PlatinCoin (PLC)

PlatinCoin aims to provide fast, inexpensive, international and secure transfers.

In the future, the PlatinCoin development team wants to introduce the ‘PlatinCoin Debit Card’ with the goal to contribute to the commercial viability of PlatinCoin.

Though this is only a promise in their whitepaper, no proof of any progress of this is offered. PlatinCoin claims that more than 200,000 individuals from over 100 different countries have already registered as partners of the PlatinCoin, which seems rather hard to believe.

PlatinCoin doesn’t seem to add any new features, compared to other existing cryptocurrencies. PlatinCoin offers a “Partners promote Partners” program, a scheme where a user can earn extra coins by sharing their referral link.

There is a total of 11 levels (10%-4-5-6-7-1-1-1-1-1-1%) where members can take advantage of, which certainly makes it look like a pyramid scheme. BaFin, the financial regulatory authority for Germany, has issued an investor warning against Alex Reinhardt, the founder of PlatinCoin and against PlatinCoin itself.

PlatinCoin runs on the same codebase as Litecoin and uses a Proof-of-Work (PoW) mining algorithm. The block size is 4 Mb and a new block is mined every ~90 seconds.

600 million PlatinCoins were pre-mined, though only 700,000 PLC is currently circulating. PlatinCoin claims to have developed their own unique mechanism for processing transactions and calculating fees: the PlatinCoin minting solution

Platincoin offers minting, which allows for a guaranteed yearly interest for deposited funds as a Proof-of-Stake reward.

Mining Bitcoin requires a massive employment of servers, not accessible to an average user, PlatinCoin wants to make it possible for anyone to easily mint 10% of their PlatinCoins.

To earn new PlatinCoins, the user must store the PlatinCoins in the ‘Secure Box’. The minting process is completed as soon as the user transfers the coins back to the personal wallet.

Many believe this system of guaranteed returns is similar to how BitConnect operated, but then without the promise of a trading bot.