Rumors from the pub
Pool of Stake – Join the revolution

Pool of Stake is creating a safe pool for Proof of Stake coins, the future of blockchain. Qtum, Stratis, Universa and soon Ethereum holders can unite in the Pool of Stake and start staking together. Pool of Stake aims to operate in all types of PoS blockchains- Smart Contract platforms or blockchains with a delegated mechanism. The main goal for Pool of Stake 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. First, the ERC-20 PSK token that gives discounts an rewards withdrawal fees. Second, a KEY token that acknowledges the user’s initial investment. The PSK platform will provide an analytics tool via a smart i.o. database that will allow members to track, control and optimize their investments. In this white paper, they explain the implementation of Pool of Stake and its services. They elaborate the governance vision which will be developed in the coming months to ensure that the PSK community remains fair and agile. They then present detailed information relevant for the upcoming ICO starting 20 July 2018. They conclude the white paper with a review of their current accomplishments and an overview of projected milestones.

Moving into the Future – From PoW to PoS

Proof of Work has been the state of the art of consensus algorithms for first-generation blockchains. Proof of Stake is the new kid on the block and 2018/2019 will be the years in which PoS will be fully adopted by major players in the blockchain field. When PoS becomes the new gold standard of blockchain, Pool of Stake will be ready to become the biggest staking pool for PoS. The core value of cryptocurrencies lies in fully trustless, permissionless protocols and decentralization. PoW is not ecologically sustainable and exhibits fundamental problems that compromise decentralization. First-generation cryptocurrencies, e.g. Bitcoin, create new coins via mining, that is, by using computational power to solve mathematical puzzles based on blockchain rules. Due to significant growth rate of the network over time, Bitcoin’s PoW algorithm is facing fundamental problems.

Security Services

The key to success is security in both, software and hardware. As for the software- the PSK token is based on the Ethereum blockchain. PSK is a ERC-20 token and the KEY token is code-wise close to the ERC-20 standard. The PSK Smart Contracts are based on the native PoS blockchain, thus for staking qtums, the Smart Contract is based on the Qtum blockchain. All Smart Contracts are open-source and have been audited by Maveric SA in order to guarantee maximum possible security. Concerning the hardware for running the node, the tech team of Pool of Stake is doing in depth research for the best and most secure server solution. The current plan is to have a physical server in a data farm close to Zurich. This would allow the tech team to quickly react to any form of impairment (see table below). A very substantial point of Pool of Stake success is to be online 24/7 to keep the forging of the community ongoing. Hence additional virtual servers will be used in the USA, Hong Kong and other locations. Here the importance is to be spread globally, in order to lower substantially the chances of a DDOS attack. The exact solution is subject to ongoing research. Any updates will be communicated to the PSK community promptly.

ICO

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, a 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 and prepare for the ICO. There will be a private and a 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 30 September 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.

This article was written in collaboration with experts from CoinMessenger


For more information, visit the WEBSITE or read the Whitepaper.

No comments so far!
Leave a Comment