Para coin is coming
Pascal has announced that Para (PAPARA) coin is about to come to the Transcendence ecosystem. When exactly, well, he said that due to taxation reasons, after year changes, which doesn’t necessarily mean exactly First of January but I would guess during the first days of the next year at least.
I haven’t quite got yet what this coin is about, I can only say that Pascal has mentioned that this coin is meant to be open for everyone, so maybe it is going to be taking part of the place that Teloscoin have originally meant to have as everyone’s coin.
While Para coin is not coming until next year, you can however sort of buy them already, for Pascal has announced that Para coin will be done by forking Teloscoin, which means that at the moment the fork is done, you will have the exact same amount of Paracoins, as you have Teloscoins.
For those who don’t know how this works, as a simple example, if you have 10 Teloscoins at the point the fork is done, you will at that point have 10 Teloscoins AND 10 Paracoins, both continue to exist and nothing is going to happen to Teloscoin but it continues to live like usual, you are just getting some more coins in addition to your Teloscoins as you will also get some Paracoins.
To put it slightly more technically, the idea with Forking is that you could say there is going to be made an exact copy of the Blockchain, and then these both blockchains, the original and the copy, keep living on independent from each other, only sharing the same blockchain up to the point when the fork was done. This is also why Teloscoin owners will get those Para coins to themselves since in practice the Teloscoins in the blockchain copy will be renamed as Para coins.
Now how do you then get these para coins to use in practice?
I have to say, this is something I am not exactly sure about. I suppose that if you have your Teloscoins in your regular wallet, like QT-wallet or Dashboard, then you simply need to have a copy of your “wallet.dat”-file (remember that Teloscoin has named that file different) and use it with the Para coin wallet when it comes. That is my guess at least.
But it is more tricky if you have your coins somewhere else than on one of the regular wallets, for then it depends if that place, for example, an exchange, supports this.
I remember when Bitcoin Cash fork was done from BTC, I had some BTC in Bitstamp Exchange, and they didn’t support BCH at that point, so there was no way for me to get my BCH. However, maybe a year later they decided to support BCH after all, and suddenly there appeared some BCH to my Bitstamp account, the exact amount of BCH that I had BTC in my Bitstamp account at the time the fork was done.
Pascal said today that Bitdorado App will support the Para coin, which based upon the whole context seems to mean that as long as you have Teloscoins in Bitdorado Turkey, you will also get the Para coins that belong to you.
He also mentioned that it is likely that Birake, Graviex, and SouthXchange exchanges would list Para coin in the future, but listing a coin is different from supporting getting those Para coins from your existing Telos coins at those exchanges at the time of the fork.
So there is no guarantee you will get any Para coins from your Telos coins that exist in any of those exchanges, and actually, Pascal even mentioned that he thinks that when it comes to Birake, that due to the DEX nature of that exchange, it might be technically very difficult to make it so that you would get your Para coins from the fork.
Hence if you really don’t want to keep your coins in your wallet, and Bitdorado Turkey is not an option for you, I would guess that Graviex and SouthXchange would be your best bets on getting your Para coins from your Telos coins that you have at the time of the fork.
However, do keep in mind that everything said here can still change, for it is not unusual for Pascal to change his mind on a whim and none of these things are set in stone yet in any way, which is also why I marked one of the categories of this article to be a “rumour”.
There is already a Discord channel opened to Para coin, which you can join by clicking this link: