Pool of Stake (PSK) is a first of its kind, decentralized pool for Proof of Stake, the future of blockchain. Qtum, BOScoin, Tezos and other PoS coin holders can unite in the Pool of Stake and start Mining 2.0, generating daily forging rewards by simply staking their PoS coins.
Pool of Stake (PSK) is a unique self-regulated platform for Proof of Stake blockchains. PSK aims at growing benefits for small investors who join the platform. With the help of Pool of Stake miners can generate rewards every day by merely putting their PoS coins on stake.
The platform will offer an analytics tool which will enable tracking, managing and optimizing user’s investments. PSK relies on an ERC-20 compatible PSK token utility and an IOU token which allows PSK users to get total control over their staked coins.
Why was Pool-of-Stake born?
Blockchain technology with distributed ledger has been changing our lives when it was considered and proposed for use in economics, education, medicine, not just in the form of cryptocurrency. Behind the advantages of speed, price, safety and convenience is the powerful computing system that operates continuously day and night.
At present, the demand for energy for the mining process is based on the Proof-of-Work consensus algorithm, which is the reason why the Blockchain industry becomes a dirty industry for hash, consensus, share tokens and network maintenance. So, the Blockchain world is moving towards to another consensus algorithm, Proof-of-Stake.
By using this consensus algorithm means that a person who owns a lot of tokens will be given a lot of rewards in network maintenance process. By 2019, Etherium will switch completely to Proof-of-Stake. The era of PoW and hardware is about to pass, giving way to the widespread adoption of a more friendly and preeminent protocol than PoS.
Rather than investing to race the configuration and build the factory, Today, PoS Token owners need only to stake or store their token into a wallet that connected to the blockchain via the application.
From here, they can become a scatter node and receive a reward for forging process("forging", distinguished from "mining" of PoW). However, this algorithm has solved the problem of energy but it has some limitations:
- Although it does not require the enormous computing power as PoW,but not everyone can maintain a 24/7 computing system for the network, with the risk of malfunction and equipment failure during the operation.
- The number of Token must pass a certain threshold to share the reward during the maintenance of the network. For example, Etherium, the minimum amount that Vitalik Buterin says is about 1500 ETH, or $ 1 million. You need to reach that threshold to be able to share the reward.
- Share reward system of some blockchain PoS is not true as its name, the people own 90% of stake will receive a 99% reward, while the people own 10% of stake just only receives 1%.
So, Pool-of-Stake was created to help PoS token owners have the opportunity to connect and share profits and move on to revolutionize the entire market as well as the blockchain economy.
PROOF OF WORK & PROOF OF STAKE DIFERENCES
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.
Token Sale
Pool of Stake AS will accept donations in €, $, CHF and ETH, in accordance to the Swiss regulations. In case a donation is equal or more than 50.000CHF, KYC process is obligatory. Pool of Stake ran a seed funding during which early adopters invested 750 000 €.
This enabled the team to reach fundamental milestones andprepare for an ICO. There will be a private presale and public presale at a discounted price (less than ICO price) using reservation contracts. The official start of the ICO is 20 July 2018 and is scheduled to run for one month until 19 August 2018. Pool of Stake has established a hard cap of 8 Mio € and a soft cap of 2 Mio €.
In case the hard cap of 8 Mio € is reached prior to the official end, the ICO will be closed at that point in time. If the soft cap of 2 Mio € is not reached, all invested ETH will be reallocated back to the investors. In order to protect the project from market fluctuations, once the ICO is closed the collected ETH will be reallocated to few and selected currencies.
The tokens will be distributed 10 days after the end of the ICO. Strategy updates will be published on our blog, and any public key for the redistribution will be shared on our website. This allows every member of the community to verify the actions that are taking place.
Citizens from the following countries may not partake in the ICO: USA, China, Canada, Israel, South Korea and Vietnam.In the online procedure, investors themselves are responsible for determining their eligibility to invest. The ETH/PSK conversion will be announced 1 week prior the sale.
After the end of the ICO the collected amount of donations will be distributed between CHF, €, BTC and ETH in order to guarantee the correct delivery of the project respecting the timeline. The total amount of tokens on the market will be 70 Million, the distribution will be the following:
Tokens will be distributed 10 days after the ICO closes in order to ensure correct distribution to our investors.
Benefits
- No need for expensive and powerful equipment, the production process becomes available to everyone.
- Security: The hierarchical structure allows 100% protection against DDoS.
- Energy efficiency: In PoS, you do not have to deal with hashing. Energy is only used to run nodes. A node can be launched even from a home PC, so it consumes less energy to exploit.
- Use a smart contract that ensures the reliability and safety of the pool, eliminates the possibility of spoofing, eliminates any intermediaries, conditions can not be changed.
- Anonymous: No need to enter personal information, only wallet and e-mail address.
- Easy and convenient revenue control interface.
ROADMAP
Team
This group includes experienced professionals in the areas of information technology, investment, marketing and sales. In addition, the team also has an experienced team of mentors. Among the notable project advisors was Ian Scarffe. He is a businessman, an investor and a consultant with great experience in the world.
Useful links
Website: https://www.poolofstake.io
Whitepaper: https://www.poolofstake.io/wp-content/uploads/2017/12/PoolofStake-whitepaper_ENG_V11.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3283742.0
Telegram: https://telegram.me/poolofstake
Facebook: https://www.facebook.com/poolofstake
Youtube: https://www.youtube.com/channel/UCenEbx5MwCF7kjTAWU-jv_g?
Medium: https://medium.com/@poolofstake
Twitter: https://twitter.com/poolofstake
LinkedIn: https://www.linkedin.com/company/pool-of-stake
Github: https://github.com/poolofstake/PSK
Author
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1695591
My Eth: 0x842f9726113ec409D22C23317782b71B80B7F2A5