A crypto currency aiming to become the de facto method of payment for the parking industry. A SHA256 coin operating on proof of work and proof of stake with a coin cap of 25 million.
The idea of this coin is to lay the foundations to give car park operators the platform to integrate with cryptocurrencies with ease.
They see Bitcoin as the tool that is trying to revolutionize the Financial Industry and that it shouldn't stop there. There are many other industry's worldwide that could benefit from its technology.
ParkByte will be therefore specifically targeted at laying the foundations for processing parking transactions.
Currently Parking can be paid via many methods but there is not yet a crypto related method.
ParkByte (PKB) Features
In the UK we are able to pay for parking via Companies like RingGo, they accept Credit Card, Premium SMS methods but not Crypto.
These type of companies have in the previous years been putting a lot of pressure on conventional coin and ticket machine manufacturers because their system is cost effective. Cobalt, RingGo's parent have now "securely processed over £ 1 billion" for "4,000 sites across the UK, by more than 60 local authorities, 10 railway operators and numerous private parking operators".
After having worked in the Parking Machine Manufacturing Industry for 5 years, the coin developers can see there being a huge amount of potential for this coin, its unique iOS / Android APPs and the backend processing servers.
The coin will provide basic functionality, they could then explore maybe a type of CMS marketplace where developers sell their own themes, plugins etc. for the backend server used by the parking companies.
Technology Specifics for ParkByte (PKB)
Block Time: 60seconds
POW - ENDED
POW Coins: 3,688,710 PKB
20% Premine: 922,178 PKB
Premine Burn: 1,077,822 PKB
Total POW Supply: 4,610,888 PKB
Min Stake time: 1hour
Year 1 - 5%
Year 2 - 4%
Year 3 and onwards 3%
25m Total Coin
RPC Port= 59060
P2P Port= 58060
ParkByte (PKB) uses the SHA256 algorithm and relies on the PoW/PoS proof type.