The Potential of PIRL

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

  1. Adequate incentives
  2. Transparency
  3. 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?

Pirl is an Ethereum-based, ASIC-resistant cryptocurrency, that will eventually provide masternodes and a marketplace to customers to purchase and sell goods.

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.

Possible Concerns

  1. 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).
  2. 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.