Frequently Asked Questions
What is pocitcoin?
Pocitcoin is the POCIT token digital asset created on the bitshares blockchain. The token is an ad-block and offers a guarantee of utility and value within the ecosystem of pocits.com's city networks. A token is a fixed measure of three elements each priced in pocitcoin; products, circulation, and time. Therefore, the token’s value is the goods that it redeems irrespective of the price for those goods in all other currencies. The total number of tokens in circulation is equal to the total amount of goods available at pocits.com. Pocitcoin is a commodity that can be redeemed, traded, sold, or gifted.
(Note: Pocits.com also accepts cash (fiat) and select cryptocurrencies for its products at market rates plus a nominal exchange fee.)
What is the benefit of pocitcoin?
Pocitcoin provides token holders with ability to secure, redeem, or exchange a fixed measure of goods; Pocits
suite of marketing products. That's guaranteed value with constant buying power irrespective of the rising and fluctuating price of those goods in all other currencies.
What's the value of pocitcoin?
The token's value is in the goods it intrinsically secures; a fixed amount of marketing products available at pocits.com. Thus, pocitcoin is a commodity whose price is determined by its free-market exchange between token holders. Therefore, the growing demand by advertisers for the business-consumer dynamics of pocits.com equates to the market price demand for pocitcoin. (See
What is the Pocit Index?)
What are pocitcoin grants?
The initial distribution of pocitcoin extends to local initiatives posted as projects in the public Commons at pocits.com. Sponsored projects are granted pocitcoin in self-directed bitshares accounts to assist in funding project development. Additionally, profits from Pocits' regional networks remain local and granted to the local projects.
What’s the difference between pocit token and pocitcoin?
The term pocit is used to reference the token as an object and as a unit of one. Pocitcoin references the token as a currency in much the same way as ‘the dollar’ and ‘dollars’. The token is denominated with five decimal places as ♓1.00000 with the minimum value of ♓0.00001 or 1 pocitcoin. The symbol (♓) for pocitcoin is a non-trademarked wingding font character for the letter i.
What is the function of pocitcoin?
The primary function of pocit token is its free-market exchange as a commodity. Each token is equal to a fixed about of Pocits.com's marketing and advertising goods that can be bought and sold. (See What is the Pocit Index?)
What is the purpose of pocitcoin?
The token is designed to
capture and broadly
distribute the rising success of the Pocits network for the benefit of all members. Although pocitcoin primarily facilitates commercial and non-commercial advertisers, in the ecosystem of pocits.com high tides raise all ships.
What products can pocitcoin redeem?
The suite consists of ten
marketing products in three classes; directories (4), promotions (3) and advertising (3). As pocitcoin is a commodity, each token is a claim against a fixed measure of these goods.
What is the Pocits Project?
The 'Pocits Project' is the flagship name for our collection of projects under development including the Network, Token, Index, Reserves, Advertising, and Exchange. This project is not a corporate entity but rather a collaboration of people, organizations, and companies participating in its development and operations as directed by Pocits Inc.
How are members compensated?
Project members participating in various development capacities are compensated via payment in pocitcoin. Members may exchange pocitcoin for cash or cyptocurrency directly from the Project's reserve* as per its internal token valuation (presently $20 CDN).
As pocitcoin is a tradeable commodity, members may exchange directly with any other party via email and/or peer to peer at bitshares.org. Open bid & sell via the *
DEX (bitshares exchange)
*the Project's cash and/or other crypto reserve holdings are attained by pre-launch ad-block (token) sales to the Project Partners whose tokens are retained from the circulating supply as terme deposits.
How do I join the Pocits Project?
Select individuals and/or corporations are invited to join in pre-launch development however, requests to participate can be made at pocits.org. All Project members must first become members at pocits.com and accept the terms of agreement.
Opportunities are posted to pocits.org and may be posted on employment sites elsewhere.
How do members get paid?
Project development members are paid in pocitcoin via direct deposit to their pocits.com member account (bitshares crpyto wallet) in accordance with their contract's compensation agreement. Compensation can vary from:
scheduled automated payments for ongoing development
lup sum payments for goods or services rendered
How is the project funded?
The project is funded from its 'reserve' and 'enterprise' pools with its ongoing development being key to the cascading distribution of pocitcoin globally. The enterprise pool's global budget is an 8% allotment of the network's total ad-blocks (tokens). The reserve pool's holdings is 1% and was supplied by Pocits Inc as kickstart investment from its 2% holdings of earned tokens. Pocits Inc and the Pocits Project do not receive earnings from pocits.com's advertising sales which is reserved for grants to the independent enterprise initiatives of pocits.com members.
Who is the project director?
The project's director and corporate representative is Pocits Inc, an R&D think tank founded by Joe Hunt, the creator and architect of pocits; a multipurpose information transmedia concept to simplify online networking and communications between people, organizations and corporations.
Who owns what?
