soplo: Pool for proof of stake based on Blockchains

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INTRODUCTION

From the time the blockchain and cryptocurrency was invented, it comes as a shock to many individuals that it can attain the kind of acceptance it is gaining from the society, and the world at large where transfer of funds can be done under few minutes without the hassle of the traditional methods and geographical restrictions, all of which is a bonus to their users and can make doing of business flow easily.

However despite this, majority of people are still not too keen about using cryptocurrencies because it is out of their comfort zone and without increase in the number of people making use of blockchain it cannot move forward .

The only way to confront this major challenge is to create a blockchain which have traditional methods and can attract these people which is what Pool Of Stake intends to do.

WHAT IS POOL OF STAKE?

Pool of Stake (PSK) is a first of its kind, decentralized pool for Proof of Stake, the future of blockchain. Qtum, BOScoin, Tezos and other PoS coin holders can unite in the Pool of Stake and start Mining 2.0, generating daily forging rewards by simply staking their PoS coins.

Pool of Stake (PSK) is a unique self-regulated platform for Proof of Stake blockchains. PSK aims at increasing benefits for small investors who join the platform. With the help of Pool of Stake miners can generate forging rewards every day by merely putting their PoS coins on stake.

The platform will offer an analytics tool which will enable tracking, managing and optimizing user’s investments. PSK relies on an ERC-20 compatible PSK utility token and an IOU token which enable PSK users to get total control over their staked coins.

THE PRESENT SITUATION

Firstly, the miners need to possess a computer and a mining app in order to commence mining. As time goes on, the market has developed a hardware making it much difficult for the participants to mine. This has incite the ecosystem from investing in mining pools.

At the beginning all you needed to mine bitcoins was a computer and an application. Then the market has developed hardware making it much harder for the community to mine. It has, in turn, instigated the community to start forming mining pools. A mining pool allows its members to gain back the edge and start mining again.

IDEA DEVELOPMENT

The idea of Pool of Stake is developing on current miners experiences and problems. Pool of Stake seems to be a solution. As you can see at the description below:

THE SOLUTION

The platform provides pool for proof of stake based on blockchains. Various benefits are attached to the mining pool. Above all, the security of the system, the size of the economy, the standby electricity, and the AI in use for the top investment for PSK members-comparing the incentives of the various block-chain based on real data of the members of the ecosystem and the support of the block-chain raising the voice via a transparent system.

There are several benefits on taking part on a mining pool. 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.

POOL OF STAKE IMPLEMENTATION

PROOF OF WORK & PROOF OF STAKE DIFFERENCES

What is the proof of work? Proof of work is the approach at which the miners conduct transactions on the crypto exosystem by working out an algorithm set (known as hash)

The proof of stake is the approach at which the miners are empowered to conduct transactions in respect to the coins they choose to utilize on the stake (deposit). This is definitely awesome.

However, both of the approaches serve as a common means on the crypto exosystem: This is to authorize that the user sending Bitcoin or any of the other cryptocurrencies to the correct amount of the funds in their wallets. After the transactions are over, the user will not have any coin on his wallet to bypass multiple spending. In addition, the two features take an inherently distinct method. The features act like depositing a fund inside the bank for more revenue.

The proof of work can be described as a method to solve the hash operations and cross-check of the outcome is accurate. While it is difficult to discover the operations, it is quite easy for the miners to verify the result once the miner gets it. Just returning it back to the function to check if it actually works out, just likes an algebraic math. If it works out for you congrats! Here are the rewards for you. So you can dearly take out your shovel, and do a physical work, and show everyone what you are made of by mining the gold.

The proof of stake is the mechanism that requires no mathematics. But the stake simply requires that you lock up a certain fund of your stake, I.e. your whatever crypto coin generated in the crypto exosystem. That is what proof of stake really is. Because something is at stake.

TOKEN

The projects’ goal 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:

PSK – an ERC-20 based token that gives discounts and rewards withdrawal fees.

KEY – acknowledges the user’s initial investment.

PSK is their utility token, its sold during the ICO, and it enables users to get discounts on withdrawal fees. These discounts are nothing to sneeze at, and will add up to tons of savings for anyone staking to a pool.

TOKEN SALE

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, 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 andprepare for an ICO. There will be a prescription 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 19 August 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. Strategy updates will be published on our blog, and any public key for the redistribution will be shared on our website. This allows every member of the community to verify the actions that are taking place. Citizens from the following countries may not partake in the ICO: USA, China, Canada, Israel, South Korea and Vietnam.

In the online procedure, investors themselves are responsible for determining their eligibility to invest. The ETH / PSK conversion will be announced 1 week prior the sale. After the end of the ICO the collected amount of donations will be distributed between CHF, €, BTC and ETH in order to guarantee the correct delivery of the project respecting the timeline. The total amount of tokens on the market will be 70 Million, the distribution will be the following: