Dear PoSWallet Community,
We want to take a few minutes and share some of our long term strategy with all of you. When we started this project, the focus was on taking a handful of pretty active coins and providing a place for users to group stake. As that idea has evolved over the past year and a half with the addition of new coins, we have had many successes and challenges; one thing has become clear though: the crypto market in general is too unstable to effectively provide group stake services for the majority of coins we have listed at poswallet.com. Interesting coins pop up and swell with a large community, then disappear just as fast - resulting in a lot of infrastructure we set up that is no longer being used. We will have a financial loss this month, and based on our trajectory with the current ideology behind poswallet.com, the loss will grow over time. Therefore, we are changing our focus to mainly POSW and getting back to basics.
So with that being said, we are going to go back and focus on the important stuff - promoting POSW as a currency that can be used for more than just the exchange at poswallet.com, while supporting a few other 'big player' coins. As new coins appear and become established, we will investigate adding them to the platform as well. We will be delisting the majority of coins in a few waves over the next month to align with this strategy - in general coins with low user bases, low volume, or little technological improvement vs. other coins (but also coins that may not align with our focus). Coins in maintenance will still be able to be requested to be withdrawn; however, some coins do not have nodes or active devs/communities and may not be able to be brought back out of maintenance. We will try to process all withdrawals on coins in maintenance as quickly as possible, but some will be delayed as they need to be done manually. Please withdraw your coins immediately so we can start processing the withdrawals. If you do not withdraw, your coins will be lost after delisting is complete - in very few cases, the coins will be converted to POSW at a lower-than-market rate.
While we take these actions, we are also going to update the POSW coin technology and work with partners to get POSW accepted in a variety of stores/vendors. We will continue the monthly dividends (we purchased 150k POSW to disburse this month, even though we had a loss) and will also continue website development and adding new features. Based on this decision, the roadmap will change as well. Our focus is being refined to making POSW a great option for use in the crypto world, rather than its current role as a support coin. We are also in discussion with a non-profit to help raise money for a good cause - more on this to come later!
We appreciate the patience of the community while we work through these changes.
— PoSWallet.com Team
