PoolTogether is described as an Ethereum app that makes monetization a game. It does this by combining Blockchain technology, smart contracts and Dapps. In this article, as Kriptokoin.com, “What is PoolTogether?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is PoolTogether? What does POOL do?
The platform is an accumulation game with potentially many pluses and minimal downsides. Players can buy savings tickets and participate in the game. It also has the opportunity to win a prize with each ticket. In addition, at the end of each week, the winner of the award is selected and the winner returns his ticket. What makes the game unique is that non-winning players can get their money back. Everyone involved in the game keeps their money. POOL uses the interest earned on tickets purchased to fund the prize.
How does it work?
Players deposit their Fixed Coins into a smart contract to buy tickets. Approximately 1 USD is paid for each ticket. Players can buy as many tickets as they want and withdraw their money at any time. Funds in the pool are sent to DeFi lending platform Compound Finance. Here, interest accumulates for a certain period of time.
At the end of the week, the winner is chosen at random, who earns the interest earned from the pool and gets their tickets back. Simultaneously, other users on the platform get their tickets back and the game starts again. PoolTogether is often referred to as a no-lose draw. Because none of the players lose their funds.
The only downside to joining the game is the opportunity cost of not being able to use the money elsewhere and a low transaction fee to pay. In addition to the tickets purchased by the players, the pool also has a sponsored pool section. POOL Coin developers are not monetizing this game as of February 2020. However, they plan to keep a small percentage of the earnings for themselves in the future.
What is PoolTogether? How to buy POOL?
Exchanges that can be traded with POOL; Gate.io is Uniswap (V2) and SushiSwap. People who want to invest in the project should access the web/mobile application of the stock exchange where the project is traded. Next, the exchange must complete the account opening steps.
You need a wallet that supports Fixed Coins (Dai or USDC) accepted for participating in the game. For this, it is sufficient to have a Trust Wallet or Ether used as a GAS payment.
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