Edgeless staking reward will be 40%

Edgeless
Edgeless
Jun 3 · 5 min read

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.

Requirements:

- 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


Example #1:

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.

Example #2:

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.

Example #3:

- 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

Key dates of the 4th round:

- Until 2019–06–05

The initiation of staking. Those who would like to participate in Edgeless bankroll staking will need to make a deposit*. Deposit now -> press here

- 2019–06–05

Registration and the possibility to make a deposit will close on Jun 5, 2019 12:00 PM GMT +0. On this day, all staked EDG tokens until Jun 5, 2019 12:00 PM GMT +0 will be sent to the bankroll smart contract.

- 2019–06–17

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 40% of the surplus and distribute it to those who had participated in bankroll staking. Participants will be able to redeem their tokens until Jun 19, 2019 12:00 PM GMT +0 and participate in the upcoming round.

Important note:

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.

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