Potcoin (POT) is an ultra-secure digital cryptocurrency, network and banking solution for the $100 billion global legal marijuana industry. Potcoin is the first digital currency created to facilitate transactions within the legalized cannabis industry. Potcoin is a community based effort. Potcoins are digital coins you can send via the internet, which allow cannabis enthusiasts to interact, transact, communicate and grow together.
Potcoin is based on a public ledger known as a blockchain. Potcoin was originally a fork of Litecoin-QT but with key differences including a shorter block generation time, a quicker halving schedule and an increased maximum number of coins. Before Potcoin was publicly released, 55 blocks were mined for checkpoints. The initial block reward (the number of coins rewarded for solving a block whilst mining) was set at 420 Potcoins but on June 1, 2014, the block reward was halved and currently stands at 210 Potcoins. Mining can be performed by hardware including CPUs, GPUs and more commonly scrypt ASICs.
Potcoin faucets are a reward system, in the form of a website or app, that dispenses free potcoin in the form of a potoshi, which is a hundredth of a millionth POT, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various predetermined intervals of time. Potcoin faucets usually give fractions of a potcoin, but the amount will typically fluctuate according to the value of potcoin.
Free potcoin faucet is a great way to help introduce new people to potcoin, or to your favourite altcoin. Many faucets provide information to newbies as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.