Edgeless bankroll staking details revealed
Edgeless bankroll staking has been the goal and aspiration from the very beginning of Edgeless' inception and all partners and token holders saw it. It took a long time, there were many legal questions and Edgeless carried out a lot of testing to find the best solution for both partners and token holders. Edgeless is pleased to announce that staking will start on the 4th of December. First Edgeless will start with a beta version of the staking platform, this version will contain most of the major features. Later Edgeless will generate the first real feedback on how the system is working and what should be improved.
Why a decentralized casino needs staking
There is a limited amount of Edgeless tokens (a total of 132,046,997). It is not possible to create new tokens or delete existing ones . In the near future Edgeless’ players base and betting limits will increase, calling for a larger total bankroll to sustain the growth of the entire system. To make sure the bankroll is always sufficient, Edgeless needs a mechanism which enables the community to support the growth of the bankroll.
How Edgeless staking will work
The bankroll staking feature is based on blockchain smart-contract technology. Smart-contracts allow for effective ways to organize Edgeless’ bankroll crowdfunding, which was never possible before.
Reward offered in the 1st staking cycle: 5% from the bankroll surplus. Stakers get a part of the reward proportional to their initial number of EDG tokens staked.
Here is an example of how it works:
Let’s say there are 50 staking participants. Each participant stakes 2000 EDG tokens. In total there are 100k EDG tokens staked. That means each participant owns 2% of Edgeless’ bankroll.
100k EDG tokens are sent to Edgeless’ bankroll for a 28-day cycle. After 28 days Edgeless’ bankroll has a surplus. Let’s say the bankroll size is 160k and the surplus is 60k. 5% of the surplus is 3000 EDG. 3000 EDG tokens will be distributed to staking participants.
Staking participants can redeem their initially staked EDG tokens which is 2000 EDG + 2% from 3000. In total that’s 2000 + 60 = 2060 EDG tokens after a 28-day cycle.
Due to uncertainty in the US in regard to the regulation of tokens, for now this feature is not available to US citizens.
The initiation of staking. People who would like to participate in Edgeless bankroll staking will need to register, complete the KYC process and make a deposit. All related information about staking, the main website, detailed terms and conditions, and deposits will be announced at the beginning of December on Edgeless’ blog (www.edgeless.io/blog) and on the company’s Twitter, Facebook and Telegram pages.
Registration and the possibility to make a deposit will close on the 1st of January. On this day all gathered EDG tokens from 2018-12-04 to 2019-01-01 will be sent to the bankroll smart contract.
The smart contract system will automatically check whether Edgeless’ bankroll has a surplus. If there is a surplus, a smart-contract will then automatically take 5% of the surplus and distribute it to the wallets of the people who participated in bankroll staking. Once the cycle is finished participants will be able to redeem their tokens and participate in upcoming cycle.
If you have more questions on staking please write to [email protected] Our team will be happy to answer all of your questions.
A sneak peek at the beta version of the staking platform
More information on staking from Tomas.
Edgeless is a growth-stage revenue generating company. It has a Curaçao license which allows Edgeless to operate in most countries.
Proof from the blockchain: https://etherscan.io/address/0x91f273b7A28F5169FD7B7995A54B767cA797BC63
Currently 10 thousand users are registered on the Edgeless platform and collectively these users have wagered more than 100 million EDG tokens on Edgeless games to date.
Stay tuned for more information.
The bankroll staking model is created to factor in recent legal developments in the crypto sector. Similar staking mechanisms are used by other crypto projects.
The Edgeless team follows all legal developments and, if needed, in the future there will be changes made to the principles of staking so that our activities will be in line with regulations.
The EDG token is a UTILITY token. It has no profit sharing, dividends or any other features associated with securities.