The Future of Digital Currency

The Future of Digital Currency

In the past weeks we have seen the rise and rise of bitcoin, and all the major cryptocurrency (bitcoin litecoin, ethereum) are in their highest or near their highest trading value. However with such a very high value it seems cryptocurrencies has lost their utility as a currency, especially when you can’t use it as a real-world money.  There are a few basic problems in cryptocurrencies such as bitcoin being used as cash, for example: 

1. Transaction speed.

Bitcoin can only process 7 transactions per second, globally. just imagine if people starts using bitcoin to pay for real- world products and services have to to wait for hours, if not days for their transaction to complete.

2. Value risk.

Other than bitcoin being a very volatile currency, albeit a very highly valued one, for the transaction to be processed in front of the backlog it will need to have some kind of miners or transaction fee. This means that after the transaction is completed, the amount of bitcoin you will have is either lower or higher in value depending on when it was processed.

3. Cost of bitcoin creation.

There was a time when the cost to create 1 bitcoin is higher than the bitcoin value – this is no longer true. However it remains true that every bitcoin produce everyday requires the same amount of energy that powers the whole of Denmark.

Our Own Digital Currency

We have a digital currency in PeN, the PeNNeY. Although we value the security around PeNNeY, we never treated it as a crypto-currency since it is not based on blockchain or bitcoin or ethereum technologies. The basic premise of PeNNeY is that it should be as useful as any paper money where you can use as easy as you would use cash or card, at the same time it have identifiable security to ensure it is real, same way you treat a real-world money.

Where it differs with a real-word currency is in its creation. PeNNeY is created when a new user sign-up to PeN, when a user purchase PeNNeY credits in app, and when users mine PeNNeY using various ways of earning PeNNeY.

Each created PeNNeY is unique and once used out of circulation, you can say PeNNeY is a single use digital currency. Using PeNNeY means spending it outside the app, for example making phone calls to any phone number that is not a PeN user, or using PeNNeY to shop such as exchanging it with a shopping gift card with your favourite shopping portal. However you can transact or exchange PeNNeY within the app eco-system without spending it, for example when you transfer PeNNeY to another user.

In the world of digital currencies, which of these technologies will actually be as simple as cash?

Will it be blockchain?

Or will it be single use currency such as PeNNeY?

Or will it be something else?

Having founded PeN and created the ideas behind PeNNeY, I am a bit bias to say that PeNNeY is the way to go in the future and here’s why I think PeNNeY can possibly be in the future of digital currencies:

1. You earn PeNNeY, much like the way you earn real-world money. Its value is based on tangible things you consume in PeN
2. PeNNeY is currently peg to a real world currency value the USD, it might change in the future like any real-world currency once it starts to be publicly traded.
3. You can use PeNNeY for real-world purchase of products and services.
4. You can exchange PeNNeY with any PeN user, much like you exchange cash
5. Transacting PeNNeY is fast, very fast much like you transact in cash.

The future of course, is uncertain but let me look at my crystal ball once more and see that lies ahead, perhaps a gift of foresight is what I see.

Posted by Ian Vernon in Blog, What's New?


Dear PeN Pals,

Today we share a very good news with you!

This week we will enable a way for you to redeem the PeNNeY rewards you earned or won in PeN and convert it to real world monetary value. This week and the next, we will also introduce more ways for you to earn PeNNeY by using the app.

No purchases needed, all you need to do is keep using the app.

Earning PeNNeY Rewards

You will be able to win PeNNeY Rewards by playing Lucky Draw, like you do today.

You will be able to earn PeNNeY rewards in various ways, starting this week. The rewards are earned daily and monthly. What you can earn will be published in the PeN website and community pages.

  • Liking posts. This can be a post from your Timeline>Popular or from Community posts that you follow
  • Likes of your own posts. Every like of your posts counts
  • Daily usage

So go ahead and like posts that you follow, get your friends to signup to PeN to get more likes, and that they too, can earn PeNNeY rewards.

Next week you will have more ways to earn PeNNeY and these will also be published in the PeN website and community pages.

Earn rewards daily and monthly.

  • Your post in your own Timeline>My Clique
  • Call another PeN user (calls to other phone numbers are not included)
  • Daily visit to your Timeline or Community pages
  • The amount of time you use your timeline (watching videos in PeN)
  • Using Spot place searches

Redeeming your PeNNeY Rewards

We are trailing several ways for you to redeem and exchange your PeNNeY rewards.

  • You will able to use your PeNNeY to buy products inside PeN
  • You will be able to redeem and exchange your PeNNeY to real world monetary value.

For now, to redeem PeNNeY to a real-world monetary value, you will need to make a request inside PeN>Suggestions. We will then process and confirm your request before the award is completed. The minimum number of PeNNeY before you can redeem is 5,000 PeNNeY.

This redemption will be through Gift Certificates with our affiliated shopping portals. Please check when you redeem your PeNNeY if your favourite shopping portals are included.

It is possible for you to generate a lot more PeNNeY once more followers are liking your posts. For those who are able to earn at least  50,000 PeNNeY rewards, we will enable a facility for you to redeem in cash vouchers.

You can start earning PeNNeY that you can redeem or exchange to real-world monetary value today. Use the app as much as you can and invite your friends to get more likes.

Please note that like in every reward and loyalty programs, terms and conditions apply so please check PeN community in the app for further announcements.

The exchange rate for PeNNeY redemption will be published in the PeN website and community pages.


Posted by PeN in PeN Rewards



My mom is 80 years old and she’s not a fan of smartphones (or any of these advanced gadgets). But since I work 5 hours away from her, I want to make sure that I have a way to reach out to her instantly. Before PeN was introduced, I called her using my regular credits. And boy – I paid a lot. Good thing that the app introduced PeNney. I can make calls through PeN to ALL numbers. And my mom doesn’t have to download the app – she can’t because she’s using an old cellphone – you know, the basic one without internet. 🙂


Now, I am saving costs and can still be able to talk to her whenever I want.

Jessie, Cambodia

Posted by PeN in My PeN Story

Introducing Your PeN Money, PeNNey – Get Free Calls and SMS

PeN Pals,

We have an exciting news for you.

Did you know that we will give you FREE PeNNey every month? PeNNey is money inside PeN which you can use for cheaper Calls and chat to any number around the globe. Recently we have launched and enabled redeeming and converting of PeNNey to gift cards from Amazon, ASOS, Zalora and other shopping portals.

Continue reading →

Posted by PeN in Blog, What's New?, 0 comments