Prophecy Project has some new ideas about how crypto ecosystems can operate – and they may end up being very popular. The Prophecy Utility Token (PRY) is at the center of the innovative platform and allows users to participate in the ecosystem.
While the platform is young, Prophecy has created one of the most novel staking systems in the marketplace. Called Prophet pools, this new way to gain low-risk staking rewards could be the next big thing in cryptocurrency.
The staking ideas that Prophecy has built into Prophet pools are worth a look and may appeal to investors of all sizes.
With many staking platforms, the amount of tokens that are needed to participate is high, while there are risks that even with staked tokens, rewards may not be available to smaller participants in the system.
Just as in the centralized financial system, the big players stay on top, while the little people are left out in the cold. Prophecy has a much better idea – make sure that most of the people who stake walk away with solid returns.
Prophecy Makes Staking Pay – For Almost Everyone
Prophet pools take a novel approach to rapid staking and rapid yield pools. They are built to win and will create returns for their participants with an 80% chance of success.
By taking a community-driven approach to staking, Prophet pools ensure that the vast majority of people who stake their token will be rewarded.
In fact, even if a person isn’t able to generate a yield with their first staking effort, they will be given preferred status in their next attempt, which drops their chances to missing two opportunities to earn at just 4%
Instant Yields for Stakers
Prophet pools take the waiting out of staking and let anyone who wants to stake in Prophet pools have a chance to earn rewards as soon as a pool hits the number of stakers necessary is fulfilled.
Suppose that a pool needs to have 10 stakers in order to conclude. As soon as the 10th staker commits their tokens, the pool will pay out all the successful stakers instantly.
Again, a staker has an 80% chance of successfully gaining from their activities, and even if they are to be unsuccessful on the first round, on the next one they have a 96% chance of being successful.
For the moment, the PRY token is the only token that will work with Prophet pools, which may drive its value higher as more people are attracted to Prophet’s platform.
It is pretty easy to see how the GameFi staking process that Prophet has created will appeal to both stakers and people who are interested in taking on calculated risks, which is becoming more popular in the crypto space.
Prophet’s tokenomics utilizes a Proof-of-Committed Decay (PoCD) model, which seeks to use a novel consensus engine to simulate open market demand for the tokens, which in turn creates stability in the token ecosystem.
The net result of this is token burning, which is great for token holders, who have every incentive to hold on to tokens that become ever more scarce in supply. As a token that is based on Ethereum, the PRY token can be used with Ethereum-compatible wallets as a means of direct P2P payment.
An Open System
According to Prophet’s whitepaper, the goal of the platform is three-fold:
- Provide the most complete monetary policy and monetary unit for the storage and transfer of value in a fair, provable, and community governed monetary environment.
- Offer the most complete source of public economic/financial data in history with monetary composability via entropic pegging.
- Empower the Prophecy network with a tool that secures and improves their economic position via a complete suite of financial products.
For the moment, the platform is just getting started, but it is simple to see how its Prophet pools are totally in-line with its stated goals.
In fact, Prophet is giving people everywhere the option to use the platform with Ethical anonymity in mind. Despite the movement to a higher level of KYC/AML regulations in the cryptocurrency sphere, anyone who wants to use Prophet pools can do so, as long as they have PRY tokens.
There are simply no other requirements.
Gaining Access to the Platform
Instead of using an ICO that forces people into committing a large number of tokens, or disclosing their personal information (in many countries) Prophet’s PRY tokens are available on Uniswap and can be obtained by anyone who has a crypto asset that is accepted for the trade.
Of course, the major tokens like Ethereum should be easy to use, and with the PRY token, Prophet pools are wide open to being used. It really is that simple, and unlike many new platforms, anonymity is kept at a high level.
There is every reason to want to maintain privacy in today’s crypto markets, especially with major regulators like the US SEC going after Ripple’s parent company, as well as senior leaders at the company, on what appears to be a retroactive basis.
While there is no reason to think that regulators will go after token holders in a similar way, when tokens are able to be used on an anonymous basis, the ability for regulators to create laws that are then enforced on an ex post facto basis is much harder.
Now is The Time for New Ideas in DeFi
Platforms that offer new kinds of DeFi development environments, like Polkadot, have been very successful in attracting both investors, and high-end development teams. While the DeFi ‘bubble’ may have burst in mid-2020, the market is still open to good projects that create advantages for their users.
Prophecy certainly has the right goals when it comes to creating a new way for people to stake and gain almost instantly (just have to wait for the pool to complete), and the token could also be used for other tasks in the growing Prophecy ecosystem.
Of course, the project will need to foster a development culture, as that is one of the biggest assets that Polkadot brings to the table. If you want to learn more about the technical side of Prophet, you can read all about it on its GitHub by clicking right here.
Better Ideas Create Better Markets
The first generation of decentralized payment systems is coming into the view of major investors, and prices have gone screaming higher. While 2020 did see a big rise in interest for DeFi, there is likely a long road ahead – with many opportunities for platforms like Prophecy.
Prophecy’s Profit pools and PoCD economic model show promise and certainly offer new ideas in an area where they stand to be rewarded by both investors and developers.
Like any early-stage platform, Prophecy will need to demonstrate its ability to attract interest, but with the novel built to win staking system it created, anyone who is interested in creating reliable yields should find the system’s architecture interesting.
The PRY token is available on Uniswap and is worth watching as Prophet continues to develop ideas that could be very popular in the coming months and years. If you want to learn more about Prophecy, or how the platform works, please click right here to visit its website.