After its launch, PotCoin gained momentum within a few weeks. By February 2014, the Cryptocurrency suppliers had started adopting it as a mode of payment. Within two months of its launch, it was added to three Cryptocurrency exchanges. The currency enjoyed its highest market capitalization of $1 million on 20th April 2014 when the ‘420 counterculture holiday’ was held. A month later, the market capitalization of PotCoin sunk to a low of $244,500.
PotCoin works very much the same way as the Bitcoin. The currency is based on a public ledger called the Blockchain. Even though this currency is similar to Litecoin, it has a shorter block generation time. The currency reward for mining the currency stands at 210 potcoins per block. Mining can be done using ASICs, GPUs or CPUs. The mining algorithm for the currency has since changed to POSV from Scrypt. This new algorithm is designed to reward both the ownership of the coins and the transactions. This cryptocurrency is unique in that there have never been reports that it has been hacked into.