In this time, i would like to talk about a new innovative platform that aims to create the future of blockchain. The platform named Pool of Stake and lead by Davide Luigi Borella as CEO.
As blockchain continues to evolve, many projects such as Ethereum are switching from Proof of Work (PoW) to Proof of Stake (PoS) for verifying transactions on their chain. Since PoS is more environmentally friendly and efficient, electricity and hardware costs are much lower than with PoW.
THE DIFFERENT BETWEEN PROOF OF WORK & PROOF OF STAKE
- Proof-of-work: a method which requires miners to validate transactions on a blockchain by working out a mathematical function (called hash).
- Proof-of-stake: a method which allows miners to validate block transactions according to how many coins they choose to put at stake on that network (as deposits). Here is a post where the founder of Ethereum explained a design philosophy of PoS.
Both methods exist to serve a common purpose on the blockchain: To validate that the person sending bitcoin (or any digital currency) has the correct amount of funds in their account. And that after the transaction is done, he or she no longer has the coin in their account (aka. to avoid double spending).
And yet, the two take an inherently different approach towards that goal. PoW v.s. PoS: Buying a shovel v.s. Deposit in a bank.
By definition, Proof-of-Work means to solve the hash function and prove the result is correct. While it’s hard to unravel the function, it’s easy for other miners to verify the result once a miner gets it – just putting it back to the function to see if it works out, like an algebraic problem. If it does, congrats! Here’s the prize. So take out your shovel, do the physical work, and show everybody you have mined the gold.
Proof-of-Stake, however, is a mechanism that needs no math. Instead, inside the network, you simply lock up a certain amount of your stake, i.e. your whatever cryptocurrency generated in this blockchain. That is your proof because something is at stake.
The network uses a random selection algorithm to determine who the next block creator is, with factors like how many coins you lock up, what the coin’s age is, or how long you have locked up already, etc. Different PoS-based blockchain has various criteria, but the gist is not much hardware work is required. It’s somewhat like deposition and interests.
In PoW-based blockchain, miners do the hard work and will be rewarded. Recall Bitcoin and Ethereum, where a new block rewards 12.5 Bitcoins and 5 Ethers. But there’s another thing called a transaction fee. When you send a Bitcoin to me, that transaction needs to be validated and documented on the blockchain through the hash function math that miners are doing.
But they are not doing it for free so you need to attach a transaction fee. The next lucky miner who creates the next block will receive all the transaction fees and the block reward itself, so it’s 12.5+ Bitcoins.
In PoS method, the blockchain has no block reward. Only transaction fees. That’s also why participants in the PoS blockchain should be called validators, not miners. They only facilitate the validation process of transactions without the mining activity like PoW does.
SO, WHAT IS POOL OF STAKE?
New ICO Pool Of Stake is creating a safe pool for Proof of Stake coins. Their goal is to increase the profits for small coin holders by enabling a trusted environment to pool funds together. They aim to operate in all types of PoS blockchains – smart contract platforms and blockchains with a delegated mechanism (such as ARK and EOS).
The PSK platform will provide an analytics tool via a smart database that will allow members to track, control and optimize their investments in a fully trustless way. Through the POS governance model, members will have a direct influence on the pool via voting mechanisms. The goal is to eventually get it to where these voting mechanisms make the entire platform decentralized.
The reward for each Pool of Stake community member is calculated every night at midnight and is proportional to the amount of staked coins.
TOKEN DETAILS
The projects’ goal is to increase the profits for small coin holders by enabling a trusted environment to pool funds together. For this purpose, two tokens are used:
- PSK – an ERC-20 based token that gives discounts and rewards withdrawal fees.
- KEY – acknowledges the user’s initial investment.
PSK is their utility token, its sold during the ICO, and it enables users to get discounts on withdrawal fees. These discounts are nothing to sneeze at, and will add up to tons of savings for anyone staking to a pool.
PSK is traded freely in the markets and can be stored in any ERC-20 wallet. KEY tokens cannot be traded. They are simply a way of declaring initial PoS coin ownership. Users can buy their PoS coins such as Qtum, Stratis or Ether in their preferred exchanges. Then they transfer their PoS coins into the Pool of Stake full node and via a Smart Contract, they get back a KEY token.
ICO DETAILS
- Token: PSK
- Platform: Ethereum
- ICO time: 20/7/2018-19/8/2018
- Price: 1 PSK = 0.30 EUR
- Accepted Payment: USD,EUR,ETH
- Soft cap 2 millions EUR
- Hard cap 8 millions EUR( 2,58 millons EUR raised)
CONCLUSIONS
The project is very well prepared from the technical and business side, with very extensive and transparent whitepapers and roadmap.I find that the project is very potential and worth investing. I hope this project will continue to growth and i bid a good luck upon this project.
For further information please follow below links:
WEBSITE || ANN THREAD || TWITTER || FACEBOOK TELEGRAM || WHITEPAPER || YOUTUBE
Posted by:
Bitcoin Talk username : maniak kemsut
Profile Link : https://bitcointalk.org/index.php?action=profile;u=2132482
Wallet : 0xD1182fe4B8ae5E4D7801f6B851374E3F3A2d6A04
Thank you & love to see you back!