Rocket Pool is the next generation Proof of Stake Ethereum platform, designed and built by Vitalik Buterin based on Mauve Paper released in late 2016. Along with Bitcoin, Ethereum has a large number of users, transactions, active developers, and trades. Therefore, it naturally attracts a lot of attention.
The Ethereum community decided to get transferred from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus algorithm. This transitional event means the role of the miners will decrease, and staking would become the dominant way to verify transactions.
Transitioning to the PoS algorithm is carried out gradually, but due to the complexity of the whole process, the final steps are constantly getting delayed. In comparison to the existing network, the new version known as Ethereum 2.0 will be much more advanced and efficient. In preparation for ensuing changes, many teams have started developing services and platforms that will allow users to reach a new consensus, regardless of their technical knowledge or the number of tokens they own. By staking Ethereum on some of these platforms, everyone will have a chance to earn income. Rocket Pool is one of the platforms that does this efficiently and transparently.
What is Rocket Pool?
Rocket Pool is the next generation, decentralized (Proof of Stake) online platform for staking Ethereum. It is available to the number of users who can participate, regardless of their technical expertise, the type of hardware they use, or the amount of Ethereum available.
Rocket Pool was launched in 2016 by Australian developer David Rugendyke. Since then, the platform has been in development for the upcoming upgrade of the Ethereum network.
The alpha version of the service got released in May 2018. Then, in July 2018, the 1.0 beta was successfully introduced and implemented and a huge success with over 1700 deposits received. Beta 2.0 was released in 2019 and once again is proof that the development team is doing a great job, with over 4,100 deposits and significantly more transactions.
All tests and results have shown that Rocket Pool has become a player in its market segment and will play a central role after the Ethereum network transitions to the PoS algorithm.
New User Interface
The company introduced a new user interface (UI) in the latest announcement. The new interface allows users to install software and manage all processes through intuitive control modules using just a few mouse clicks. Interacting with the platform no longer requires coding skills or the use of a command-line interface. You can access this facility via Bitunivex.
What is RPL Coin?
RPL is the next-generation Proof of Stake Ethereum platform. Along with Bitcoin, Ethereum has the most users transaction flows. Therefore, it naturally attracts a lot of attention. The Ethereum community is one of the Proofs of Work. The producers decided to switch to the Proof of Stake consensus algorithm. This transition means that the role of miners will weaken, and staking will become the dominant way of verifying transactions.
A brief review of the Rocket Pool
Rocket Pool consists of three main elements:
Smart Contracts. All contracts in Rocket Pool are open source and built using a design methodology that allows them to get upgraded seamlessly.
Smart Nodes. With private node software, any user/enterprise/group can run a node in our network, stake their ETH for free, and deliver a higher PoS yield.
All three elements get integrated to create an innovative, highly distributed, and decentralized global network that automatically scales using token incentives, reducing the risks associated with staking by spreading deposits across multiple nodes.
What does staking with coins mean?
A first for ETH2! A coin representing bet + rewards earns overtime on the Rocket Pool network. It is used almost anywhere.
What makes Rocket Pool unique?
- There is minimum deposit risk. Staker’s deposit is ETH. they lose bad nodes socialized across the entire network to minimize impacts on any user.
- Infrastructure. Network redundancy and decentralization are the pillars of the Rocket Pool network. Using this technique, potential problems and their effects get minimized.
- Experience. Rocket Pool has a design that uses Mauve Paper, first released by Vitalik in late 2016. We’ve been in space longer than most people now, and it shows.
- The first of its kind, Rocket Pool offers Ethereum Proof of Stake infrastructure service.
- The project was designed and built by Vitalik Buterin based on Mauve Paper released in late 2016.
- Individuals and businesses that want to earn interest in return for their Ethereum for a certain period can use Rocket Pool’s network of decentralized node operators for staking.
- Businesses and applications such as exchanges, stake pools, and wallets can provide staking services to customers using Rocket Pool’s API and the decentralized network of node operators I mentioned above.
- If you are a manager or a business leader and you want to provide a staking service, this project might introduce a new way.
- All contracts in Rocket Pool are open source, built using a design methodology that allows them to get upgraded with no difficulty.
- With the custom-designed node software, any user/business/group can run a node in the project’s network, stake their ETH for free, and earn a higher PoS income.
- Deposits that are larger than four ETH get split into multiple pieces assigned to different nodes to ensure that the risk of failures has become minimized.
- It is compatible with the Beacon chain. Ethereum 2.0 has a new Beacon Chain that enables PoS and sharding. Rocket Pool aims to be fully compatible with both.