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.
Platform Services – Smart i.o. database
The platform is going to be account based and protected by all common security measures, e.g. 2FA. Transparency and trustless services are central to Pool of Stake. The vision for the platform is to give users the possibility to check at any time the state of the pool and collected rewards, while also protecting users’ privacy. The PSK platform will use a smart i.o. database. Pool members will be able to check the total amount of coins held by the entire pool and the generated rewards in total so that they can verify the correctness of their individual rewards. This means that members do not have to trust the Pool of Stake daily rewards calculations. They can check for themselves. Additionally, the analytics of the smart i.o. database will show the performance of the different PoS coins. This will enable pool members to easily track which coin has generated the most rewards in the last day, last week, last month and last year so that they can make informed decisions for their future investments. PoS coin performance will be measured for pool reward performance and individual PSK members. The PSK platform will include a communication tool so that PSK members can communicate with each other, make proposals to the community and vote on important decisions. A more precise vision for the communication tool will be developed in the coming weeks and months. Any updates will be communicated promptly to the community. Closely related to the communication platform is the vision for the Pool of Stake governance model, which will be discussed next.
PSK will allocate 5% of the rewards to pay the GAS utilized to send the KRY back to the user and to rebuy PSK tokens on the market. PSK will include a burning mechanism. Burning means that coins are sent to an address which can never again be accessed or used. Burning is a deflation mechanism. In order to prove to Pool of Stake members that PSKs have been burned, a method called Proof of Burn is used. This method employs the same logic as blockchain technology, namely that trust is established by the system without the need for third parties to verify actions and transactions. Proof of Burn provides anyone interested with empirical and untampered evidence that the tokens have really been burned.
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.