What is a hybrid cryptocurrency?
A hybrid cryptocurrency is an electronic generated unit that uses advanced encryption techniques for generation, transfer, and validation.
What is a pencoinpen?
A pencoinpen is a hybrid cryptocurrency that was created for people to use as they want.
How many pencoinpen will there be?
Only 99999999899 will be created.
Is this Cryptocurrency anonymous?
Yes. No personal info is required, tracked, or collected with any transaction.
How do I get pencoinpen?
pencoinpen are distributed using the drop method. To get the coins all you need is one of our anonymous wallets and wait for the coins to drop on the drop page.
What is a wallet?
A wallet is an electronic account where you store your coins and where people send you coins. When a wallet is created the first step in the process is creating a Key Pair. The Key Pair is made up of both a Public Key and a Private Key. A hash is created by taking multiple variables and hashing them multiple times to come up with a unique and verifiable address for you to use.
Can I have more then one wallet?
Yes you can have as many wallets as you like. This is actually encouraged to help maintain anonymity. With each new wallet you will also get a new Key Pair for that wallet.
How do I create a wallet?
To get your own wallet all you need to do is click the Get A Wallet link in the main nav bar and fill out the simple required info.
Do pencoinpen have any value?
The market will decide the coins value.
Do I have to store my pencoinpen at www.pencoinpen?
No. You are free to download your coins and store them locally, offline, or at any other wallet that accepts them. You can even download a copy of your wallet with all your coins in it as a zip file.
What is the plain-English Public Ledger?
The Public Ledger is an open accounting of all transactions involving pencoinpen. Each transaction is timestamped and added to the ledger in an ascending order. The transactions are then verified and signed with a private key to ensure their validity. The ledger is a plain English flat file and is available for anyone to download.
How does a public ledger decentralize pencoinpen?
In order to provide decentralization the ledgers can also be hosted by third parties. The ledgers are each assigned a UID and their own unique Key Pair. The ledgers are designed to sync with another in an ascending order from the earliest available timestamped ledger to the newest. Since each ledger operates independently and has its own key pair forging a transaction is nearly impossible.
Here is an example of how it works:
wallet c9ca29fab55d732ba68cbf7346252fcf creates a coin. This transaction is first recorded on the local ledger. Once it has been recorded it is then broadcast to all other ledgers on the network starting with the oldest first. As it records the transaction it is also checking the coins validity and history. The Ledger API first checks to see if a transaction has been recorded on each ledger it discovers in the network. If the transaction is already recorded it then moves to the next available ledger. If it hasn't been recorded it then records the transaction and keeps repeating this process.