What is PKT Cash?¶
PKT is a native coin that is mined by PKT mining pools and paid to announcement miners when running the PacketCrypt mining algorithm. There is no centralized issuer of PKT Cash, no pre-mine, and no centralized treasury. PKT Cash’s minimum value is the cost to mine the coin, which includes processing power, plus bandwidth.
PKT Cash is a Bitcoin fork and true proof of work, so it is a coin, not a token. PKT blocktimes are every 60 seconds, which makes PKT 10x faster than Bitcoin. Currently PKT can handle approximately 70-100 transactions per second. However, PKT Cash is designed for microtransactions with near-zero gas fees. In 2023, PKT Cash will become Lightning Network enabled using the PKT Lightning Daemon (PLD). PLD will enable PKT to process near-infinite transactions per second.
Since PKT Cash is generated from a fully decentralized fork of Bitcoin, it is considered to be a commodity, similar to Bitcoin. Additionally, since PKT is a fully decentralized clone of the Bitcoin codebase, the legal and regulatory framing is probably similar.