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. PSK is a fully decentralized, self-regulated and completely trustless pool. This is made possible by powerful use of Smart Contracts and globally distributed nodes. PSK makes Mining 2.0 more secure and more profitable for individual PoS coin holders.
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 stakers by enabling a trusted environment to pool funds together. For this purpose, two ERC-20 tokens are used. First, the PSK token that gives discounts an rewards withdrawal fees. Second, an IOU token that acknowledges the user’s 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, we explain the implementation of Pool of Stake and its services. We elaborate the governance vision which will be developed in the coming months to ensure that the PSK community remains.
Proof of Work has been the state of the art of consensus algorithms for first-generation blockchains. Proof of Stake is the new kid on the block and 2018/2019 will be the years in which PoS will be fully adopted by major players in the blockchain field. When PoS becomes the new gold standard of blockchain, Pool of Stake will be ready to become the biggest forging pool for PoS. The core value of cryptocurrencies lies in fully trustless, permissionless protocols and decentralization. PoW is not ecologically sustainable and exhibits fundamental problems that compromise decentralization.
First-generation cryptocurrencies, e.g. Bitcoin, create new coins via mining, that is, by using computational power to solve mathematical puzzles based on blockchain rules. Due to significant growth rate of the network over time, Bitcoin’s PoW algorithm is facing fundamental problems. With the current block size, Bitcoin has a maximum transaction capacity of 7 transactions per second, with peak transaction costs of around $50 and an annual energy consumption of 42 TWh (the same amount as New Zealand). These facts demonstrate that the first-generation digital cryptocurrency network Bitcoin has fundamental limits for scalability and problems with efficiency that cause it to that stray from its core philosophy.
The key to success is security in both, software and hardware. As for the software- PSK’s Smart Contracts are based on the Ethereum blockchain with all its security services. PSK is a ERC-20 token and the IOU token is code-wise close to the ERC-20 token. This means that the largest parts of the code are already well tested and stable. From the very beginning the security level of PSK’s Smart Contracts is as secure as Smart Contracts in general can be. Concerning the hardware, the tech team of PSK is doing in depth research for the best and most secure server solution. The current plan is to have a physical server in a data farm close to Zurich. This would allow the tech team to quickly react to any form of impairment (see table below). A very substantial point of PSK’s success is to be online 24/7 to keep the forging of the PSK community ongoing. Hence additional virtual servers will be used in the USA, Hong Kong and other locations. Here the importance is to be spread globally, in order to lower substantially the chances of a DDOS attack. The exact solution is subject to ongoing research. Any updates will be communicated to the PSK community promptly
Based on future projections and current calculations, we expect to reach the break-even point (BEP) in 2020-Q3. Of course, this outcome may vary, depending on market fluctuations and other events outside our influence.
For Information
Website : https://www.poolofstake.io/
Whitepaper: https://www.poolofstake.io/wp-content/uploads/2018/04/Pool_of_Stake_whitepaper.pdf
Twitter: https://twitter.com/poolofstake
Telegram: https://web.telegram.org/#/im?p=@poolofstake
Facebook: https://www.facebook.com/poolofstake
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