Addressing questions related to the VIP staking program.
In the last couple of months, the Edgeless team has been working hard to introduce staking updates. Improved staking UI / UX features have received a lot of positive feedback. Edgeless has kickstarted the first cycle of the VIP staking program. As we can see by the numbers the program has gained a lot of traction:
The current cycle has 288 staking participants, which is a record number. The bankroll surplus is over 100K EDG.
Data from the previous cycles:
Since the VIP staking program is a new Edgeless feature, it has raised a lot of questions from community members. Edgeless would like to clarify the purpose of the staking program.
Edgeless’ current state: The product is here. So, what’s next?
At this stage, Edgeless is trying to figure out whether people actually need a blockchain betting service. Based on market information, the product can be modified to increase its scale.
Crypto betting is a new service for most people. Before people become actual customers, the marketing process involves a lot of testing and service education. At this stage, Edgeless is still on the search for stable marketing channels. The project is far from securing a stable position in the betting market. The entire cryptocurrency betting ‘niche’ has a long way to go before it reaches the heights of the classical online betting market.
How the staking platform is related to player growth?
Edgeless is utilising all possible resources to achieve player growth. A strong correlation between stakers and Edgeless players is visible. In fact, the staking platform can be used as an incredible marketing tool. The main objective of the VIP program is to achieve a “referral network effect”. This effect has been used by many other companies as a powerful marketing tool for niche and innovative products — products which require a lot of pre-customer education.
The main thing that matters at this stage is player base growth. Without players, all the work Edgeless has done is worthless.
There is a good saying: a company without a vision is like a ship without a compass. From the beginning, Edgeless’ ethos has been to develop the first blockchain product for a mass market.
Betting is illegal in my country. I can’t invite people to staking?
Stakers have to invite friends to stake at least minimum. Staking feature is NOT A CASINO. It’s a blockchain infrastructure supporting feature. Something is like cryptocurrency mining. If people can mine cryptocurrency ( proof of work/ proof of stake ) that means they can participate in Edgeless staking. To our latest information, proof of stake is legal in almost every country.
A misinterpretation of Edgeless staking
Some people have a wrong interpretation of the Edgeless staking feature. Edgeless wants to clarify once more:
The EDG token is not a company share, the EDG token does not pay dividends or exchanges, trading the EDG token is not trading in company shares. Edgeless is not a publicly traded company, staking does not pay dividends.
This clarification/message/disclaimer is in every Edgeless white-paper, written in all terms and conditions, announced at every public announcement and documented on the Edgeless website.
So now, with that cleared up and out of the way, Edgeless is going to get on with working hard to incentivize community growth. The team truly believe that the VIP staking program will do just that.
All the best,