Experiences with proof of personhood protocol for cryptocurrencies?

Has anyone heard of proof of personhood protocol for cryptocurrencies?
I would like to understand how this works exactly. Wikipedia lists Idena as the only example of a cryptocurrency using the proof of personhood protocol. I'd like to try it myself, but you can only participate by invitation. So I wanted to look for more information before i search for an invitation.
Does anyone know how proof of personhood works?
Has anyone heard of Idena or even participated?

 

As far as I understand, with Proof of Personhood everyone has equal rights and everyone gets the same "reward" - so it doesn't depend on the computing power like with Bitcoin, but everyone is considered a "miner" and everyone gets the same - in general I think this democratic approach is great, but of course it has to develop further and you never know what the "next big thing" will be. So I would advise you to definitely include this in your portfolio. It's a good thing to have a broad base in general anyway.

Have you been investing in cryptocurrencies for a while or what are your experiences? I'm in it since - more or less - last year... I bought quite a lot last fall... in November everything was still good, but then came the big fall... I hope the whole thing now stabilizes again and goes back up (in the spring it is probably generally difficult... and now with the FED and the key interest rate probably even more than before).

 

Is Proof of Personhood generally more democratic or does it also need the right project behind it?
It probably would be easy to favor some people with this protocol. You can reward loyalty or favor active members.
What will ultimately prevail cannot be predicted. However, I like the approach and that's why I was interested.
Yes, I will try to participate. You don't have to invest anything. You just have to invest your time.
Yes, I have already invested in some cryptocurrencies. But only small sums. I sold most of them at the end of last year. Before the crash
But it is also an opportunity for cryptocurrencies, especially with the high inflation rate. That's the reason why I'm a bit more behind it now. At first it was more a gimmick for me and I took small profits with me. I was happy with that. Now I'm considering taking it a little more seriously.

 

Well, whether that's democratic in general always depends on the project, in my opinion. You can't pigeonhole it all. There are certainly better projects than others. You have to see what appeals to you and based on that you decide what attracts you most…

With certain projects, you don't even have to invest, but can generate coins yourself, and you are then rewarded with the "mining". That's actually good to get in there and get a taste of how it’s working. But I see you already have experience with cryptocurrencies anyway. I'm excited to see where this is going now, because I think a lot of people are looking for a way out of this mega-inflation now. So I'm totally with you on that…

I'm just having a little bit of a hard time with my portfolio in general. I would need some guidelines on what percentage of the available amount you should invest in what (in general... no specific projects now)... I just want to set myself up broadly and have to think about a good distribution. Maybe anyone of you guys has some ideas!?

 

Lost me.
I will link Rainbow.

 

Thank you for the link. I'll read now.

 

I have read of personhood protocol but it was such a while ago. The equality of it sounds familiar. I too am enthusiastic about a fair share crypto and excited about what future projects have in store. Have you ever heard of Metapurse? A crypto-exclusive fund that specializes in identifying early-stage projects. If that's not a sign of here to stay... Then... I do not know what is!

I prefer un-mined cryptocurrency like XRP. It's simply buy and sell.

 

I spend the minimum deposit on XRP around every 14 days. (Only one broker.) I buy the spot price at the time and sell 10 pence higher. Save it and repeat it until I break even and then I profit by repeating it some more until it's either doubled or 10 times more.

 

I already have a little experience. But it's my first exposure to the proof of personhood protocol. It sounds promising. Everyone should get the same, no one is preferred. If you want to introduce a cryptocurrency as a payment method, it would be a prerequisite for me that not only a few people are preferred by the cryptocurrency. So I'm interested. I will deal with Idena and try to participate. So I should be able to build up more knowledge over the time.

I was lucky. I sold when prices were high. Now I only have 3 different tokens in my portfolio - before I sold there were over 10 in it.
I think it depends on where you want to go. I don´t see cryptocurrencies as a long-term investment for me yet. You should only invest as much as you have available. So only invest the money that would otherwise end up in your bank account. You have to be able to wait for prices to rise. If you get into debt, you quickly lose the time to wait.

