What problem are you solving?
A user must have the minimum amount of 1750 PRV to stake a node and become a validator. Users with less than 1750 PRV have very few options to join the network and power privacy as node operators.
What is the solution?
A staking pool combines cryptocurrency from multiple people on the network. This lowers barriers to entry by allowing people who do not have the minimum required stake to also participate in powering the network. It also means rewards can be distributed among a greater number of people. Staking pools contribute to the decentralization of the network by increasing inclusivity. The current annual ROI approximation is 50%. This system will support anytime withdrawal of both staked funds and rewards.
What substitutes do people resort to because this doesn’t exist yet?
A few other platforms exist, such as Constant or Jservers. Some other users simply combine enough PRV to stake a node by sending it all to one person.
Who are you?
- @phuong has over 10 years of experience as a senior software engineer. He’s been with the project since the beginning, leading the backend team. He built trusted bridges like BTC, ETH/ERC20, TOMO, BNB/BEP2, ZIL, and XMR. His team will add Ontology, Ripple, NEO, Cosmos, EOS, and more, soon.
- @phat.hoang has over 2 years of experience as a software engineer. He is now the front end engineer responsible for Incognito Wallet.
Why do you care?
We want to open up access to as many people as possible. Allowing users with any amount of PRV to participate results in more privacy supporters, more nodes, a more decentralized network, and a stronger privacy movement. And it gives holders of any amount of PRV a decent ROI without needing to run their own node and stake the full amount.
What’s your plan? What’s your schedule?
The project duration will be 1 month, from March 1, 2020 to March 31, 2020.
|March 31, 2020||Staking pool|
What’s your budget?
The project will be undertaken by 2 engineers for 1 month.
|Backend Engineer||500 PRV||1||500 PRV|
|Mobile Engineer||500 PRV||1||500 PRV|
|TOTAL (x 1 month)||1000 PRV|
Is there an existing conversation around this idea?
Not yet on this forum. Let us know what you think!
Is there anything else you would like the community to know?
We’re working diligently to make Incognito more streamlined and useful, but we can always use your help! Feel free to add your thoughts and suggestions to support this proposal.