PengolinCoin: A Proof-of-Stake Cryptocurrency Based on Privacy Protocols
The PengolinCoin whitepaper was written and released by the PengolinCoin core development team at the end of 2024. Observing the lack of privacy protection and cross-chain interoperability in the current blockchain ecosystem, it aims to propose a new blockchain solution that balances privacy, security, and interoperability.
The theme of the PengolinCoin whitepaper is "PengolinCoin: Building a Privacy-First Cross-Chain Value Transfer Network." What makes PengolinCoin unique is its combination of zero-knowledge proof technology and innovative cross-chain communication protocols to achieve anonymous and efficient asset transfer and data exchange; the significance of PengolinCoin lies in providing a more secure and private underlying infrastructure for decentralized finance (DeFi) and Web3 applications.
The original intention of PengolinCoin is to solve the problems of user privacy leakage and asset island effect in the current blockchain field. The core viewpoint stated in the PengolinCoin whitepaper is: by integrating advanced privacy computing technology and a modular cross-chain architecture, it enables seamless value interoperability between different blockchain networks while safeguarding user data sovereignty.
PengolinCoin whitepaper summary
What is PengolinCoin
PengolinCoin (PGO for short) was originally a privacy-focused cryptocurrency project. You can think of it as a special kind of digital cash that, when you make a transaction, acts like an invisible envelope to help hide the details of your transaction, making your fund flows more private. It adopted the "Proof of Stake" (PoS) mechanism to secure the network, which is like a "shareholders' meeting" in the digital world—those who hold more tokens have greater influence in network decisions and transaction validation. The project's initial goal was to provide fast, low-cost transactions and build an active community, hoping for real-world adoption.
However, around April 2021, the PengolinCoin project underwent a significant directional shift. The team announced that it would no longer focus on the original privacy coin blockchain, but would transform into an NFT (Non-Fungible Token) based project called "PengolinNFT." You can think of NFTs as "digital collectibles" on the blockchain, each one unique, like limited edition art or rare stamps in the real world. This means the original blockchain technology and privacy features would be replaced by a new NFT ecosystem.
Project Vision and Value Proposition (Post-Transformation)
After the transformation, the vision of the PengolinNFT project is to build an ecosystem centered around the "pangolin" theme, integrating NFT collectibles, Play-to-Earn (P2E) games, and staking features. P2E games are like video games where you can earn real digital assets through in-game achievements or items. Staking is similar to depositing your digital assets in a bank to earn regular interest. This new project was initially planned to run on Binance Smart Chain (BSC) and planned to expand to other blockchains in the future.
In addition, there is an independent project called "Baby PengolinCoin" (BPGO for short), which is a token on Binance Smart Chain, mainly aimed at supporting pangolin and other endangered animal conservation charities, and providing passive income for holders. The BPGO project claims to have a partnership with and support from PengolinCoin, but it is a project with its own independent goals and tokenomics.
Technical Features (Before and After Transformation)
Before the transformation, PengolinCoin's technical core was its "Proof of Stake" (PoS) consensus mechanism, as well as zkSNARKS and Sapling protocols for transaction privacy protection. zkSNARKS and Sapling can be understood as advanced cryptographic technologies that allow transaction validity to be verified without revealing the parties or amounts involved—like confirming there is a letter inside an envelope without opening it.
After the transformation, the PengolinNFT project will mainly utilize NFT technology and P2E game mechanics. Since the project plans to run on Binance Smart Chain, it will benefit from BSC's high transaction speed and relatively low fees. However, there is little public information about the specific technical architecture and consensus mechanism (if it has its own chain) of the PengolinNFT project.
Tokenomics
For the original PengolinCoin (PGO) token, according to some market data, its maximum supply is 100 million PGO. However, there are some inconsistencies in the data regarding its total and circulating supply; for example, some data shows a total supply of 32.16 million and a circulating supply of 37.5 million, which is logically contradictory and may reflect outdated data or different statistical methods.
After the project transformed into PengolinNFT, the team stated that a new whitepaper and Gitbook would be created for the new "PengolinToken," which would include a new tokenomics model. However, no detailed economic information about this new token has been found so far.
