Pool of Stake: Pool for Proof of Stake Blockchains

clauming (7)in #blockchain • 6 years ago

Introduction

Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries.

For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc. As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.

Regarding mining... At the beginning, all you needed to mine bitcoins was a computer and an application. Then, the market has developed hardware that makes it much more difficult for the mining community. In turn, it has instigated the community to start forming mining pools. A mining pool allows its members to recover the edge and begin to explode again.

The Proof of Work (PoW) has been the consensus algorithms for the first generation blocks. Proof of Stake (PoS) is the new kid of the new generation of cryptocurrency in which the PoS will be totally adopted by the main actors in the field of block chains. When PoS becomes the new gold standard of the block chain, Pool of Stake will be ready to become the largest forge group for PoS.

For this reason, the project I am going to present you is Pool of Stake (PSK), a new cryptocurrency project designed to be the future of mining. The idea is to create a pool for Proof of Stake blockchains.

Video Presentation

Definition

Pool of Stake (https://www.poolofstake.io/) is a decentralized pool of Proof of Stake, the future of the blockchain. It is a decentralized, self-regulated and completely reliable pool. This is possible thanks to the powerful use of Smart Contracts and globally distributed nodes. PSK makes Mining 2.0 safer and more profitable for individual purses.

The difference between the Proof of Work (POW) and the Proof of Stake (PoS) is explained in the following table:

Type	Description
Proof of Work	Algorithm well tested and used in many cryptocurrency projects. DDoS attacks on a chain of blocks using this algorithm are impossible with current computer technology. However, the high cost of energy, the increase in pressure on the environment, the adverse coverage of the associated media, the increasing centralization of mining operations and the low performance of transactions will probably make it unviable for long. term. Communities are increasingly concerned about the high energy costs of Bitcoin mining, and China is officially banning all these operations.
Proof of Stake	Algorithm that provides a more scalable blockchain with higher transaction performance, and some projects have already adopted it, for example. However, it is less secure than the completely decentralized POW algorithm.

Type

Description

Proof of Work

Algorithm well tested and used in many cryptocurrency projects. DDoS attacks on a chain of blocks using this algorithm are impossible with current computer technology. However, the high cost of energy, the increase in pressure on the environment, the adverse coverage of the associated media, the increasing centralization of mining operations and the low performance of transactions will probably make it unviable for long. term. Communities are increasingly concerned about the high energy costs of Bitcoin mining, and China is officially banning all these operations.

Proof of Stake

Algorithm that provides a more scalable blockchain with higher transaction performance, and some projects have already adopted it, for example. However, it is less secure than the completely decentralized POW algorithm.

Proof of Work	Proof of Stake

Goals

The main objective of PSK is to increase the profits of the small miners who join in the Pool of Stake. To do this, an ERC-20 PSK utility token and an IOU token are used, ensuring that PSK members are always in full control of their in-play currencies. The vision is to give users the possibility to check at any time the status of the pool and the rewards collected, while protecting the privacy of users.

Benefits

Firstly, the security of the system, the scale of the economy, the saving of electricity, the AI in support of the best investment for the members of the PSK, comparing the rewards of the different block chains based on real data of the community members and the support of the block chains raising the voice through a mechanism of transparent government.

Moreover, the platform uses an intelligent algorithm that will help the user to have a point of reference with all the members of the community, guaranteeing a high level of privacy that will give some indications about the goodness of the investment and other more profitable ones. The PSK platform will provide an analytical tool through an intelligent database that will allow PSK members to track, control and optimize their investments in a totally reliable way.

Besides, PSK allows small-scale miners to build a mining pool. By joining, they regain their lost advantage. Now they can mine together and collect high rewards from forging.

Furthermore, PSK members will be able to check the total amount of coins held by the entire group and the total of the rewards generated so that they can verify the accuracy of their individual rewards. This means that PSK members do not have to rely on PSK's daily rewards calculations. You can check it for themselves. In addition, the analysis of the database of smart i.o. It will show the performance of the different currencies of the point of sale. This will allow PSK members to easily track the currency that has been generated more rewards on the last day, last week, last month and last year so they can make informed decisions for their future investments.

Finally, the PSK platform will include a communication tool so that PSK members can communicate with each other, make proposals to the community and vote on important decisions.

Bounty

The project gives the opportunity to earn Pool of Stake tokens performing some social media tasks and doing simple steps from the bounty program explained in the Bitcointalk Webpage. Here (https://bitcointalk.org/index.php?topic=3297804.0) you can access the link in order to see what are the conditions to become an early PSK contributor and start acquiring tokens.

Doesn't that sound interesting? If you are interested in this airdrop or basically in the ICO, you can read their Whitepaper here (https://www.poolofstake.io/wp-content/uploads/2018/04/Pool_of_Stake_whitepaper.pdf). You can also read their ANN thread here (https://bitcointalk.org/index.php?topic=3283742.0) or stay tuned in their official Telegram group (https://web.telegram.org/#/im?p=@poolofstake). I hope you liked the post and soon I'll send you new ones.

Tokenomics

Description
The PSK is an ERC-20 PSK utility token for the service token designed to reduce the fee to withdraw the generated reward. In addition, the team has created the IOU, a certificate of ownership, which gives users the ability to move the token in and out of the forge node.

Token Details
Token: PSK
Platform: Ethereum
Type: ERC20
Pre-ICO Price: 1 PSK = 0.22 EUR
Price in ICO: 1 PSK = 0.30 EUR
Tokens for sale: 53,245,907

Roadmap

Date	Event
02.06.2017	1st whitepaper & business plan.
21.03.2018	Announcement of the ICO day & press release.
April 2018	MPV on Qtum Testnet.
02.05.2018	ICO start.
03.06.2018	ICO end.
2019 - Q1	1st platform release. 2nd platform release (dPOS).