The reason for Pool of Stake
As our followers already know, Pool of Stake aims to create the first safe environment for Proof of Stake (PoS) coin holders to stake together. The reason for our existence derives from two main things: the inefficiencies of Proof of Work (PoW) as a consensus algorithm, and the high entry barriers to participate in securing Proof of Stake (PoS) blockchains.
Inefficiencies of PoW
The consensus protocol for first generation blockchains, like Bitcoin, has proved to have a hard time scaling. Proof of Work requires all verifiers, which are the famous Bitcoin miners, to solve a complex mathematical problem in order to verify a transaction and receive bitcoin (or any other token using PoW) once the solution is found. The difficulty of the problem increases when there is a lot of miners.
The difficulty has gotten to a point in which so much computing power is required, that the amount of energy that bitcoin mining requires is larger than that of countries like Ireland and the Czech Republic. This has rendered these blockchains useless. They have very slow transactions speeds, and very high fees. Additionally, it has centralized blockchains and gives excessive power to few actores.
Proof of Stake as a solution
In PoS so-called stakers need to lock up stakes in the form of tokens so they can participate in the validation of transactions. In case forgers try to manipulate the shared ledger to their benefit, the locked-up stakes get slashed or rewards are withheld. This way forgers are incentivized to validate transactions correctly.
Depending on the relative amount of tokens a forger stakes, the probability they will be chosen as the next forger rises. Because the staking mechanism requires no waste of energy to secure the network, it can be regarded as a more energy efficient system. Additionally, all token holders can participate in the forging of new blocks through locking up stakes. This way the network retains its decentralized character. The issue with this type of consensus algorithm is the next: since you have a higher possibility to receive the reward if you have a big stake of coins, small players are left out.
Pool of Stake is for Everyone
Here at Pool of Stake, we are working to change this. We are 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 staking rewards that normally whales take. We will also open the opportunity to participate on securing the blockchain of your preference, which in turn usually appreciates the value of its native token. More importantly, Pool of Stake lets users generate a passive income.
We are focusing our 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 turstless and decentralized staking environments in Smart Contract platforms.
Public Presale – 18/06/2018 12:00 CEST
Join our presale to get a fabulous discount!
Bonus rate: 35%
PSK unit price: 0,22 €
Start date: 18/06/2018 12:00 CEST
Stop date: 20/07/2018 12:00 CEST
About Pool of Stake
Pool of Stake started 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 the 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 date for the project is the public presale, starting on the 18th of June of 2018.