| operations | | 0. | | 0. | comment |
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| 1. | | parent_author | "" |
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| parent_permlink | communityyieldpools |
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| author | chidoskim |
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| permlink | prophet-pool-an-overview |
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| title | "Prophet Pool: An Overview" |
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| body | "
[Source](https://prophecyproject.io/files/prophecy-pry-wp-v0.1.pdf)
Humans are generally attracted to channels of rewards. This explains why several crypto platforms have implemented a reward scheme within their infrastructure. Notably, reward pools have become a norm in almost all new decentralized projects.
The prophecy project has also designed a prophet pool feature into its network. The prophet pool is a reward-driven event that combines a defined number of parameters into a diagrammatic representation with entry and closure units.
The operation model of the Prophet pool
The end product of the prophet pool is to reward participants. However, this is achieved through a randomized procedure. The participants' addresses represent the system’s input. The system proceeds to randomly select a participant according to the success rate of individual addresses.
Prophet pool operates via a smart contract. Hence, the pools are oblivious of their status without the effect of external action. The effect of any system bias through smart contract encoded rules is eliminated through a randomization engine controlled via an independent oracle solution.
In the early stages, prophet pools will launch with three distinctive variants. These variants are implemented and managed by the prophecy project. However, as the system progresses with greater adoption, users will be given the totality of system control, allowing them to create, manage, and implement their owns pools; thereby creating a fully decentralized platform. To achieve total control as a project pool operator, there is a minimum required amount of stake. Their stake and activity represent investor loyalty, which is necessary to maintain network stability.
[Source](https://prophecyproject.io/files/prophecy-pry-wp-v0.1.pdf)
Prophet pools revenue model
The prophet pools generate two forms of fees in their operation. These fees are used to keep the loop active and maintain distribution.
Operator Fees
When investors create new pools, they are allowed to specify the amount required to become a part of the pool. The fees are expressed as percentages of their total stake. The fees generated through this means require an 8-day vesting period. In essence, pool operators can only claim the entry fees paid into their pools, 8-days after a round is complete.
Staking Fees
This is a reward fee for pool uptime. Staking fees describe the rewards earned passively through staking participation. The fees shared with each participant are dependent on the level of commitment in the project’s progress. Notably, staking pool uptime is measured over a 3-day window, after which the fees are injected during the weekly blitz drawings. Through the distributed staking fees, users can recoup their network positions in any case of unsuccessful pool activity.
Prophet pools have an incorporated counterparty risk mitigation feature deployed through an organized right reclamation.
[Source](https://prophecyproject.io/files/prophecy-pry-wp-v0.1.pdf)
Conclusion
Prophecy project operates a user-centric model, and this is evident in the prophet pool system. Users can earn rewards and operate personal pools through prophecy’s decentralized model. More so, the randomized target process ensures that users can earn rewards with just system participation. Also, the commitment-inclined reward distribution will help drive up network loyalty and increase participation.
Prophet pools have everything designed to favor their participants. Thus, as a crypto enthusiast or newbie, investing in prophet pools is a no-brainer." |
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