About 2 years ago, I mentioned to my colleague about Bitcoin and told him how it could disrupt the banking system across the globe. He is obviously doubtful about it when he interrupted me and said that “it’s a scam”. And the exact words that he told me is that there isn’t any commodity that backed it up.
When he told me that, I stopped my talk and didn’t even bother to argue about it. I had very little knowledge about Bitcoin and so I’m not sure how am I able to explain to him based on his view about it.
After that talk, I read through some articles about Bitcoin and found out that it is comparable to Gold, some even called it the “digital gold”. In my mind, I realize that Bitcoin in itself is a “commodity” that is a “Store of value” and a “Medium of exchange”. And bitcoin is not alone in this realm, in fact there are more cryptocurrencies that are emerging that has a stronger use case than bitcoin.
Some of cryptos failed while some are getting tractions and are successful in their own right.
In the Steem ecosystem, we can observe cases where tokens are created with their own functionality and use cases. However not all of them have are gaining enough attention & support. Some of the tokens are obviously successful, one of which is PAL token.
It’s a token that is being rewarded through the use of https://palnet.io or #palnet tag. It works exactly like the Steem tokens using the combination of POB (Proof-of-Brain) & DPOS (Distributed Proof-of-Stake) distribution scheme.
By creating a post using the PALnet interface or #palnet tag, you can earn PAL tokens is a PALuser with a substantial PALpower upvoted the post. The rewards is then equally distributed to both the content creator & curator. One can earn more PAL tokens by either/both creating & consuming contents.
The PAL tokens also have a real-world value which is currently paired to Steem tokens in the Steem-Engine Decentralized exchange. However, with enough traction; I foresee that the PAL tokens will also be listed in other exchanges and be paired to FIAT currencies by demand. The secret sauce is the ever growing community that is backing this token.
The interesting thing about it is that it only took a few months for the Devs to set-up the infrastructure and the PAL token has only been around for a little over a week. It’s also creating a hype among the active community members.
Steem users are trading the token in Steem-Engine DEX while others are staking it in their PAL account. Either way, it’s clear that people are interested to use it and are enjoying to earn it.
In the outside world, my colleague bet on lottery tickets thinking that he will get lucky and become rich overnight. He spend about $20-$50 a week and watch how he lose his money for nothing.
If that money is invested in Steem/PAL, he could become a Minnow in a month or Dolphin in a year, and enjoy spending his time engaging with like-minded people while growing his money overtime.
Not only that he would become richer incrementally but he can also enrich his knowledge of certain things by doing so.
For the record, haven’t won any from those lottery tickets and I haven’t talk to him about the potential that he is missing out. I might do it someday and it will be inspired by this post.
That’s about it. Cheers!