FAQ

You can find here all our answers to your questions.
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What are the benefits of taking part in a pool?

There are several benefits! First of all, the security of the system, the scale of economy, the saving of electricity, the AI in support of the best investment for PSK members- comparing the rewards of different blockchains based on real data of the members of the community and the support of the blockchains raising the voice via a transparent governance mechanism.

How often will I get rewards?

On a daily basis, every night via a snapshot of tokens on the node at 23:59:59 CE(S)T and via the split of the reward generated all across the day.

What is the fee to withdraw the original amount of staked PoS coins?

Free of charge

What is the fee to withdraw the reward?

A proportional split between 0% and 10%, based on the held PSK in your personal wallet. The PSK system will analyze the amount of held PSK tokens every night and calculate the reward. The PSK do not have to be spent, they just have to be held.

Do you have two tokens? IOU & PSK?

The PSK is our service token utilized to lower the fee to withdraw the generated reward. The IOU is a certificate of ownership, giving to you the possibility to move the token in and out from the forging node.

How much IOU tokens are there per blockchain?

We have 1 type of IOU per blockchain and 1 IOU is generated every transaction into the node from your personal wallet and to you after the distribution of the daily reward.

Can I buy the PSK token on the market?

You have 2 ways to buy PSK, via ICO or on listed exchanges.

What happens if I do not own PSK tokens?

Nothing! You are still able to use the PSK service, and withdraw your initially invested PoS coins free of charge. When you want to withdraw the generated reward, a 10% fee will be kept for the PSK team to ensure future developments.

What happens if I have some PSK tokens needed to cover my reward?

No problem! The withdrawal of your original amount moved into the node is still free of charge, but the reward generated by you will be reduced in accordance with the table indicating the fee.

Can the PSK team transfer my tokens?

The PSK team cannot move your personal tokens! Only you can transfer the tokens in and out via the mechanism of the IOU token. So, it is important that you take good care of the wallet on which you get the IOU tokens.

When will the token be distributed?

The distribution will happen 10 days after the closure of the ICO.

When will the token be on exchanges?

We have connections to several exchanges. Right now we are not able to share names or more details due to legal regulations. There are severals leaks online that we can neither confirm nor deny.

Why the need to implement a governance model for a pool?

Our analysis has shown that most PSK users will hold various PoS coins. For every PoS blockchain there are different voting procedures. PSK will provide a unified voting process in which PSK users can give through the same mechanism their vote for different PoS blockchains. Additionally, in most cases, voters need to hold a minimum amount of coins in order to be able to vote. Since PSK members will have their coins staked in the pool, they can simply use the PSK voting mechanism in order to influence the development of the native PoS blockchain, without to have to withdraw their staked coins. So the governance model of PSK makes voting and participating in a pool possible at the same time. Additionally it facilitates voting processes for PSK voters.

What happens if I don’t want to actively participate in the governance?

Nothing! You miss the chance to influence the development of the PoS blockchain in accordance to your own interests. For dPoS coins you will have the possibility to transfer your vote to a PSK delegate that will act on behalf of your and other voters interests.

What can I do if I am not happy with the voting result in PSK?

If you are particularly passionate about the voting turnout and disagree with the voting result on the pool, you have one option. First, you can withdraw your staked coins from the PSK node, transfer them to your PoS wallet and participate directly on the native blockchain in the voting. However, in this scenario you lose funds by missing out on the daily rewards.

When is the start of the ICO?

The initial sale will begin on 2 May 2018 (at a specific block)

Proof of work vs proof of stake

Proof-of-work: a method which requires miners to validate transactions on a blockchain by working out a mathematical function (called hash).
Proof-of-stake: a method which allows miners to validate block transactions according to how many coins they choose to put at stake on that network (as deposits). Here is a post where the founder of Ethereum explained a design philosophy of PoS.
Both methods exist to serve a common purpose on the blockchain: To validate that the person sending bitcoin (or any digital currency) has the correct amount of funds in their account. And that after the transaction is done, he or she no longer has the coin in their account (aka. to avoid double spending).
And yet, the two take an inherently different approach towards that goal.
PoW v.s. PoS: Buying a shovel v.s. Deposit in a bank
By definition, Proof-of-Work means to solve the hash function and prove the result is correct. While it’s hard to unravel the function, it’s easy for other miners to verify the result once a miner gets it – just putting it back to the function to see if it works out, like an algebraic problem. If it does, congrats! Here’s the prize. So take out your shovel, do the physical work, and show everybody you have mined the gold.
Proof-of-Stake, however, is a mechanism that needs no math. Instead, inside the network, you simply lock up a certain amount of your stake, i.e. your whatever cryptocurrency generated in this blockchain. That is your proof because something is at stake. The network uses a random selection algorithm to determine who the next block creator is, with factors like how many coins you lock up, what the coin’s age is, or how long you have locked up already, etc. Different PoS-based blockchain has various criteria, but the gist is not much hardware work is required. It’s somewhat like deposition and interests.
PoW v.s. PoS: Block reward v.s. No block reward
In PoW-based blockchain, miners do the hard work and will be rewarded. Recall Bitcoin and Ethereum, where a new block rewards 12.5 Bitcoins and 5 Ethers. But there’s another thing called a transaction fee. When you send a Bitcoin to me, that transaction needs to be validated and documented on the blockchain through the hash function math that miners are doing. But they are not doing it for free so you need to attach a transaction fee. The next lucky miner who creates the next block will receive all the transaction fees and the block reward itself, so it’s 12.5+ Bitcoins.
In PoS method, the blockchain has no block reward. Only transaction fees. That’s also why participants in the PoS blockchain should be called validators, not miners. They only facilitate the validation process of transactions without the mining activity like PoW does.

How secure is my account?

Having a full on chain system & an IOU certificate, we can ensure full security of your coins.

Can PSK core team move my coins?

No, only you can do it, the IOU mechanism gives you the full ownership of the process.

Is PSK saving my private keys?

No.

Why a Smart algorithm?

The Smart algorithm will help a user to have a benchmark with all the members of the community, ensuring an high level of privacy will give some indications to the goodness of the investment and some token more profitable.

With the smart algorithm are you going to share my balance?

No, the idea is the have aggregated figure from all the members of the community.

If I see an opportunity with different coins, can I buy it from you?

No, we are not an exchanger, you have to buy on the market, than move your coin into PSK node.