A beginner’s guide to the Po.et platform and how to buy, sell and trade its POE cryptocurrency.
Po.et aims to build a blockchain-based platform that publishers and creators can use to manage their digital media assets. It lets anyone verify the available information on assets prior to acquiring and using them, allowing proper attribution to their original sources.
The Po.et token, known as POE, lets buyers share in potential revenues generated from the platform. You can buy and trade POE using fiat currencies and other cryptocurrencies on several exchanges.
Where to buy, sell or trade POE
You can buy POE from several cryptocurrency exchanges, including the following:
A step-by-step guide to buying Po.et
To buy POE, you can follow the sample guide below.
Step 1. Create an account on a cryptocurrency exchange that allows Po.et trading
Look for an exchange that allows trading with POE using either fiat currency or another cryptocurrency. For example, on Binance, you can buy POE using bitcoin (BTC) or Ethereum (ETH). This means that you need to have BTC or ETH before you can buy POE.
Signing up for an account on an exchange usually requires entering your email address and password, then submitting the form. When asked during signup, add two-factor authentication as an additional security measure for your coins. Email address verification is normally required to complete the account registration process.
Step 2. Deposit funds into your account
The steps for depositing funds to your account may vary between exchanges. Most exchanges require generating a receiving or deposit address on the exchange wallet first before you can deposit funds into your account. You then copy the deposit address and enter it as the withdrawal address on the exchange where you hold the cryptocurrency to be used in acquiring POE. If you are using a cryptocurrency wallet, the deposit address is the same as the destination address.
Step 3. Buying POE
After your deposited amount appears in your account, you are ready to buy POE. The steps for buying POE may vary slightly between exchanges.
Using Binance as an example, go to the trading page, select the appropriate trading pair (such as POE/BTC), specify the price and amount of the order, then click the “Buy” button.
How to sell POE
To sell POE on exchanges, you normally follow the same procedures for buying it, except that you click a “Sell” button.
For example, on Binance, you can sell POE by going to the trading page, selecting the appropriate trading fair (such as POE/BTC), specifying the price and amount of the order, then clicking the “Sell” button.
Which wallets can I use to hold POE?
POE is an ERC20-compatible coin. Wallets that support ERC20 tokens include the following:
How the Po.et platform works
The Po.et platform is an extension of the pioneering Proof of Existence non-financial application that was first used to upload and hash documents into the bitcoin blockchain. Instead of documents, the platform aims to keep a record of all digital media assets on the blockchain, presenting incontrovertible proof of ownership and making attribution easier for everyone.
The Singapore-based Po.et Foundation is spearheading the platform’s development. Using POE, buyers have a stake in the Po.et platform and share in its revenues and profits once it becomes fully operational.
Real world applications of the Po.et platform
The Po.et platform is currently under alpha testing on a public testnet on the bitcoin blockchain. It aims to standardise the metadata format for all digital assets saved to the blockchain. It also promises to put digital assets under version control.
Aside from the Creative Commons licence, the Po.et platform aims to support different content licences. Thus, publishers and creators using differing custom licences can be accommodated on the platform.
What to consider when buying POE
If you want to buy POE, be aware that there are inherent risks in cryptocurrency trading. Buying cryptocurrency is speculative, and cryptocurrency prices remain volatile. Consider the following factors when buying POE.
- Supply. Per CoinMarketCap, the circulating supply of POE as of 29 January 2018 was 2,196,601,583 POE, while total supply is 3,141,592,653.
- Use. Publishers and creators need POE to share in the revenues to be generated from the commercial use of the Po.et platform. If the platform proves to be popular, there may be an increased demand for POE.
- Performance. Keep in mind the factors that led to the rise and fall of POE prices in the past, but don’t lose sight of the fact that past performance is not a reliable indicator of future performance.
- Partnerships. Po.et has attracted a number of publishers, including Bitcoin Magazine, as alpha partners. By October 2018, it foresees the inclusion of 20-plus publishers on its content marketplace. It hopes to open the marketplace to anyone interested in joining by August 2019. With POE required for use in the marketplace, there might be an increased demand for the token as more publishers, creators and other interested parties join the platform.
- Roadmap.The Po.et platform’s future plans can be viewed on the Po.et website. The platform’s growth potential may be directly affected by how closely it adheres to and meets the timelines on its roadmap.