Pocits Project (the Project) is not a corporate entity having a corporate seat. The project is a collaboration of people and corporations who have agreed to participate in the development of the
Pocits network as directed by the founder
The Pocits network also has no corporate seat and operates as a decentralized autonomous organization managed by its members and their delegates. Pocits Inc has divested its ownership of pocits.com through a trade sale of the company's intellectual property and assets to the project. This transaction was settled in pocitcoin via payment of 2% of the total supply from the Project's 10% budget.
Furthermore, Pocits Inc has invested 50% of its holdings (1% of the total supply) to provide kickstart funding in the Project's reserve. It's the token disbursements from the Project's reserve that initiates the casacading distrbutution of pocitcoin from the Project's token pool an from the network's 90% token supply as is detailed in the
Note: Pocits Inc's token holdings are largely vested and not part of the current circulating supply of pocitcoin. Apart from its directorship of the Project, the company and its shareholders participate in the network in the same way as any member.
What is the Pocit Index (PDX)?
The PDX is an index, or measure, of the percentage of change in the price of Pocits.com’s suite of marketing products versus a basket of similar competitor products. The index goes up when Pocits’ products gain in comparative value. The index is designed, maintained, and published by the Pocits PROJECT, with the name "Pocit Index'' as the registered trademark. Index details and updates regarding ongoing funding and development to be published at pocits.org/projects/pdx.
What is its purpose?
As all products priced within the Pocits network are free-market determined, the primary purpose of the index is to serve as a price discovery mechanism for business sector advertisers, token holders, and cryptocurrency exchanges. The index provides advertisers with specific industry metrics intended to minimize risk and volatility in the price of Pocits products via the free-market exchange of the Pocit token; a.k.a. Pocitcoin.
What is the formulation?
The PDX formula factors three elements that comprise the goods (G) for both baskets; product (P), circulation (C), and time (T). The values for Pocits suite (pocit
G) and competitors products (cpr
G) are both derived from a similarly weighted (^wt) geometric mean for the three product classes.
PDX = pocit
G^wt × cpr
G = P × C × T
P = DIR^wt × PRO^wt × ADV^wt
C = 100K population
T = 10 days
In addition, each product type is factored with a weighted value with a subset of weighted values applied to each competitor relative to their market share.
What is the PDX's starting point?
The PDX commences at the zero mark. As the Pocits.com network is currently closed to the public there is no business-consumer activity as yet. Thus, the price of the network’s marketing products (token) can only rise against its competitors as driven by demand for pocits.com business-consumer dynamics and marketing products via the buy-sell exchange of pocitcoin.
What does the rise of the PDX represent?
A rise in the PDX indicates an increase in the price of Pocits’ product suite (the token) against the competitor product basket. The index, which measures daily percentage of change between the baskets, will rise from the outset with the price of Pocits’ product suite. Ultimately, the potential for Pocits network will reach market maturity thus, the index will reach its future point of maturity then fluctuate within a range of relative equilibrium against established competitors. The business sector and all token holders will continue to trade pocitcoin as a stable and viable commodity.
What do the product baskets consist of?
The competitor product basket is a mirror image of Pocits.com’s product suite which consists of ten marketing products in three classes:
Directories (DIR) - Book, Mall, News, Town
Promotions (PRO) - Coupons, Flyers, Vouchers
Advertising (ADV) - Posters, Billboards, Walls
The competitor basket derives its total value by calculating the 10-day rolling cost for each product marketed publicly to a 100K population and sampled from select online platforms, such as Google, Facebook, LinkedIn, AutoTrader, and Kijiji, etc.
What is the price of the competitor basket?
The competitor basket price is to be determined by the PDX Project development team and published at Pocits.com day-one of the network’s public launch. The Pocits Project currently estimates this basket’s value at $8,000 to $10,000 US.
What is the price of Pocits product suite (token)?
The price of Pocits product suite is and always will be one Pocit token (♓1.00000) regardless of the token’s exchange price in other currencies. The price of the suite in US dollars is projected to reach $3300 as estimated by Pocits Inc., the corporate director of the Pocits Project. This figure reflects the upside market potential for Pocits products thus the token price.
Prior to pocits.com’s public
Sign-Up Event, the index will factor pocits.com’s pre-launch product sales to business sector endorsers and all token exchanges made by the Pocits Project and its token holders. On day-one of the network launch, the index’s value will factor the token’s exchange price at that time thus an Index mark above zero. The PDX will be published on the Pocits Project’s websites, pocits.org, pocitcoin.org, and pocits.com.
Can the rise and fall of the Index be gamed?
Speculation plays an intrinsic role in the everyday exchange of financial instruments and commodities. This we do for profit via return on investment or arbitrage on trade. Gaming, on the other hand, is more about opportunism and advantage; like in poker where position favors betting, bluffing win pots, and big chip stacks dominate play. As the token’s demand is not driven by advertising utility but rather its upside potential as a commodity, opportunism and advantage is a valid concern.
