The PLC community recently welcomed a very important event: the PLC Secure BOX load tests were completed and our long-awaited device was released. According to expert estimates, the device’s starting market value is €5,000. The PLC Secure BOX latest version is a mini computer allowing its owner to get up to 10% annually in PLC.
In addition, we have filed 2 patent applications for our device to be reviewed within a few years.
We have received numerous questions on the technicalities of our device and minting on the Secure BOX. We hope that you will find answers to your questions in this text.
PLC Secure BOX: what’s inside?
The PLC Secure BOX consists of 2 processors: the communication and the cryptographic ones. The communication processor is responsible for the box’s connection with a node, being, in fact, a network card — a device that allows the computer to interact with other devices in the network. We call the second processor a cryptographic one: it is a kind oftrezor, that is, a physical hardware wallet that provides maximum security for private keys and minted coins.
How does a PLC Secure BOX work?
The PLC Secure BOX is connected to the Internet via a standard RJ45 ethernet socket. The Box is charged from a regular outlet and consumes less power than a regular iPhone.
How does minting on the Secure BOX work?
The minters’ main aim is to get rewards whose amount depends on the number of coins in one’s account. But a logical question emerges: given that everything in blockchain is anonymous, how is ownership of 1,000 PLCs confirmed and how is the right to get 100 coins proven? There is a very simple way to prove ownership: the user transfers the coins to himself, thus proving ownership of them. Minting occurs at the moment of zeroing coin’s age: the user’s wallet is credited with a certain percentage.
The Secure BOX performs all these transactions independently, without the user’s intervention. Thanks to the Secure BOX technology, minting takes place practically every day.
How often do coins get credited to one’s wallet?
To regulate this matter, we have introduced the concept ofcoinage, i.e. the «coin’s age». The coin’s age is counted from the moment the user gets one in his wallet. As long as the coins are in the wallet, they «ripen». After 20 days, they are ready for minting. The minimum age for minting is 20 days and the maximum is 30 days. You can use your minted coins right away.
Who is involved in minting?
A node and virtual a machine are involved in minting. The node does a huge amount of computing, has an IP address and is constantly online.
We activate PLATINCOIN software nodes in a rented computer (a virtual machine) that can be rented from any hosting provider. You’ll just need a very simple computer. According to our data, renting in Germany starts at 5-10 € per month and all personal data will be stored only on the PLC Secure BOX.
We strive to make interaction with PLATINCOIN products as user-friendly as possible, so we have come up with an option for those who do not want to use third party providers. You can rent PLATINCOIN capacities and pay for the service in the equivalent amount of PLCs.