DISCLAIMER**I am not a member of Pirl and have not been paid for this blog. You should not take this as investing advice of any sort. If and when I am interested in a project, I simply post my thoughts and rational**
Starting with Fundamentals
A cryptocurrency is only as strong as its community and a community will only believe in a cryptocurrency if it provides
- Adequate incentives
- Something that people can generally understand and believe in
These are some of the basic fundamentals I look for when evaluating a new cryptocurrency; consider them as true north in case you become lost in this ever-expanding sea of coins.
While traveling back from the Ethereum Classic Summit in Hong Kong a new coin called Pirl caught my eye as mining profitability seemed to spike overnight (fundamental 1) and almost no one was talking about it. I commenced with my standard cadence of looking at the Pirl Bitcointalk announcement and checking out the Pirl Subreddit for additional information. I found a small but excited community that was highly engaged and active in the project. So much so that a community led marketing campaign to expand the subreddit subscribes took place and successfully captured 200 new subs in 3 days. Once complete, community manager @oliveskin proceeded to tip all users who submitted proof of their campaign efforts in their Discord Channel… (again fundamental 1)
At this point, I was excited to learn more about the project and decided to check out their website for additional information. I usually look at coin/token websites last because I want to know if the community understands and believes in the project first before I’m beaten over the head with the sales pitch.
So what is Pirl?
I had a few questions and their FAQ answers some of the difficult questions. Something most projects never do. (fundamental 2).
The masternode on Ethereum concept is quite the draw since this is a mineable coin with a block time of only 13 seconds and reward of 10 PIRL. This combined with 0 premine and a built-in dev fund makes for a scenario in which the core team must work and produce results to generate funding for themselves via coin price.
- No whitepaper – The whitepaper is a staple for a coin and one that is well-thought-out signals proper planning for core team. I reached out to core team on Reddit and will provide updates if a whitepaper is provided (fundamental 3).
- No upper bound to total supply – On their website, Pirl says “this is because of a high burn rate by means of our unique voting system as well as the pirl marketplace platform.” [edited typos] but without an understanding of this burn rate, it’s hard to judge the efficacy of this statement.