What is Pool-of-Stake?
Pool-of-Stake is a project that develop a first decentralized Pool for all Coin/Token belongs to the PoS line, share the chance of getting the reward of "coin forging" process to every token owner.
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.
To address the blacksmith's problems and revolutionize a protocol that still new to many people, Pool-of-Stake proposes and implements the following potential solutions:
Building a global platform where PoS token owners can drop their tokens into the same large Pool to eligible as well as benefit more during the "forging" of maintaining the blockchain network.
Release 2 Tokens: The first Token is the IOU. It is returned to owner, which is equivalent to the amount of PoS token they contribute to the Pool. The second is PSK. This tokens are used to pay for the fees when the token holders receive their prize or withdraw their tokens out of the Pool. These two types of tokens are very specific to make the operation of the platform simple and easy.
Sharing reward will be calculated every night, 85-95% of the prize obtained from Pool will be shared to all users based on the number of tokens they hold, 5% used to transfer the token for token owners and maximum 10% used to pay for cost management and innovation for the platform.
The platform also provides a token burning mechanism that reduces supply and pushes up the token price.
Provides databases in Smart I.O, tracks and analyzes different types of tokens, optimizes forging and withdraws rewards.
Security by both software and hardware to protect the user's asset.
This platform will use the administration mechanism based on voting-system, This means that each member of the platform has the right to propound any opinion, evaluate or speech about any important decision of the platform.
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.
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.
I found the project quite interesting, is pioneering in orientation of high-level mining services.
Good idea, in line with the trend of mining, solving the problem of minimum number of tokens, time requirements and machines.
The team is verified, having activities at many Crypto/Blockchain forums.
Soft-cap was completed.
There are two types of tokens with different functions, convenient for management and access to customers.
It has not attracted much attention from the community.
There is not much information about strategic partners in the future.
If you have any opinions about the project, please leave below the comment section. Thank for reading!
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Pool-of-Stake - Improved version of Proof-of-Stake