remaining few % comprised by Hindus and Christians. Pakistan also has the 6th largest armed forces in the world including a nuclear weapons arsenal; it is the only Muslim nation that has officially and openly declared itself a nuclear weapons state.
Free PakCoins For Signing Up
The first 150,000 Pakistanis who sign up and show proof of citizenship get 50 free PakCoins, ensuring that 7.5 million of the coins will be airdropped throughout Pakistan. Another 10 million or so coins were premined by the developers to help fund their project. This coin is said to essentially be a copy of Litecoin and uses the proof-of-work (PoW) Scrypt algorithm, where miners cryptographically hash transactions into blocks and add them to the blockchain in order to maintain and secure the network.
Scrypt PoW can be mined with computer processing units (CPUs), graphics processing units (GPUs), and application-specific integrated circuits (ASICs). 50 PAK are rewarded to miners per block and there is a new block every minute; this means transactions using PAK are 10 times faster than Bitcoin. Mining rewards halve every 3 years, and ultimately there will be a total supply of 182 million PAK.
Not A Good Investment Choice
As of this writing, 52 million PAK have been mined, and with a price per coin of $0.004. this yields a market cap of $203,000. This is quite a low market cap in the cryptocurrency world, and combined with daily trading volume of less than $1000 it indicates that PakCoin is not very popular or widely used. T
This is often the case with cryptocurrencies like PAK who bring nothing technologically unique to the table, and copy all their technology from popular cryptocurrencies. It is a bad idea to invest money in this crypt, but it might be profitable to mine it since it’s network difficulty is low.
If you like this article, please check out our magazine!