Edgeless staking reward will be 40%
This post is a follow-up from the staking news released last week. To catch-up, read our previous update: https://blog.edgelessgroup.io/blog/edgeless-will-update-staking-and-end-the-beta-version
Edgeless bankroll staking has been the goal and aspiration from the very beginning of Edgeless' inception. Since December 2018, the team has successfully run several rounds of beta staking. More than 150 people tested the beta version. Thank you very much to all the community for helping to improve staking!
Edgeless is pleased to announce that from the 4th round, the staking platform will be updated from beta to official release. After this change, the platform will have new staking conditions. Some of the most important changes - an increased staking reward from 5% to 40% and a new feature which will incentivize community growth and reward heavily contributing individuals.
For new community members
For those who are new to staking and wonder why a decentralized casino needs staking, here’s a brief overview: 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. Without such a mechanism, the casino would not be able to serve players.
The bankroll staking feature is based on blockchain smart-contract technology. Smart-contracts allow for effective ways to organize Edgeless’ bankroll, which was never possible before.
The key updates
40% from the bankroll surplus and the new general staking conditions
As previously mentioned, the staking platform will be updated from beta to official release. Please familiarize yourself with the new conditions:
- Reward offered in staking rounds: 40% (an increase from the current 5%) of the bankroll surplus. Stakers get a part of the reward proportional to their initial number of EDG tokens staked
- Each round length: 14 days
- Full staking round: From Monday 7 AM UTC till 7 AM UTC two weeks later
- Staking period starts: Wednesday, 7 AM UTC
- Staking period ends: Monday 7 AM UTC 12 days later
- Withdrawal period: From Monday 7 AM UTC till Wednesday 7 AM UTC
- Min stake deposit per user: 1,000 EDG. Max stake deposit per user: 50,000 EDG
- There will be no fees for moving funds to and from the staking account
- Users will have the possibility to deposit tokens at any time
- Stakers can sign up/log in to the staking platform at https://staking.edgelessgroup.io
- Stakers will join the “Staking Loyalty Program”. More information about this below.
- People who would like to participate in Edgeless bankroll staking will need to register and complete the KYC process. (Stakers who participated in previous rounds do not need to register again. These users will be automatically able to stake after the official release on 5 July)
- Due to uncertainty in the US in regard to the regulation of tokens, US citizens can not participate in staking
Edgeless Staking Loyalty Program / Let’s grow faster together
Since staking revolves around community, Edgeless is introducing a new feature which will incentivize community growth and reward heavily contributing individuals. This feature is called the Edgeless Staking Loyalty Program. The Loyalty Program ranks every individual, categorizing them into 3 different levels: Silver, Gold and VIP. Different levels give different reward percentages according to this table:
To achieve Gold or VIP status staking platform will have feature ‘Invite Your Friend’. For each invited person, your status is upgraded for 30 days as well as the status of each invited friend.
Once the 30 days are over, and if you have not met the VIP requirements, your level drops to Gold and then to Silver.
Requirements for ‘Invite Your Friend’:
1 invited friend = Gold status
2 invited friends = VIP status
Staker A has 12 days left of their VIP status. Staker A invites 4 additional friends through a tracking link. Now staker A has 72 days of VIP status.
Staker A has 0 days left of their VIP status. For the next round, he gets Gold status. After another round, he gets Silver status. If the staker invites 1 person - he’s upgraded to Gold for 30 days. Once he invites another person, he’s upgraded to VIP status and his status is valid for 30 days.
- Total staking pool is 5 million EDG tokens.
- Edgeless bankroll surplus is 1 million. 40% of 1 million is 400K.
- Staker A who owns GOLD status stakes 50K which is 1% of the entire staking pool. 1% from 400k surplus is 4k EDG.
- Staker B who owns VIP status stakes 50K which is 1% of the entire staking pool. 1% from 400k surplus is 4k EDG.
- Staker A reward is calculated using multiplier mentioned above: 4000 x 0.5 = 2000 EDG. Staker A who owns GOLD is rewarded 2K EDG tokens.
- Staker B reward is calculated using multiplier mentioned above: 4000 x 1 = 4000 EDG. Staker B who owns VIP is rewarded with 4K EDG tokens.
There will be also other many ways to achieve Gold or VIP status in the future. Starting from the 4th staking round, all participants will get VIP status for 30 days. The full version of the Staking Loyalty Program — Gold, Silver status, “Invite Your Friend” and other features — is expected to be deployed in the 5th or 6th staking round. More information related to this topic will be announced in June.
IMPORTANT REMINDER: Edgeless offer some of the games that are 0%. Therefore, the casino winning against the player is not guaranteed, there is a luck factor. This means that a negative bankroll surplus is possible.
The 4th round details
- Each participant will have VIP status and get 40% from the bankroll surplus. Stakers get a part of the reward proportional to their initial number of EDG tokens staked
- Bankroll staking round starts on 5 June 2019 and ends on 19 June 2019
- Withdrawal period starts on 17 June 2019 ends on 19 June 2019
- Staking round will start if a minimum of 1,000,000 EDG is staked or a minimum of 100 participants stake.
An important note for stakers who participated in the 3rd round
Starting from Friday, 24 May, Edgeless smart contract will automatically redeem stakers’ funds + the surplus from the staking bankroll to stakers’ staking accounts/wallets.
Staking bankroll can be found at https://staking.edgeless.io
Staker’s account/wallet can be found at https://staking.edgeless.io
The redeeming process will be completed according to changes in the new general staking conditions. Till the Jun 5, 2019 12:00 PM GMT +0 stakers can deposit EDG Tokens to staking contract and wait for the staking round to start. If stakers have any questions related to this topic, please write to email@example.com
Edgeless is planning a Q&A session. If you have a question related to staking, please click here and leave your question. The team will provide all answers next week.
And last but not least...
Next week Edgeless will reveal one more upcoming update that the community has been waiting on for a very long time!
The Edgeless team
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.