POW Token is a digital token currently being released for free through an airdrop to anyone with a Facebook account. Find out how the token works today in our review.
What is POW Token?
POW Token, found online at POWToken.com, describes itself as “like free bitcoin.” You can claim your POW token for free on the official website. all you need to do is click “Login with Facebook”.
POW is a cryptocurrency being distributed to all users of Facebook and Twitter. If you use Facebook or Twitter, then it’s completely free to get an initial allocation of POW tokens. The earlier you claim your tokens, the bigger your reward will be.
What’s the point of these free tokens? POW tokens, like many other cryptocurrencies, can be sent and received with zero transaction fees with your Facebook friends. That functionality is already in the currency. Twitter functionality is expected to be added shortly.
Overall, POW Token describes itself as “a free and riskless investment.” Since the tokens are being genuinely given away for free, that certainly seems true.
How Does POW Token Work?
POW Tokens are standard ERC20 tokens on the Ethereum blockchain. Obviously, there are hundreds of ERC20 tokens on the Ethereum blockchain. So what makes POW Token unique? The developers identify two unique features, including:
POW “lite”, which is the non-blockchain version of POW. It’s held in the POWToken.com account and allows holders to make free transactions with one another. POW “lite” will be fungible with the ERC20 POW that exists on the blockchain.
A global airdrop of POW “lite”, with a sufficient supply to be claimed by every person on the planet. You can claim your POW “lite” tokens by logging in with your Facebook or Twitter account.
Because of the unique airdrop distribution, explains the official website, “POW has the potential to be the most widely held currency on the planet.”
When a cryptocurrency is airdropped, it means it’s given to users for free. It’s an alternative distribution method to ICOs. Some companies have used airdrops in conjunction with ICOs to distribute tokens.
POW Token’s airdrop is achieved using third party validation and verification service provided by Facebook for “apps”. When you install an app through Facebook, you authorize that app to access certain account details. POW Token takes advantage of this function.
POW Token doesn’t restrict users from signing up to the platform with multiple accounts. Although only Facebook is supported by the platform so far, the long-term goal is to add support for Twitter, Instagram, Reddit, and Weibo.
“…users with more than one social media account will get more than one allocation. People have different networks of friends in different social media communities, so why punish them for this?”
Ultimately, this unique airdrop distribution structure is designed to encourage early adoption.
Meanwhile, the five founders of POW Token are sharing 6.83% of the total number of ERC20 POW tokens being issued. In addition, 1.50% of the total supply of tokens is being allocated to Bitzza Limited, a UK-registered company owned by the founders. That company and its allocation will cover the costs of operating the centralized databases and any other costs that arise. Aside from these token allocations, POW Token is not seeking to raise any money from an ICO, nor are they seeking funding from other sources.
Full technical details of the ERC20 token are available on the official website.
The airdrop also has a unique structure where the first claimant received 10 billion POW “lite”, and every 10th, 100th, and 1000th claimant gets additional tokens throughout the sale.
Who’s Behind POW Token?
POW Token was created by 5 tech industry professionals.
The company (including the company and its founders) is collectively being issued 19.3 billion POW. Once there have been 1 billion claims for free POW, the combined founders’ allocation will be equal to 6.8% of the total issued POW. That is the only way these individuals are being rewarded: there are no salaries or expenses being paid to the founders.
Co-founders of POW Token include Simon Wajcenberg, an entrepreneur with 15+ years of experience in online and mobile advertising who is now managing a systematic hedge fund called K1T Capital.
Four of the founders each have a 25% stake in Bitzza Limited, the UK-registered company in charge of POW Token development.
POW Token is a token being given away for free through an airdrop to anyone with a social media profile. The very first claimant received 10 billion POW “lite” tokens, with the number of tokens descending over time.
The tokens are being given away for free. However, the founding team still believes POW Tokens have value. That value comes from the fact that they can be exchanged globally at a transaction cost that will never exceed 1 or 2 cents.
To learn more about POW Token, visit online today at POWToken.com. You can continue claiming your free tokens using your Facebook or Twitter profile.