At the same time with the increasing popularity of virtual currencies has begun to upgrade the algorithms of consensus. Thus, initially, almost all cryptocurrencies used the algorithm Proof of Work. In its application, the production of virtual currency was carried out with the help of high computing power. This eventually led to the fact that the maximum transaction capacity in the Bitcoin network decreased to 7 operations per second, and the cost of their execution increased to almost 50 us dollars. Moreover, the volume of energy consumed annually for cryptocurrency mining increased to 42 TWh, which is comparable to The volume of electricity consumption in new Zealand. All this indicates problems in the algorithm Proof of Work, which include:
- limited scalability;
- low efficiency;
- high energy consumption.
To solve all the problems of the original algorithm, a new algorithm Proof of Stake was developed, which most popular cryptocurrencies, including Ethereum, plan to switch to in 2018-2019. The principle of this algorithm is that the more certain cryptocurrency the owner of the assets, the higher the probability of creating a block in the Blockchain. In other words, this method is more economical.
In connection with the popularization of the PoS algorithm, it was decided to create a specialized pool of Stake.
Project objective
The main goal of the developers is to create a decentralized ecosystem that allows to extract virtual currency using stacking.
Principle of operation
To work on the Pool of Stake platform, the user must purchase PoS coins, which he prefers, after which he will have the opportunity to participate in the work of the platform. For further interaction with the platform, the client needs to transfer his coins to a specially formed address – node of the pool, after which he will be provided with specialized KEY tokens by means of a smart contract. These coins are from the one hand they are a confirmation of investments, and on the other hand, a method of obtaining income. Investors ' profits will accrue at 23:59:59 Central European summer time (UTC+2).
To make a profit, the user must confirm his rights with the KEY token, which after processing by the smart contract will provide a reward for staking coins. The processing time of the request for funds can be up to 24 hours. It is worth paying attention to the fact that the withdrawal is made directly to the user's wallet.
It is important to pay attention to the fact that unlike an ordinary node Proof of Stake, pool of Stake nodes can consist of many small pools at the same time, which allows even investors with small amounts of cryptocurrency to receive income.
The second token of the platform will be PSK. This coin will allow users to receive discounts when removing fees. Unlike the KEY coin, the PSK token can be traded within the platform.
It will be possible to buy PSK coins during the ICO.
ICO dates and details
In total, the developers plan to release 70 million PSK coins, of which 39 million will be sold within the ICO. The cost of the 1st coin will be 0.3 euros.
Token sale is carried out from July 20 to September 30 this year.
Softcap project - 2 million euros, hardcap-8 million euros.
Donations are accepted in accordance with the requirements of Swiss legislation in euros, dollars, Swiss francs and ETH tokens.
The distribution of tokens is as follows:
Conclusion
Due to the growing popularity of PoS-algorithm, creating a pool for its use is a timely and promising idea. And, given the fact that, unlike traditional PoS-pools, it will be able to earn even users with a small amount of tokens, it will be able to attract a multi-million audience.
Official resources of the Pool of Stake project:
