Build Incognito staking pool

What problem are you solving?

A user must have the minimum amount of 1750 PRV to stake a node and become a validator. Users with less than 1750 PRV have very few options to join the network and power privacy as node operators.

What is the solution?

A staking pool combines cryptocurrency from multiple people on the network. This lowers barriers to entry by allowing people who do not have the minimum required stake to also participate in powering the network. It also means rewards can be distributed among a greater number of people. Staking pools contribute to the decentralization of the network by increasing inclusivity. The current annual ROI approximation is 50%. This system will support anytime withdrawal of both staked funds and rewards.

What substitutes do people resort to because this doesn’t exist yet?

A few other platforms exist, such as Constant or Jservers. Some other users simply combine enough PRV to stake a node by sending it all to one person.

Who are you?

The project will be implemented by @phuong and @phat.hoang from the core wallet team.

  • @phuong has over 10 years of experience as a senior software engineer. He’s been with the project since the beginning, leading the backend team. He built trusted bridges like BTC, ETH/ERC20, TOMO, BNB/BEP2, ZIL, and XMR. His team will add Ontology, Ripple, NEO, Cosmos, EOS, and more, soon.
  • @phat.hoang has over 2 years of experience as a software engineer. He is now the front end engineer responsible for Incognito Wallet.

Why do you care?

We want to open up access to as many people as possible. Allowing users with any amount of PRV to participate results in more privacy supporters, more nodes, a more decentralized network, and a stronger privacy movement. And it gives holders of any amount of PRV a decent ROI without needing to run their own node and stake the full amount.

What’s your plan? What’s your schedule?

The project duration will be 1 month, from March 1, 2020 to March 31, 2020.

Ship Date Deliverable
March 31, 2020 Staking pool

What’s your budget?

The project will be undertaken by 2 engineers for 1 month.

Resource Cost Quantity Monthly Cost
Backend Engineer 500 PRV 1 500 PRV
Mobile Engineer 500 PRV 1 500 PRV
TOTAL (x 1 month) 1000 PRV

Is there an existing conversation around this idea?

Not yet on this forum. Let us know what you think!

Is there anything else you would like the community to know?

We’re working diligently to make Incognito more streamlined and useful, but we can always use your help! Feel free to add your thoughts and suggestions to support this proposal.

8 Likes

Do you have a layout of how this will work? Will it be something in the App, or a stand alone system?

2 Likes

It’s a stand alone system. Users only use the App to send PRVs to a temp address.

2 Likes

Update for 9-14 March

We will start on March 11.

3 Likes

Updates for the week of March 11 - 14, 2020:

Finish:

  • Discuss with the team to finish the full flow.
  • UI/UX.

Todo next week:

  • Stake.
  • Unstaking.
  • Claim reward.
  • Auto claim.
  • History claim reward.
  • History staking reward.
  • History staking.

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7 Likes

cool @phuong! looking forward to seeing it take shape. moving this to funded :slight_smile:

2 Likes

Just quick survey. The mechanism of the staking pools can be built in 2 ways:

Option 1: Every device has a pStake account (works similar to pDEX account). Before you stake, you have to deposit to the pStake account, and then you stake.

Option 2: Each Incognito Wallet account can stake, unstake seperately. For example, if you have 3 wallet accounts, then you will have 3 staking accounts or tranfer to one account by your self. This is a 1 step only process. You go to Staking pool, you stake.

Which do you think is a better approach to build? Please vote here:

  • Option 1
  • Option 2

0 voters

4 Likes

Hmm, can we add option 3: each incognito wallet can stake, but no matter where you stake from, it will only create one staking account/ add up to that staking account.

The purpose is to reduce number of staking account as much as possible. Let’s say I earn 20 PRV, i stake into the staking pool, then I earn another 50 PRV i want to stake more. Will it create another staking account? Or will it just add up to the 20 PRV above?

1 Like

@phuong from a ux perspective, it would be really cool to see the staking rewards increased every second. here is something that i saw dharma did really well.

also, i think the ux is a little messy. there is too much information on the staking screen and it’s not laid out very well. is this something you can guys review the design? there shouldn’t be more than 1 key piece of information on the screen, or if really needed, add a secondary piece of information. things like history don’t need to be there. maybe you can hide it in a button and people can click on it to see if they want.

less is always better.

check out dharma. i think they’re doing a fantastic job at crypto ux! they show just the right amount of information (running balance) and a strong call-to-action button (make a deposit).

3 Likes

hey @phuong is there any updates for this task since the past week ?

1 Like

Updates for the week of March 16 - 20, 2020:

Finish:

  • We have the new design.
  • Backend/API: Stake, Un-Stake, Auto Stake.

Todo next week:

  • App: We will implement UI next week.
  • Backend/api: Claim reward, History. Deploy on testnet.

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3 Likes

Updates for the week of March 23 - 27, 2020:

Last week, we encountered some issues with notification configuration for IOS. Therefore, there was a delay in the release of Staking-Pool.
It will be released on April 18.

Finish:

  • App: Home screen, stake screen.
  • Backend/api: claim reward, history. Deployed on testnet network.

Todo next week:

  • App: un-stake screen, claim reward screen, history screen.
  • Backend/api: Test on testnet and deploy on mainnet.

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4 Likes

Updates for the week of April 3 - 7, 2020:

Finish:

  • App: Home screen, stake screen, unstake-screen, history screen.

  • Backend/api: Test on testnet and deploy on mainnet.

Todo next week:

  • App: update new layout un-stake screen, stake screen, history screen, home screen.
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5 Likes

I’m going to put this under Archive section, because this proposal is now merged into this proposal.