Many people have heard about Bitcoin mining and you have probably heard that it consumes an immense volume of electricity. If you have done some deeper research, you have probably also learned that Bitcoin mining demands a lot of computing power to be profitable. FuelPay on the other hand, doesn’t need any of that. The Bitcoin blockchain uses a Proof-of-Work (PoW) consensus mechanism and that’s what everyone relates to when it comes to mining cryptocurrency. However, other consensus mechanisms exists and they are unknown to most people. The FuelPay blockchain uses a Proof-of-Stake (PoS) consensus mechanism. PoS does not require much computing power, as there is no need to crunch numbers trying to solve a puzzle. With low computing power comes low electricity consumption. Naturally, people confuse our blockchain with the one they know something about (PoW). You can find comments on Reddit stating that FuelPay will never work, how can it work on electricity generated by a car, it’s a scam, and so on, and so on. They would all be right of course, if we use a PoW consensus mechanism. In addition, they don’t have detailed insight into our complex ecosystem to make such conclusions. We understand the confusion and that they only try to warn others about something they believe to be a waste of money. However, they are doing that based on the wrong facts. All those comments are therefore incorrect and you should ignore them.

Our coin will be listed on several major exchanges. Meaning, in addition to transactions generated by our users, people will buy it, sell it, and exchange it just like all other coins available on exchanges. This generates a vast numbers of daily transactions that needs validation by the FuelPay devices that earn rewards for doing so. When operational, the FuelPay users will receive rewards from the pool based on their individual travel distance, yield percentage based on coin value at the time of validating, and the highest fuel price. Additionally, we establish a top-up fund with 40%-50% of the total coin volume to secure full payouts in all different market conditions. All leftover profit generated in the pool goes into the top-up fund. Then we can top up payouts even in very poor market conditions, if needed. We will take extreme measures to make sure that our product meet ours, and the user’s expectations. Our PoS based blockchain is adapted specifically to operate the FuelPay devices and the surrounding ecosystem. It is of course much more complex than what we mention here, and it includes several trade secrets that we do not reveal.

You don’t have to take our word for it so, you may do some light research on PoW/PoS consensus mechanisms and find out for yourself. Here are two links to get you started: www.blockgeeks.com – www.medium.com