Pool of Stake (PSK) is the first decentralized pool for Proof of Stake (PoS), the future of blockchain
Pool of Stake (PSK) is the first decentralized pool for Proof of Stake (PoS), the future of blockchain. Pool of Stake is a fully decentralized, self-regulated and completely trustless pool due to the powerful use of Smart Contracts.
The first-generation Proof of Work (PoW) based blockchains face fundamental problems in terms of scalability, efficiency, centralization and sustainability. These problems will be solved by the next generation consensus algorithm: Proof of Stake (PoS).
PoS is the future of blockchain and will be fully adopted by major players in the blockchain by 2018/2019. Vitalik Buterin, the founder of Ethereum claims: “The significant advantages of PoS include security, reduced risk of centralization, and energy efficiency”.
The first of its kind, Pool of Stake has been developed in anticipation of this new gold standard.
Acting as one node, Pool of Stake services enable PoS coin holders to join forces and act collectively, creating a much higher network weight and collecting more forging rewards. By simply staking their PoS coins, pool members can generate a daily passive income. On staking their coins, members automatically receive an IOU token in return via Smart Contracts, meaning that they remain the owners of their initial PoS coins at all times.
A substantial part of Pool of Stake’s success is the ability to be online 24/7 to keep the forging of the Pool of Stake community ongoing. It is planned to have a physical server in Zurich with additional virtual servers in the USA, Hong Kong and other locations. The use of globally distributed nodes substantially lowers the chances of a DDOS attack.
Pool of Stake’s Smart Contracts are based on the Ethereum blockchain. As PSK is an ERC-20 token and the IOU token is code-wise close to the ERC-20 token, this means that the security level of Pool of Stake’s Smart Contracts is state of the art.
From a technical perspective Pool of Stake might appear as a centralized pool, but decentralization lies at the heart of the project. The mechanism of decentralization is provided by the use of Smart Contracts and a governance system that allows Pool of Stake members to continue to participate in voting processes in the native PoS blockchain. Through a simple voting system, the members will have direct influence on the pool. In this way, Pool of Stake acts as a unified voice for the public while being fully accountable to the Pool of Stake community.
The reward for every Pool of Stake community member is calculated daily proportionally to the amount of staked coins. Members will be able to check both the total amount of coins held by the entire pool and the generated rewards so that they can control the correctness of their individual rewards.
Pool of Stake will be launching an ICO on May 2, 2018 running for one month to June 3, 2018 with a hard cap of 8 Mio € and a soft cap of 5.2 Mio €. In case the hard cap of 8 Mio € is reached prior to the official end, the ICO will be closed at this point of time.
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