Before you begin to dive into using The Pecu Novus Network there are a few key things that you really need to know. Pecu Novus is a layer-one blockchain network, its an infrastructure that can be integrated into a number of different systems. The Pecu Novus Network just happens to also have a digital asset layered on top of the network called PECU.
Network members anywhere in the world have the ability to transfer digital assets securely, swiftly and seamlessly on a peer to peer basis. In most peer to peer cases it is at a zero cost transactional basis. Any transfers made out of network may carry their own fees.
The Pecu Novus Mobile Wallet should be viewed similar to a bank vault, the same care and security that you would place with a bank vault should be placed with your Pecu Novus Mobile Wallet.
Protecting your digital assets is key as they hold value, whether it is a digital document, NFT, token or other digital assets. With that said you should make it a priority to be well informed and protect your Pecu Novus mobile wallet and your private key(s). The Pecu Terminal is only accessible through an encrypted connection via your mobile wallet, this is a security feature that is protecting your digital assets on the network.
Neglecting to be well informed is at your own peril, so it is highly advised to become familiar with all the protective measures in place on the network to protect your digital assets on The Pecu Novus Network.
Securing your Pecu Novus Mobile Wallet
Ease of use of The Pecu Novus Network makes digital transfers globally quick, efficient, transparent and secure, this is part of what makes the network a great resource for global business. But lets put security at the forefront, if you had value in a bank vault then you would protect that access at all cost and expect the bank to do the same. Well you need to protect your Pecu Novus Mobile Wallet, Private Key and Pecu Terminal access in the same manner. The network does its part to protect your digital assets but you also need action to protect your digital assets.
The Pecu Novus Network and Pecu Terminal can provide high levels of encrypted security if and only if it is used correctly, so please make sure to protect your Private Keys, your Mobile Wallet and Pecu Terminal passwords, usernames and pin codes and be very careful who you share your information with. Protect Your Digital Assets!
Pecu Novus Transactions are Irreversible
Be aware that any digital transfer performed on The Pecu Novus Network or Pecu Terminal cannot be reversed, its a final transfer once PECU or any digital asset is transferred from Sender to a Receiver. The Pecu Novus Network features the proprietary Pecu Escrow System for the benefit of the network members, it allows for PECU and other digital assets to be put in escrow with a release date. The release date can be from one day to three years with an early release and cancellation option, it all depends on the needs of the network user. Version Pecu Novus 2.0 will have enhanced escrow features including smart contracts.
Once the PECU or other digital asset is released from escrow then the transfer is complete and irreversible. The only thing that can reverse a final transfer is if the Receiver willingly returns the PECU or digital asset to the Sender.
The Pecu Escrow System allows for contractual notes to be added to the digital transfer and a dual confirmation feature is in place for the benefit of both parties. This is all in place on the network to prevent any potential issues or fraud. Also be aware that The Pecu Novus Network detects typos and has protocols in place to prevent digital transfers from being sent to a wrong public key or multiple public keys at the same time.
Additional security functions will be added to Pecu Novus 2.0 and it will be an ongoing mission to continue to enhance the security for the benefit of network members.
Government Taxes and Regulations
PECU is a digital asset, it can be considered a store of value, so more and more governments globally will require holders to pay income, sales, payroll, and capital gains taxes on anything that has value such as PECU. This holds true for any digital asset not just PECU, so it is the responsibility of the PECU holder to make sure that they adhere to all government regulations, laws, and tax requirements that directly impact them.
Pecu Novus is Not Anonymous
As with all layer-one blockchain networks the public ledger is just that, Public. Each and every digital transfer is stored on that public ledger and is permanently in place within the Pecu Novus blockchain. So your public key and transfer amounts can be viewed publicly so its your responsibility to do your best to protect yourself by changing your Pecu Novus Public Key following a transfer, this can be easily done in the Pecu Terminal. Your public key is revealed during a digital transfer, so definitely adopt good practices with The Pecu Novus Network to protect your digital assets. Even though permissioned based systems are not public, it is always recommended to adopt good practices.
PECU Pricing May Become Volatile
Be aware that PECU and Tokens created on the network may at times have volatile pricing fluctuations due to supply & demand as well as it being a young economy. Although the Pecu Novus Network has a true utility, PECU the digital asset can be seen as a store of value and a true asset, its never recommended that you put all your eggs in one basket, so to speak.
The high risk nature of any young economy should be taken into account. There may be a growing list of service providers, such as cryptocurrency exchanges, that may be able to convert PECU into fiat currency, just make sure they are secure and verified as a legitimate service provider before moving your PECU out of network, remember all digital transfers not in escrow are irreversible.
What Happens If Your Private Key is Lost?
Private keys are just that Private, no one has access to that information other than the Pecu Novus Mobile Wallet holder or who they share it with. So in the event that the wallet holder transfers their PECU out of network to an outside wallet or cryptocurrency exchange and they should lose their private key or information, then there is nothing that the Pecu Novus Network can do to help in this case. Those PECU, if not recovered by the PECU holder or the organization who owns the outside digital wallet or cryptocurrency exchange, could possibly be lost forever. The PECU not recovered will become dormant after a time due to the fact that those PECU cannot be accessed to use, not even by the Pecu Novus Network. The Pecu Novus Network has safeguards to prevent this from happening on the network itself by wallet holders having other information associated with their Pecu Novus Mobile Wallet and Pecu Terminal. This keeps the digital assets on the network safe and sound. It is always a wise idea if you do decide to hold your PECU on a cryptocurrency exchange or outside digital wallet to save your private key information somewhere safe, as there is no way to help to recover lost private keys.
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