Edgeless beta staking: 3rd cycle details
Edgeless bankroll staking had been a goal and aspiration from the very beginning of Edgeless' inception, all partners and token holders recognised its potential. Staking is now one of the key features that makes the Edgeless project, and the entire EDG ecosystem, a really unique place to be. It not only creates more utility for the EDG token but also helps to get people involved who are not necessarily active online casino players.
Last year, Edgeless started the first cycle of Edgeless beta staking. The 12th of April will be the beginning of the third cycle.
Key user growth strategy updates:
- Edgeless increased all casino games’ betting limits by 5 times their previous limit.
- The casino introduced the most generous Welcome Pack on the market.
- The team launched new aggressive marketing campaigns.
Key dates of the third cycle:
The initiation of staking. Those who would like to participate in Edgeless bankroll staking will need to make a deposit*.
Registration and the possibility to make a deposit will close on the 19th of April. On this day, all gathered EDG tokens from 2019-04-12 to 2019-04-19 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 those who had participated in bankroll staking. Participants will be able to redeem their tokens and participate in the upcoming cycle.
More about Staking
- Why a beta staking platform?
Staking is based on smart contract technology, which handles tokens owned by Edgeless token holders in a decentralized way. Right now a beta version is operating because Edgeless needs to run several cycles of staking to make sure the entire system runs smoothly. This feature is extremely cyber-security sensitive.
- How many EDG tokens can a token holder stake in the third cycle? Is there a limit?
A player can stake as many times as they want but the total amount should not exceed 500,000 EDG.
- Is there a minimum amount that a token holder can stake?
The minimum a token holder can stake at one time is 1,000 EDG.
- Why does a decentralized casino need 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 bankroll total to sustain the growth of the entire system. To make sure the bankroll is always sufficient, Edgeless needs a mechanism that enables the community to support the growth of the bankroll.
- What is the legal status of the EDG token?
The EDG token is a utility token used by players to avail of Edgeless’ services. The secondary use of the token is to allow the community to participate in bankroll staking. Due to the limited nature of the token, the community can use EDG tokens to sustain bankroll growth.
*If you are participating in Edgeless staking for the first time you will need to register and complete the KYC registration process.
* US citizens are not allowed to participate in staking.
The bankroll staking model is designed to factor in the latest 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 Edgeless’ 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.