The POUND protocol and Pure Pound Currency is not just about sending money from Client A to Client B. It has many features and opens many possibilities that the community is still exploring. Here are some of the technologies currently being researched and in some cases, turned into real products and services. The most interesting uses of the POUND protocol are probably waiting to be discovered.

For suggestions on development and items that you wish to included in the FAQs, please send an e-mail to the official portal of Pure Pound via community@purepound.org

What is Pure Pound?

Pure Pound is a consensus network that enables a new payment system, which defines a completely different form of digital money. It is the a 5th generation decentralized peer-to-peer payment network that is powered by its users with no central authority or middle-men. From a user perspective, Pure Pound is pretty much like cash, gold, and silver for the Internet. Pure Pound can also be seen as the most prominent triple entry bookkeeping system in existence. PUP is a true global innovation for the emerging markets.

Who created Pure Pound?

Pure Pound is an application of the POUND Protocol. It is an implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. It is inspired by the block-chain technology that powers the BTC network. The first Pure Pound specification and proof of concept was based in the 2009 open-source cryptography mailing list by Satoshi Nakamoto, called as the White Paper for Bitcoin. The crypto-community has since grown exponentially with many developers working on similar projects like Bitcoin, Ethereum, Ripple, Iota, and the like.

Who controls the Pure Pound network?

Nobody owns the Pure Pound network much like no one owns the technology behind e-mail. Pure Pound is controlled by all Pure Pound users around the world. While developers are improving the software, they can't force a change in the Pure Pound protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Pure Pound can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Pure Pound work?

From a user perspective, Pure Pound is nothing more than a mobile app or computer program that provides a personal Pure Pound wallet and allows a user to send and receive pure pounds with them. This is how Pure Pound works for most users. Behind the scenes, the Pure Pound network is sharing a public ledger called the "APL". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures anchored on the Cryptographic Hash Algorithm (CHA) 1024-bit hashing technology which was developed uniquely for PUP. This process corresponds to the sending addresses, allowing all users to have full control over sending pounds from their own Pure Pound addresses. In addition, anyone can process transactions using the computing power of specialized hardware, with key focus on using mobile phones, and earn a reward in pounds for this service. This is often called "mining" or "digital minting".

Is Pure Pound really used by people?

Yes. There are a growing number of businesses and individuals using Pure Pound. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services. While Pure Pound remains a relatively new phenomenon, it is growing fast and an incredible rate, 

How does one acquire Pure Pound?

  • As payment for goods or services.

  • Using URS card to soft-mine PUP units.

  • Purchase pounds at a Pure Pound exchange.

  • Exchange pounds with someone near you.

  • Earn pounds through competitive mining.

While it may be possible to find individuals who wish to sell pounds in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys pounds with PayPal, and then reverses their half of the transaction. This is commonly referred to as a charge back.

How difficult is it to make a Pure Pound payment?

Pure Pound payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient's address, the payment amount, and pressing send. To make it easier to enter a recipient's address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology. An off-line payment system is also being developed.

What are the advantages of Pure Pound?

  • Payment freedom - It is possible to send and receive pounds anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Pure Pound allows its users to be in full control of their money.

  • Choose your own fees - There is no fee to receive pounds, and many wallets let you control how large a fee to pay when spending. Higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 pounds for the same fee it costs to send 1 pound. Additionally, merchant processors exist to assist merchants in processing transactions, converting pure pound to fiat currency and depositing funds directly into merchants' bank accounts daily. As these services are based on Pure Pound, they can be offered for much lower fees than with PayPal or credit card networks.

  • Fewer risks for merchants - Pure Pound transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent charge backs, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.

  • Security and control - Pure Pound users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Pure Pound payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Pure Pound users can also protect their money with backup and encryption.

  • Transparent and neutral - All information concerning the Pure Pound money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Pure Pound protocol because it is cryptographically secure. This allows the core of Pure Pound to be trusted for being completely neutral, transparent and predictable.

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