Pool of Stake

sancho777 (30)in #poolofstake • 6 years ago

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.

PSK and KEY Token Explanation
Users can buy their PoS coins such as Qtum, Stratis or Ether in their preferred exchanges. In order to increase forging profits, they can participate in Pool of Stake. They need to transfer their PoS coins into the Pool of Stake full node and via a Smart Contract they get back a KEY token. On the one hand it acknowledges their initial investment and on the other hand it enables users to withdraw their funds. The exact daily reward is calculated every night at 23:59:59 CE(S)T. This way users are generating passive income for themselves with their staked PoS coins on the basis of the collected rewards of the Pool of Stake community. The legal and the tech team are currently working on a multisignature solution in order to decrease the level of trust needed in this process. PSK is a utility token sold during the ICO, enabling users to get discounts on withdrawal fees. The PSK utility token is on the Ethereum blockchain so users can keep PSK tokens in their favorite Ethereum wallet. KEY tokens exclusively serve the purpose of declaring initial PoS coin ownership. Thus KEY tokens cannot be traded, not even among PSK community members. Pool of Stake will act as a regular node on PoS coins. The vision for the near future is to be able to stake on Smart Contracts which would make Pool of Stake fully trustless and decentralized. In the MVP, Pool of Stake will cooperate with delegates for dPoS coins. The vision in the long run is for PSK to put up its own delegates for dPoS coins as Ark or Waves.

Reward System
The reward for each Pool of Stake community member is calculated every night at 23:59:59 CE(S)T and is proportional to the amount of staked coins. Along with this, corresponding KEY tokens are distributed to each member accordingly. The bigger the pool, the greater the total rewards and hence the proportion for every Pool of Stake member. Withdrawing the amount of initially staked PoS coins (in whole or part) is free of charge. The withdrawal of rewards, however, will imply a fee. In order for the Pool of Stake community members to obtain maximum gain on rewards, the correlation between held PSK tokens and value of the daily reward (*) is important. For example, if Bob wants to obtain the maximum value (95 %) of his rewards (thus paying only 5 % for GAS), he needs to have, at 23:59:59 CE(S)T, a value of PSK tokens greater or equal to 200 % of the daily reward value. An overview with exact calculations is found in the table below. The PSK platform and apps will suggest to PSK members individual strategies for obtaining the maximum amount of rewards.

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.