KuCoin AMA Series - Pool-X - Full Transcript
(UTC+8) 19:00:00, Aug 30th, 2019, KuCoin hosted the AMA(Ask-Me-Anything) session with Pool-X, the next generation PoS mining pool in the Official English Telegram Group.
The AMA session was composed of 2 sections: 1. Q&A from KuCoin 2. Q&A from audiences.
As an independent subsidiary incubated by KuCoin, Pool-X is the next generation PoS mining pool. By supporting lockup-crypto transactions, it aims to stimulate the future development of the PoS ecosystem. Services offered by Pool-X include, but are not limited to liquidity trading market, node integration, and operational solutions.
POL (Proof Of Liquidity) serves the role of credits for Pool-X, helping to record the flow of liquidity certificates and working as the payment method for liquidity bids. Ultimately, POL was created to cope with the inadequate liquidity of staked crypto assets. Due to their nature, zero reservations of POL are to be provided to the team or any individual upfront.
Official Telegram Group：https://t.me/PoolXOfficial
*For ease of reading, some text has been deleted
Section I - Q&A from KuCoin
Q: Could you please tell us what Pool-X is? What is the relationship between KuCoin and Pool-X?
Kent: Pool-X is the next generation PoS mining pool supporting lockup crypto transactions, which can provide high liquidity for lockup tokens and bring more possibilities.
Pool-X is a subsidiary product incubated by KuCoin which will be independently operated. KuCoin users will be able to log in to Pool-X directly with their KuCoin accounts and execute crypto transactions.
Q: What does this phrase mean: “Pool-X is the next generation PoS mining pool supporting lockup crypto transactions”?
Kent: Essentially, the traditional method of PoS mining involves acquiring rewards by staking projects. Those rewards are mainly derived from the inflation and reserved shares of projects themselves. This method contains some weaknesses. For example, there is a certain threshold for normal users and the whole operational process is really complicated. Also, users need to wait for some time before redeeming their staked tokens.
Here are some of the advantages that Pool-X can provide: Firstly, it provides a one-stop service that enables users to proceed with mining and staking in a much easier way by transferring or simply depositing funds into their accounts. This will allow users to acquire staking rewards while, at the same time, acquiring some of our platform token POL. More importantly, users are able to exchange in the liquidity trading market to redeem staked tokens.
In conclusion, that’s why we say that Pool-X is the next-generation PoS mining pool.
Q: What makes Pool-X staking distinct from the traditional staking and Soft Staking?
Kent: I’ve mentioned some limitations about traditional staking in the previous part. For solving the pain points of staking, KuCoin has been trying to provide solutions all the time such as Soft Staking, the service that enables users to acquire rewards by holding staked tokens. Meanwhile, in order to maintain a smooth withdrawal process, the exchange platform cannot stake all users’ assets. This leads to a great decrease in the rewards acquired by each user who holds tokens, compared with the traditional staking method. Pool-X will solve these difficulties, ensuring that users acquire maximum staking rewards while experiencing a convenient and smooth staking process.
Q: What is the vision of Pool-X?
Kent: Along with the release of Polkadot, Ethereum 2.0 and the appearance of more high-quality staking projects, we believe that staking projects will gradually occupy more and more of the market share. Our objective is to solve the complications and low liquidity facing traditional staking projects, as well as to stimulate the development of high-quality projects, serve the whole PoS market and even the whole industry, and become the most influential platform within the blockchain area.
Q: What are the long-term plans for Pool-X?
Kent: At present, we will keep focusing on the PoS area by combining the demands of users and the industry as a whole, as well as fulfilling the functions and services of our platform. Currently, we are trying to accomplish the operations of the whole platform using decentralized solutions. At the same time, we will keep upgrading functionality, hoping to construct a decentralized system in the near future and better serve users by launching a PoS public chain. On this basis, we will always attempt to release more beneficial services according to the needs of our platform and users.
Q: What is the decentralized platform token POL? Why is it that zero reservations are to be provided to the team or any individual upfront?
Kent: Serving the role of points/credits for users on Pool-X, POL is one of the most crucial components in the pool’s ecosystem. The name POL is actually abbreviated from Proof of Liquidity.
The main distribution of POL is mainly composed of 3 parts: The 1st part is that we will have a lockup airdrop that accounts for 2% in the early stage; The 2nd part is through mining, which will take up around 78% and the final part is for the budget system, which will occupy 20%. The mining part will be divided into two further parts: Staking Mining (50%) and the POL PoS Scheme (28%). The budget system is mainly for the construction of the whole ecosystem and community. The applicants shall obtain the budget allocation from positive results of node voting. The actual distribution of the POL takes place after the outcome is validated.
Q: What are the use cases of POL?
Kent: 1. POL is a fuel for the liquidity trading market. When liquidity providers and bidders make deals, the liquidity bidders will need to pay a certain amount of POL to liquidity providers, positively promoting the development of the whole market.
2. Staking POL to execute node search optimization. Each coin will connect multiple nodes. As the number of nodes increases, there will be escalating competition amongst nodes. In order to acquire more tokens from more users, nodes will need to stake more POL to optimize their search ranking.
3. Participation in governing the ecosystem of the public chain.
4. We will release the burning plan of POL at a later stage.
Section II - Q&A from Audiences
Q: How to get POL?
A: You will be able to acquire POL by participating in our LockDrop activity or staking activity. For more details, please stay tuned for our official announcements.
Q: How can the Pool-X team guarantee making profits and keeping it operating if there are 0 reservations of POL to be provided to the team or any individual upfront?
A: The early development of Pool-X primarily comes from the huge support from KuCoin and our partners. With the opening of the liquidity trading market, we will be able to acquire constant revenues from transaction fees.
Q: Why are you guys releasing the new token POL? Are you guys trying to encircle money?
A: From the roadmap of Pool-X, you’ll be able to see that our final objective for this platform is to achieve decentralization. At that time, the platform token, POL will play a key role in governing the platform business and the safety of the mainnet. Also, directing the overall market positively as a medium of the liquidity trading market. To sum up, POL is an indispensable part of the Pool-X platform and we are not aiming at encircle money.
Q: What’s the relationship between KCS and POL?
A: KCS and POL are two independent projects that operate separately. So far, there is no direct relationship between these two projects. The value of KCS mainly depends on the overall development of the KuCoin platform, while the value of POL mainly depends on the users’ consensus for the liquidity of staking projects.
Btw, we welcome all users to join the Pool-X communities. Any feedback is valuable to us and we will provide high-quality services based on the demands of users and the industry as a whole.
You can now join our communities by below:
Pool-X Telegram: https://t.me/PoolXOfficial
Pool-X Twitter: https://twitter.com/pool_x_official
Pool-X Reddit: https://www.reddit.com/r/poolx/
Pool-X Weibo: https://weibo.com/poolx
Pool-X WeChat Group: Please add ‘PoolX02’
Pool-X Customer Support: firstname.lastname@example.org