EDG bankroll staking is a new feature available to EDG token holders, who can participate in Edgeless bankroll funding by staking their EDG tokens.
Why do we need it?
The total sum of Edgeless is a limited amount of 132,046,997 tokens. It is not possible to create new tokens or delete existing ones — unless someone loses a private key, in which case tokens would be permanently locked.
In the near future Edgeless players’ base and betting limits will increase, calling for a larger total bankroll to sustain growth of the entire system.
To make sure the bankroll is always sufficient, we need a mechanism which enables the community to stake their tokens. Thanks to Ethereum Smart Contracts, this mechanism is extremely efficient.
How it works
Important: Keep in mind that this is just an example of how EDG staking can work. Conditions such as minimum EDG required, duration of bankroll holds for staked tokens and other staking terms are coming soon.
The system is still in an early testing phase. To define all conditions, we need further testing and more data, collected from already running platform.
And yes, if you missed latest news Edgeless is already on ethereum main net!
Example of a possible system architecture
Let’s say we need a bankroll of 100 million EDG tokens to sustain 100,000 players on a platform.
Bankroll funding proportions are set to 60% provided by Edgeless company and 40% funded by a community. That means 40 million EDG is staked by EDG token holders, with the remaining 60 million provided by Edgeless company.
Staking in practice is technically sending EDG tokens to a bankroll smart contract. It’s a really simple process.
After one week the Smart Contract system automatically checks whether a bankroll is in a positive surplus or negative.
Let’s say after one week the bankroll has a surplus of 1 million EDG tokens. Then smart-contract automatically takes a surplus and distributes to the wallets which participated in bankroll staking. By lending your EDG tokens, you are helping to sustain an entire system.
Stay tuned for more information.
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 EDG token is a UTILITY token. It has no profit sharing, dividends or any other features associated to securities and the only use cases of the token are described at https://www.investors-edgeless.io
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