Pieta – ICO Detailed Information

Pieta: Solar Mining With New Algorithm

Pieta is a Saudi Arabian startup that strives to make crypto mining substantially more cost-effective through the use of renewable solar energy. To that end, the Pieta team designed a blockchain ecosystem that exploits a new algorithm named X20 that significantly expedites the process of mining, minimizes the expenses on electricity and equipment cooling, and makes this activity much more eco-friendly in general.

To obtain the funds, sufficient for further realization of this ambitious, yet challenging, project, Pieta is presently offering the native ERC-20 tokens, named PITC, for sale within the framework of the ICO.

The solar mining algorithm

At the core of the Pieta’s mining solution sits the X20 algorithm, which significantly reduces the time required to verify a transaction, thanks to the use of the so-called 20 rounds of hashes. In addition, it lowers the probability of the processor overload in Pieta’s mining equipment, allows for better cooling properties and reduces transaction fees to a negligible amount.

Moreover, this algorithm helps to mitigate the risks associated with the volatility of cryptocurrencies, which leads to more stable mining profits and easier adoption of PITC tokens by businesses. The project paper doesn’t specify which mining equipment will be used, but it is safe to assume that it would be standard mining rigs of some scale.

PITC comes in the form of loyalty tokens which serve as a reward for users who contribute to the development of Pieta; they are also accepted as means of payment for various services and can be exchanged to Ethereum.  

The Pieta team

Rawi Alsayed. The founder of Pieta. After graduating from King Faisal University with a degree in sociology, Alsayed worked for 10 years as a general manager at Alraabihin Co and Ajiel Tabah. Pieta is his first serious experience in the area of blockchain.

Mahmoud Ramadan. The CEO and Lead Blockchain Developer. Holds a BA degree in computer programming from Alexandria University. Worked together with Alsayed at Ajiel Tabah until 2017, then joined Pieta as a leading tech specialist.

Roadmap implementation

The founding team began elaborating the concept of the Pieta platform in January 2018. By September of the same year, the startup had already recruited a team, studied the market, and designed the Pieta Coin as a fork of Bitcoin. From that time till present, Pieta had released the whitepaper, carried out a pre-ICO sale of PITC, and opened the project head office, which consumes solar-based electricity. After the completion of the ICO, Pieta wants to construct several solar plants in Africa, and then release a fully-featured digital wallet and mobile application, due to happen by November 2019.

Social media presence

Pieta is particularly active on Facebook, where the project has gathered an audience of 8,431 followers, though the response rate to their publications, which appear on a daily basis, is very low. Same applies to Twitter, where Pieta has 2,092 readers, and Telegram - 3,153 group members.   

The ICO details

The token sale of PITC is scheduled to last till November 14, with the softcap being established at $6 million and the hardcap - $25 million. 9 million tokens were allocated for sale - the price of 1 PITC established at $1.5, which includes the 100% bonus. The project accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dogecoin. The list of restricted areas features only the United States.

Author: Alex Paulson for Crypto-Rating.com