Friends and followers, it gladdens my heart to share with you this world-class startup project I found which will surely take the cryptocurrency mining industry by storm using the power of unity and togetherness. There is this huge buzz in the crypto mining space that the major players in blockchain ecosystem, including Ethereum, is gearing towards moving from Proof of Work (PoW) to Proof of Stakes (PoS) which some predicted will be implemented in 2019. What so much interest me about this project is that the project team, in their proactive way, has brainstormed and created this unique project so that upon implementation of pool of stakes by these giants, it will become the biggest force in the PoS mining or forging space thereby making the largest of rewards. This project is called – POOL OF STAKE
But before I talk about this project, let me briefly explain the concepts of Proof of Work and Proof of Stakes so as to enable you understand why the transition from PoW to Pos and to also help you appreciate the project , its unique features and how you will benefit from it even as a small miner.
Proof of Work (PoW) VS Proof of Stake (PoS) – Basic Explanation
Proof of Work
Proof of Work is basically a protocol that is aimed at deterring cyber attacks such as DDoS (Distributed Denial of Service) which through sending of fake multiple requests, causes computer system resources to be completely exhausted. This Proof of Work existed even before the creation of Bitcoin. But Satoshi Nakamoto applied the PoW technique in Bitcoin creation as it allows for trustless and distributed consensus.
In mining, Proof of Work is a requirement for solving expensive computer calculations which must be performed to create new blocks (trustless transactions) on a distributed ledger called Blockchain.
The things that basically occur during mining is that transactions are bundled into blocks, miners then verify the legitimacy of each transaction by solving the computer mathematical puzzle called Proof of Work problems. The first miner to solve each block problem is rewarded and the verified transaction is then put or stored in blockchain.
Bitcoin, Ethereum, and other blockchains are using Proof of Work model. But Ethereum and other major players want to move from this model to a more efficient and secured consensus system called Proof of Stakes
Proof of Stake
Proof of Stakes is also an algorithm with the same purpose as what is obtainable with Proof of Work but the major difference is the process of reaching the goal. The way transaction is validated here is different.
Why does major blockchain player like Ethereum wants to start using Proof of Work (PoS)
The reasons for this big decision or transition are as follows:
- In Proof of Work, a lot of energy is required by miners to carry out a successful mining operation. A recent carried out in 2015 by VICE Motherboard revealed that the amount of energy required for one Bitcoin transaction is enough to power 20 Hong Kong homes or 11 mainland China homes in one day. This is huge.
- And as Bitcoin network grows, even more energy would be required.
- The cost of providing this energy is huge and they are paid in fiat currency which put a lot of downward pressure on cryptocurrency value.
Experts including Ethereum developers believed that Proof of Stakes will provide a more sustainable, greener and cheaper system.
Introducing Pool of Stake
In the beginning, one could mine Bitcoin using just one computer system in his house. But as Bitcoin network grows, more energy and expensive hardwares became necessary for one to be able to compete facourably in the PoW mining space there leaving no space for small miners.
In Proof of Stake (PoW) consensus, forgers ( called miners in PoW) will be automatically selected by the system from the pool of interested validators. And the selection will favour those with huge cryptocurrency coin base. This is because, the system will require a validator to stake his wealth of tokens before carrying out any validation. This is a way of ensuring the system is clean and secure as the moment the validator deviates from the set rules or law, he loses his staked token. This condition is called slashing.
Pool of Stake is a decentralized platform that will enable PoS coin holders to come together and stake their coins in a pool thereby forming a huge force (in terms of amount of staked coins) which will enable the system to select it as a validator to carry out mining 2.0 and then generate rewards to the contributors or members of the pool of stake community.
Pool of Stake Objective
To increase profits for small miners who come together and staked their PoS coins in the Pool of Stakes platform.
The platform will also eliminate all the challenges of PoS forging faced by small miners thereby giving them sense of belonging and loyalty to the platform.
Why I should join Pool of Stake (See video below)
Conclusion
Pool of Stake is a unique project that will help and empower small miners to participate and also benefit in the new proof of Stake forging which will be the future of mining. The project is currently on ICO with high ratings from major listing websites. The prospect of this project is high. Therefore, I will definitely invest in the project.
Official Sources of Pool of Stake Project:
Official Website: https://www.poolofstake.io/
Ann Thread: https://bitcointalk.org/index.php?topic=3283742.0
Telegram: https://web.telegram.org/#/im?p=@poolofstake
Facebook: https://www.facebook.com/poolofstake
Whitepaper: https://www.poolofstake.io/wp-content/uploads/2018/04/Pool_of_Stake_whitepaper.pdf
Authorship:
My Bitcointalk Username: dontigana
My Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2164200
My ETH Address: 0x8673a6a7E1edc34B5F8d50eE8E15CcDd3b96AaEC