Does Metapurse recommend Idena or the proof of personhood protocol? I like the idea of a democratic cryptocurrency. Who want to be disadvantaged with a future payment method? If I know I have disadvantages then I will not participate. As I understand it, you don't have to mine. It is sufficient if you do the validation. You get a reward for that. I think now it's important to get a lot of IDNA . If you can get some by solving a few tasks, I try to take them with me and hope for rising prices. I wouldn´t sell them, I would collect as much as possible.

 

I'm not yet sure if Metapurse recommends Idena or the proof of personhood protocol.

 

Thank you very much for the answers.

Do you hold the cryptocurrencies longer or how often would you buy and sell? I know people who basically do day trading, but that's too exhausting for me and I also don't have the time capacity for it.

Dr. Rainbow, I am asking because it seems like you're already well into this, but also aiming more for short-term investments... is it true? And is that what you should be doing with cryptocurrencies in general? Especially smaller ones?

Zonomir, I like this idea of equitable distribution as well. Otherwise, it will continue as before: the rich get richer and richer, the poor get poorer and poorer... so some rethinking would already be helpful. It doesn't have to be a complete shift to the opposite site, but you can take certain directions. _

How does this validation actually work in general? You have to prove somehow that you are a human being and not a machine, as far as I understood... but often you can't distinguish in everyday life! I am always impressed by what is technically possible... which tasks are those that a computer could not do, but a human being could? Do you have to be smarter than a PC? :'D

 

I'll send you more.

 

Depends entirely on what you want. With some crypto exchanges you can set that a certain price gain will be sold automatically. This is very useful when there is only a jump in price for a few seconds. For some projects you have to wait a little longer. In the end, you have to hope that exactly these projects will prevail. Then there is a profit in the long run. Of course, you can also be lucky in the short term. If there is a rise in price, you take the profit. It's hard to say how to go about it. You have to assess that yourself.

If you are going to invent something new then you should eliminate the negative aspects of the old version. It is therefore interesting how a decentralized and democratic cryptocurrency behaves. Will Idena prevail? I dont know. But the idea behind Idena is certainly something to pursue. You don't have to make the same mistakes again. You can see how few people ultimately benefit from the current financial system.

The validation starts with a short session. In the short session you have to solve 6 picture puzzles in about 90 seconds. You are shown 2 flips. These flips consist of 4 images. The pictures should tell a story. The pictures draw a story from beginning to end. You have to choose the side that makes sense. Once you have done that, a long session follows. The long session is basically like the short session. you only get around 20 pictures shown and have more time. When you have finished you have to check the quality of the flips. The keywords are displayed. You have to check if both keywords were used for the story. If both keywords were used, the flip passes the test. If not, the flip is reported. Then the validation is already over. After that you have to create at least 3 flips yourself. They will then be assessed at the next validation.

 

thanks again for your answers.

Zonomir, I know this principle that you sell your shares or your cryptocurrency when it falls below a certain value. However, there was also the problem a few months ago that with a cryptocurrency, I think it was even Ethereum - but I'm not sure - it went completely down for a few seconds and then later it went back up. And that's when the price was just pretty good. And if you then have a stoploss that's set relatively low, then that's very stupid. Then you really lost a lot of money, and that's because there was like an error in the system. So there you still have to be careful. So generally speaking, I don't hire things like that.

I also think it's good that there's really an idea behind certain coins and they also want to improve something with it... there I already see a lot of potential behind it.

Thanks also for your explanations on how that works with validation. That seems to be quite funny haha you also already see how many users are with the coin? That would be interesting to know… thanks already!

 

Of course. I would also be careful with stop loss. But it can be useful in the other direction. If the price rises sharply for only a few seconds. If you then sell automatically, you make a lot of profit. I don't think stop loss is useful if the price only goes down for a few seconds. Just wait until the price recovers would be better.

I think the idea is becoming more and more important. This could be a real gamechanger. If the idea is the focus and no longer after pure profit is invested. The next big thing has to have a good idea.

I don't know where you see it but there are probably over 15,000 nodes. So there are also over 15,000 users. The number will increase and I hope this project will get more attention. If more people see, it also goes with less energy consumption, is decentralized and works democratically, then you probably want to have that for other cryptocurrencies. I think as Ethereum wants to switch to Proof of Stake, some cryptocurrencies could also switch to the Proof of Personhood protocol. I think Idena shows that it's possible.