What You Need To Know About PIRL
Blockchain technology seems like a bottomless pit of innovations. The platform never is always churning out new ventures and projects. The latest would be the use of Masternodes with cryptocurrency. While most are yet to hear of this, the trend is picking up around blockchain ventures. So, when I came across a platform set to incorporate Masternodes, I was interested in learning more.
Pirl is set to become the first cryptocurrency on the Ethereum network to use Masternodes. The community-based platform will facilitate trade transactions using an open source philosophy, where everyone can contribute. Through a Proof of Work (PoW) system, the platform will use smart contracts to secure the transactions in an automated way.
The mention of Masternodes may be new to some. But, the technology is gain traction within the crypto world. Apparently, Masternodes are a form of cryptocurrency with a full node or a wallet which keeps a real-time copy of the blockchain. Nevertheless, the team at PIRL declared their project as not a token, ICO or Ethereum.
The Masternodes works with three parts: an operator, a bond of a cryptocurrency with Masternodes functionality, a server and Masternodes rewards. It is the use of servers to provide services to a crypto network..
The particular functions that come with Masternodes do have benefits to the blockchain user. For starters, there is the better privacy of transactions compared to common crypto like Bitcoin, which rely on Bitcoin full nodes. And with better security, Masternodes can be applied in governance, voting and even treasury system.
Additionally, you can have instant transaction whenever you need. That is a huge step forward from the slow bitcoin transaction pace.
Since PIRL is a community-based system, the platform provides a marketplace for its users to trade goods and services. The exchange will work on smart contracts to ensure security and safety of the users and transactions. The marketplace platform will use PIRL crypto as a medium of exchange. The cryptocurrency will have a unique wallet that is made available to users on PIRL.
To trade on Nautilus, you will need to access PIRL through two ways provided by the project. One is by mining through the Pirl in pools. Each pool will provide a different rate of mining speed, and here the user can choose what is best. Some of the mining networks include Coin-Miner, Crypto pools, Digital Pool and HPPCG Pools. There are also Pirl exchanges which allow the trade of Pirl. As of now Crytopia and Stock. Exchange are the only sites that list Pirl.
How Do I Get On Board?
The PIRL project is showing definite signs of future potential. However, these are not a guarantee that the crypto will be a success. Moreover, once the Masternodes technology picks up the crypto is going to face competition from a similar program. The mining process is also a bit hectic, with the user interface proving difficult for most people. Still, the team is on course to make an easy-to-use GUI.
The returns are also not so profitable since the mining rate is low compared to the value of Pirl. At the moment, the Pirl project is not a recommendation for an investment plan. The project is still in the upcoming phase and yet to stabilize as a potentially profitable platform.