Therefore, the token’s distribution model employs safeguards to minimize speculative opportunism and advantage with ‘high tides raise all ships' strategies that ensure the index reflects the true value of the underlying asset; its utility within the pocits network. See the whitepaper Pocitcoin: the Enterprise Token at
pocitcoin.org for further details.
What is the Pocits network?
Pocits.com is a world of online city networks where people, organizations and companies can connect more than just socially with contacts but also publicly with the residents of their town and beyond too. A place where users possess full ownership, control, and responsibility over your identity, content, and communications; no data mining.
The Pocits network simplifies our personal or corporate digital lives with transmedia solutions that consolidate multitudes of single purpose apps and web services. The network's suite of marketing & advertising products feature innovative business and consumer dynamics and user controlled ad utilities. In addition, the Pocits platform provides content providers such as news outlets, bloggers and vloggers, with ad-revenue streams.
How do advertisers foster local enterprise in their communities?
Did you know that you generate about a $1 a day in advertising. Take a quick look around you right now and check out just how many promotional signs and publications there are in view. All those paid for branded logos on your equipment, furniture and clothes too. Advertising is ever present everywhere and constantly competing for your attention.
But just how much is YOUR attention worth?
Given all that can be known about you, your age, sex, status, wealth, clicks and searches, your friends and contacts, etc., the specific value of an individual's consumer eyeballs is really impossible to equate. As a consumer, we’re simply not the same to all advertisers. It depends on the business and the product offered, such as a hair salon or grocery store vs an auto dealership or realtor.
But what we do know about your ad worth is the big picture and how much advertisers pay in the aggregate.
In North America alone, the business sector spends $130 billion per year to reach prospects like you through digital apps and websites. When divided by the total population (366 million) their ad cost per person is about $355 (US) per year. So advertisers spend nearly a dollar a day to get YOUR attention.
That means a city with a population of 100,000 people generates over $35 million in advertising each year (*AIB 2019). Now that’s a lot of money! YOU, and the people of YOUR town, are local resource of digital activity that generates continuous ad revenue every day, year after year.
So, if your town’s local business sector is simply trying to connect with the local residents, why does the majority of their marketing budgets end up outside of your town’s borders? Over 50% goes to Google and Facebook alone!!
Pocits is a new way to connect with your city and best of all, 100% of its regional advertising profits stay in your town through grants to local projects! What new
enterprises will the people of your town create?
What about data mining?
The network's suite of marketing & advertising products feature innovative business and consumer dynamics with user-controlled advertising utilities free of predatory data mining algorithms. In addition, the Pocits platform provides content providers such as news outlets, bloggers and vloggers with ad-revenue generation ability.
What are private vs public networks?
Home and Office networks are the private places of people and corporations. It's their place to engage with contacts and follow their interests. Geo-networks like a Town, a City or a County are public places where residents and visitors connect and share in the Commons.
What is the commons?
The Commons business and community center has four interactive media hubs; Book, Topics, Mall, and Town. Post and share, browse and discover, or search and find. Content is curated and readily accessible. Engage with the people, organizations and companies in your town and beyond.
What are Pocits marketing and advertising products?
Directories, Promotions, and Advertising are the three classes of Pocits' products to market your business content and community activities. Marketing apps are free to activate on your corporate and professional profile and feature to visitors with upgrade fees for circulation to the Homes and Offices of users and to the City where residents can search and find or browse and discover them in the public Commons.
How much does Pocits marketing and advertising cost?
The price of Pocits marketing and advertising products is fixed when purchased with pocitcoin. A token is a block of Pocits marketing and advertising. Pocitcoin will redeem a specific measure of products always whereas the price for those same products in cash or other cryto currencies will fluctuate. The product price is determined by the free-market exchange price of pocitcoin between the token holders.
Therefore, pocitcoin offers guaranteed
value irrespective of the price at which you acquire it! The rise in the cash price of pocits products, thus the token price, is ultimately driven by business sector demand for Pocits suite of products and the network's business-consumer dynamics.
What does the Pocits name mean?
Pocits is an acronym for
personal, organizational, corporate
information, transmedia systems. The pocket logo symbolizes individuality, privacy and control.
PERSONAL ORGANIZATIONAL CORPORATE
Network and interact casually, professionally or corporately with your private contacts only such as friends, associates, clients, and staff or engage publicly within the Commons of each Place. Each identity type possesses distinct user functionality and responsibility.
INFORMATION TRANSMEDIA SYSTEMS
Share privately or publicly in a variety of direct and aggregated forms for your casual, community or business objectives with the ability to curate and retrieve content. Your data and communications are your property and responsibility.
Seamlessly navigate throughout each of the Commons four media hubs to browse or feature your personal or corporate big picture story to a variety of audiences. Search and find, or discover and follow others. Each media hub is distinct having both commercial or non-commercial applications.
Pocits is a series of regional networks where members can connect privately with contacts or publicly as residents within their city and beyond. Pocits geo-networks are autonomous with a multitude of ways for people, organizations, and companies to participate in policy and governance.