PALNET: The dazed and confused user guide
Since we released https://www.palnet.io into the wild yesterday there has been a lot of enthusiasm but also a lot of confusion. I get it, these tokens are so new, and for those that haven't been keeping a close eye on https://steem-engine.com/ the concept can be difficult to wrap your head around. Our team has been trying to field as many questions as possible both in discord and on the chain, but personally my sloppy little fingers can only type so much so I will try to consolidate the most asked questions into this post ٩(θ‿θ)۶
What is PALnet (https://www.palnet.io)?
The simplest way to explain it is to think of it as just another layer on top of the Steem blockchain. This isn't a fork, we don't have a new chain, the witnesses etc. are all the same. Everything you do on palnet will also reflect on steemit/steempeak/busy etc. That includes posting, commenting, resteeming and voting.
What is PALcoin?
Palcoin is our own token that is similar to Steem but also has some differences:
- In order to reward PALcoins you need to stake your PALcoins (PAL power!)
- PAL stake will only reward posts using the palnet tag
- Author/curation rewards favour curation, they are currently set for 50/50
- Powerdown for PALcoin is 4 weeks
- each user will have one free downvote a day that will not impact their PAL VP (please note that this will impact your steem VP)
How do I get PALcoin?
Currently there are a number of ways:
- There will be a claim drop to active users of steem who are in good standing, this should happen very soon. We will make a post and also @everyone in the server as an alert!
- Posting! You can already earn PALcoins by posting through palnet.io (which will add the tag palnet automatically), or by adding the tag manually where you normally post (steemit/steempeak/busy/partiko etc.)
- If someone holding staked PALcoins votes you, you will earn PALcoin
- Proof of Interaction, this one is fun, we highly value active community members so have set aside a portion of coins to reward active chatters in the PAL server. We are currently working on setting up a faucet for claiming coins.
- Buying tokens, tokens can be bought on https://steem-engine.com/
- Buying a miner. We have two options available, PALM (palminer) and PALMM (palmegaminer). These tokens allow you to mine PALcoin. The megaminer is 4 times more powerful than the miner for only 3x the price.
What can I do with my tokens?
- Stake them! You can stake your PALcoins and reward other users through voting, remember the curation rewards are 50/50, and we hope this change will encourage more content curation :)
- Trade them for votes from the @minnowsupport account, this is currently in the works and is expected to be up and running shortly!
- Buy ads, users will be able to trade PALcoin for promoted posts on the palnet.io platform
- Sell them, the tokens can be bought and sold on https://steem-engine.com/, but why would you sell ;p
- Other fun stuff! We are looking into options where user can trade in PALcoins for custom badges in discord or on palnet.io just to spice things up.
Overall I have been quite pleased by the amount of people posting with the tag and I think people seem excited to try something new!
I hope this has cleared up the main questions about PALnet, if there is anything crucial I have missed or you still have questions ask away in the comments and I will do my best to answer and amend the post :)
I highly suggest reading the full white paper here: https://www.palnet.io/minnowsupport/@minnowsupport/palcoin-launch-a-revised-whitepaper-and-token-launch-by-the-minnow-support-project
If you would like to join us in the PAL discord: https://discord.gg/ndmbb84
Update about claiming your coins!
Since this post came out we have released the claimdrop. You can check if you have coins to claim by visiting https://steem-engine.com and looking for the little PAL icon on the upper left , just click and claim your coins!
Once you have claimed refresh the page and they should appear in your wallet. To stake the coins (this is needed to vote palnet posts!) click the little lock icon on the right side and choose to stake a specified number of coin!
This really explains it all very well, will plug this link as an answer to people with questions! :D Got some already. I’m excited!
Posted using Partiko iOS
Thanks soyrosa, we have been answering questions all day so I think it was easier to simplify the explanation, practice makes perfect lol!
@vachemorte hit me up on discord...made my first palnet tagged post tonight! Technically I added it 45 minutes after posting....is there a window for adding it?
I have been told that you can add it later and it should be fine, not sure if a time window but I don't think so. If you post from palnet.io it adds it automatically
Posted using Partiko Android
Much wow. Such explain.
For real, thank you.😍
My pleasure Carrie 😘
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This is fun. I claimed, staked PAL, and I bought and staked 1 PALM, just to try all of this out. 50/50 author/curator rewards should be interesting!
Yeah I am excited about the curation rewards, I hope it will encourage more voting!
btw, funny how, earlier today, I responded to @sanderjansenart on a comment on Wiley Wiggleface and the movie 'Dazed and Confused' was dropped, due to the actor Wiley Wiggins ( who I met in the Netherlands ). Further info here - make sure to scroll down to the comments section
Thanks for the explanation of what Palcoin and Palnet is. Was just wondering, when will we be able to claim the PAL airdrop and how do we claim? Thanks.
now - https://steem-engine.com
O cool. Thanks for that.
So if I post here in PAL net, it will also show in Steemit? But what I post in steemit doesn't show here? :/
If you post on steemit it will show here if you use the palnet tag :)
But the inverse is not true, posting in palnet will not show in Steemit?
Yes everything you do here will reflect on steemit!
Only to earn palcoin though I believe? I posted on Steem peak using the palnet tag and it did not show up in my feed here.
There is some issue with a delay this evening that the Devs are looking into, but after the kinks are ironed out it should and has worked already 😊 basically this frontend sort all steem post by the palnet tag and displays them here!
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if i post here on palnet, do i earn steem and palcoin?
Yes, if you get voted by people with pal staked you will get palcoins, if they also have steem staked you will get steem also :)
So this is palnet is just a reward platform on top of steem like steempeek, but is more designed like steemit? Reward tokens for diferent platforms on top of steem reward system is nothing new though. I see how others could build on top of this with more freedom if steem-engine is part of this layer. That is very intresting with layering on top of layering this like this alows maybe.🤔
How do you mine, why is mining needed and where do you buy the miner??🧐🤓🤑
Yes it's another steem interface like steemit or steempeak etc. but we have our own token running on top of it. You can buy the miners on steem-engine.com, stake them and they will mine palcoins :)
This is a very good guide of all the basics thank you I will start to link to it as it is a faster read than the whitepaper. I am glad to be staking my coins now and trying now this new spin on steem.
haha yes TLDR whitepaper :) welcome aboard!