It is worth noting that Baby PengolinCoin (BPGO), as another related project, has its own independent tokenomics. For example, its BEP-20 token has a total supply of 8 billion, and it is designed with burn, buyback, and reflection mechanisms to achieve deflation and provide funding for charity.
Team, Governance, and Funding
There is very limited public information about the core team members, governance mechanisms, and funding status of PengolinCoin. When the project transformed into PengolinNFT, the team posted an announcement on Reddit, indicating that they were actively promoting the transformation and planning to release a new whitepaper and Gitbook.
For the Baby PengolinCoin project, its team members are mentioned on the official website, such as "citizenz7" and "Cryptovin," and it is stated to be a community-driven project managed by volunteers.
Roadmap
For the original PengolinCoin project, historical roadmap information is difficult to trace. As for the transformed PengolinNFT project, when the team announced the transformation in 2021, they stated that a new whitepaper and Gitbook were being prepared, which would include a roadmap. However, this detailed roadmap has not yet been found.
The Baby PengolinCoin project has its own roadmap, usually divided into several phases, including website launch, smart contract deployment, DEX listing, airdrops, token burns, liquidity addition, social media marketing, partnerships, and the development of a rewards-collecting DApp, etc.
Common Risk Warnings
1. Lack of transparency and project transformation risk: The PengolinCoin project has undergone a major transformation, making its original whitepaper and official materials potentially obsolete. There is very limited public information about the details of the post-transformation "PengolinNFT" project, including its technical details, tokenomics, and team composition. This lack of transparency increases investment risk.
2. Market liquidity risk: According to some market data, PengolinCoin (PGO) currently has very low trading volume and market activity, and may not have an active trading market. This means you may have difficulty buying or selling PGO tokens, or the trading price may be subject to large fluctuations.
3. Technical and security risks: Any blockchain project faces technical risks such as smart contract vulnerabilities and network attacks. If the technical architecture after the project's transformation is not robust enough or has not undergone sufficient security audits, there may be a risk of asset loss.
4. Regulatory and compliance risks: The global cryptocurrency regulatory environment is still evolving, and different countries and regions have different attitudes and policies toward cryptocurrencies, NFTs, and P2E games. The project may face uncertain regulatory risks in the future.
5. Competition risk: The NFT and P2E game sectors are highly competitive, with many similar projects in the market. Whether PengolinNFT can stand out among many projects and achieve its vision is uncertain.
6. Not investment advice: Please remember that the above information is for project introduction only and does not constitute any investment advice. The cryptocurrency market is highly volatile and extremely risky. Please make decisions cautiously after fully understanding the risks and conducting independent research.
Verification Checklist
Due to the project's transformation and lack of information, the following are some suggested verification directions, but it may be difficult to find complete information:
- Official website/social media: Try visiting PengolinCoin's official website (pengolincoin.xyz) and its social media (such as Reddit r/PengolinCoin) to see if there are any latest announcements, whitepapers, or Gitbooks about the PengolinNFT project.
- Block explorer: Look up the PGO token's contract address on the relevant blockchain (such as Binance Smart Chain, if PengolinNFT has been deployed) and check its transaction activity, number of holders, etc. via a block explorer (such as BscScan).
- GitHub activity: If the project is open source, check the activity of its GitHub repository to understand code update frequency and community contributions.
- Market data: Follow platforms like CoinMarketCap and CoinGecko for market data on PGO or any new "PengolinToken," including price, trading volume, market cap, and circulating supply, but be aware of the accuracy and timeliness of the data.
Project Summary
PengolinCoin (PGO) is a project that has undergone significant evolution. It originally appeared as a privacy-focused PoS cryptocurrency, but in 2021 shifted to the NFT and Play-to-Earn gaming sector. This transformation fundamentally changed the core nature of the project and led to outdated original materials and a lack of new information. Currently, there is very limited public information about the detailed technology, economic model, and development plan of the post-transformation PengolinNFT project, and market activity is also low. At the same time, there is an independent charity project called Baby PengolinCoin, which has a partnership with PengolinCoin.
For anyone interested in PengolinCoin or its post-transformation PengolinNFT project, I strongly recommend you conduct in-depth "Do Your Own Research" (DYOR). Due to the lack of transparency and low market activity, this project carries high risk. Please be sure to assess carefully, and remember this is not investment advice.