Insider.pro has come up with a unique study of blockchain startups analyzing the main features of a new project - Pool of Stake.
About Pool of Stake
Pool of Stake began in June of 2017, when blockchain experts Andrea Balzini and Davide Borella teamed up with Dario Calderoni, an expert in supply chain management and e-commerce, with a clear objective of creating a pool for PoS blockchains.
The team has never lost focus on the main objective and has consistently added reputable members to the team. The next important milestone for the project is the public presale.
What’s the Goal
Pool of Stake aims to bring users together so they can put up a single stake to generate rewards for all. Staking is the way the network becomes secure, validated, and rewards are given to participants that take on this job.
In existing Proof of Stake (PoS) blockchains, like Stratis, Qtum, EOS and more, staking rewards tend to be allocated to wallets with the highest balance. That's because most PoS protocols give big wallets increased odds of being selected for the rewards. This leaves smaller players out of the game.
Pool of Stake intends to change this by developing a secure and trusted pool where people join and stake together. Holders of PoS coins will now have an opportunity to generate and share the rewards that are normally taken up by the big players. It also opens up an opportunity to participating in securing the blockchain of their preference, which in turn usually raises the value of tokens. More importantly, Pool of Stake lets users generate a passive income.
The project is focuses much of its efforts on creating a secure environment by using private key hashing and multi signature wallets when possible. The vision is to find the safest way to stake coins with different parties. In the future, the project aims to create a secure staking environments based on Smart Contract platforms.
Proof of Work, Inefficiency and Centralization
It is very common to hear about the scalability issues of Bitcoin. The mother of all blockchains operates using a consensus algorithm called Proof of Work (PoW). This algorithm is what gives validity to the blockchain. It requires validators (miners) to solve complex mathematical problems with countless possible variables. Additionally, the difficulty of the task increases as more validators turn up to participate.
Most of scalability problems stem from PoW. Its very energy consuming as validators end up needing more computing power as difficulty rises. This has a potential to create a huge carbon footprint. The expenses in electricity and computing equipment also make the venture inaccessible for those with little resources.
Proof of Stake as a Solution to Scalability
There are no miners in PoS system. Instead of trying to solve a mathematical problem to process transactions, PoS users (miners) lock up a share with their tokens to validate transactions. In case stakers act maliciously by trying to manipulate the data in the blockchain, the locked stake gets slashed. This punishment disincentivizes bad behaviour on the network.
The probability of being selected as the verifier increases depending on the amount of tokens that the participant stakes. Since the process does not rely on heavy computing, it drastically reduces the carbon footprint when compared to PoW. Additionally, participants do not have to meet costly requirements as with PoW. This makes a more fair game and foments decentralization.
The project currently offers a discount for early adopters. The project holds a Public Presale, predating the ICO. The details are as follows:
Discount rate: 26% Bonus rate: 35% PSK unit price: 0,22 €
Start date: 18/06/2018 12:00 CEST Stop date: 20/07/2018 12:00 CEST.
Click here to visit Pool of Stake page in the list of upcoming ICOs.