The Snowballs Experiment

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BALLSA lot of Alt-Coins exist in the Crypto sphere nowadays. Most coins use technology that is either Proof of Work, Proof of Stake or a hybrid Proof of Work/Proof of Stake system. The major difference between these two systems is that miners of Pow coins use the power of their hardware to “mine” the coins in contrary to Pos coins that blocks are split relative to current wealth, so someone possessing 1% of the coin currently in existence could “mine” 1% of the Proof of Stake blocks. This percentage depends on the coin. Enter Snowballs coin.

Snowballs coin is a hybrid Pow/Pos coin with 1.000.000 coins Pow phase followed by a humongous 5000% Pos stake phase. This adds up to 13% stake daily on the coins being staked. It is the first time a coin uses such a large stake gain which makes the coin unique (most Pos coins have a stake of 5%-100% per year). Snowballs is based upon Peercoin (PPC) which is the first ever Pos coin created. Peercoin is an altcoin that has been around a long time and is very well established. Snowballs coin team are offering a Raspberry Pi called The Snowball that will be used as dedicated staker. Not only is this Pi a live, hardware wallet, but depositing coins to the addresses in this device will ensure your coins are always ready to stake on a stable, secure storage of wealth. This unit run nonstop powered by a small cell phone charger and consumes minimal power. Snowballs also has a Multipool that mines other Altcoins and pays out in Snowballs which is one way to get your hands on Snowballs. A faucet is also available for newcomers and a dice game for risk takers. The coin is accepted in 5 exchanges and is traded vigorously. The community is steadily growing in the social media scene and is gaining more and more exposure. The current market cap of the coin as we can see here is 31,000$ with a daily 24 hour volume of 20 BTC and the available supply of Snowballs is 2,187,367. The Snowballs coin is a relatively new coin with staking launched at November 2nd at 12:00:00 GMT with the ending of Pow phase .The Pow algorithm used was SHA256 which is the same algorithm as the notorious Bitcoin with 40 BALLS reward each block over 25,000 Mined PoW Blocks. Another thing to keep in mind is that transaction fees are destroyed as an anti-inflation measure. The developer also features a rewards program which proposes that each Snowball customer that chooses BALLS as a payment method for The Snowball Pi will receive some free Snowballs per purchase as a rebate.

The Snowballs team had previously created another altcoin named Maieuticoin which at the time of the writing of this article has a price of 7.3 $ which is a very high price for a Pos coin and also has a very active community.

The following quote is from the Snowballs ann thread

“The short mining phase ensures we have widespread coin distribution to ensure a smooth hand off to a Pure Proof of Stake network”. This screams volumes of what the intentions of the developers are. I think that just like Maieuticoin and Peercoin the Snowballs coin has a bright future in front of it but its full potential will not be realized until altcoin mining using Pow becomes so energy hungry that destroys its self. Several years need to pass in order for something like this to become a reality but on the other hand users can hold their Snowballs and stake them getting more coins daily.

 

Links for further reading:

 

Snowballs ANN thread

 

Maieuticoin ANN thread

 

Peercoin ANN thread

 

What is Proof of Stake

 

What is Proof of Work

 

The Snowball : Game Changing Hardware

 

 

 

 

 

 

 

 

coinmaker

Blockchain enthusiast. Mining 24/7, trading altcoins, leasing hashing power and searching for Sasquatch

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