What is PoS and why is TEK different :
PoS stands for Proof of Stake which can be easily summarized as a method of “mining”/minting for a coin, where you store your coins in your wallet for a certain time so that they mature, and then they will have to stay there, without being moved, so that they can go through the initial staking period, and after this period you will be rewarded extra coins. If you would like to go through more of PoS’ features, then visit this nice summary by Mullick which is slightly outdated but still resourceful : https://cryptocointalk.com/topic/700-proof-of-stake-explained-rough-draft/
What makes TEK different from other PoS coins is that it’s what I like to call a Hyper PoS coin. A 40% stake per month is ridiculously high when compared to other coins, which i’ve only seen go up to 10% per ANNUM, but then it makes you think “Won’t this make the coin unstable?” Well I can happily state that TEK has proven to be stable since its launch last year September which just goes to show how the community backing the coin. What might surprise you even further is that after one year of staking, you will result in around 500% of your initial investment, meaning 1 coin staked for 1 year would compound to around 450-500 coins by the end of the year, which is why its best at being a hyper stake coin.
Coin past :
It’ always nice to know the origins of a potential investment, and TEK’s one is quite an interesting one. So automatically I thought the best way to find out was a Q and A with the dev, ThunderToe.
Q: Why did you create TEK?
A :I had already done the Scrypt concept with HBN and Tranz took that over (awesome! i knew it was better off in his hands. looks like i made a good call Smiley ) and wanted to work on the next project along the same lines but push the stake concept more and try sha256.
Extra : Yes, TEK’s developer was the founder of Hobonickles.
Q :Why the SHA algorithm?
A :At the time it was in concept and released ASIC was just coming down in price enough to put them in a lot of hands,(erupters and blades etc just getting to the price point of massive adoption) and there wasn’t many SHA coins to pick from(Aug/Sept).
Energy efficiency has changed since for all the mining gears, however TEK’s design is such that the PoS can move the chain efficiently and keep it secure. If you watch the profitability of mining TEK it almost always stays lower than BTC, and if it jumps higher it won’t stay long.
TEK doesn’t need a lot of hash power to be secure, you can’t 51% with hash alone on a PoS coin. You can’t lock the chain of TEK with large PoW miner drop off, or with a sudden massive increase like a multi-pool hitting it. Its been done and it was not an issue when it happened.
Extra :This is just another show of example of why TEK is good, since it doesn’t rely on one thing or the other, it can survive with small amounts of hashing power, giving the coin a good survivability factor.
Current status :
At the moment, TEK has seen a nice adoption rate, with the new Chinese ANN out it seems to have peaked the interests, rising up to 10BTC market volume daily on Cryptsy, which is quite high for a coin of this nature, especially with a stake % this high. Now with a new daily volume of +2BTC and an even better new floor of 0.0007BTC per coin, it seems that TEK is attracting some attention, yet still hasn’t gotten the attention of the mainstream crypto market, but nevertheless an increase of 0.0003BTC ( 75%) in one week with a stable market shows that this coin is worth an investment and also that it’s still undervalued.
Market movement :
When the coin had started off, it was crazily, as when it started trading at Cryptsy, November 2013, it had a 24 hr low of 0.00003 for quite some time until it shot up to an average of 0.0001 in December, and then having some wild swings ranging from 0.0001 to 0.0007 for a few months, until it reached may-june where it experienced a steady rise from 0.0003 to 0.0004, and then a steady rise to 0.0007 up till now where it has remained stable. TEK has really impressed me personally, as it has been shown to be able to withstand many heavy dumps, I even witnessed 10’000 coins in one day getting gobbled up by buyers (5BTC at that time) which shows that when unbelievers decide to dump, there are always people there that have faith and back the coin. Currently I predict that the coin will see a little more increase in value, and then will have a nice floor that will remain stable.
Future plans :
Q :What have you planned for the future of TEK?
A :The future has some nice surprises in store TEKcoin. We will see multiple new services and merchants appearing for TEKcoin. The high stake payments will open up a few unique service site opportunities that crypto has never seen before.
TEKcoin mintage rate will increase, volume trend is matching this curve in an upward trend. More mintage means getting TEKcoin in more hands. Market acceptance and awareness will continue growing. TEKcoin’s long term stability and profitability will continue to attract strong investor hands that use the power of compounding interest. The steady swings of people flipping the stake and investors trying to buy is likely to continue bringing in the attention of day traders wanting to trade an active spread. TEKcoin is going to become very well known in 2014.
Coin specs :
Proof of work/Proof of Stake.
SuperStake eligible in 30+ days at around 40%
1 minute per block.
1 coin per block.
Infinite coin supply.
1440 PoW coins per day.
TEK : BjMZ3y1SdpwfHyoqmUXGTpDCvStkdK55JW
BTC : 1PytRhHh14Qv9KNBTfMYnbDHX4ENQ5a3Aa