About Rocket Pool
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Rocket Pool is an Ethereum 2.0 pool that uses water staking technology and smart contracts to allow users to earn rewards quickly by participating in the Ethereum 2.0 network. It uses a water staking token that calculates the price using an increasing exchange rate and provides an open auditable smart contract to ensure that the money is not controlled by the parties involved.
The platform also allows any user, company or group to run and deposit their own ETH for free to generate high returns. The platform reduces the risk of penalties and focuses on network performance and downtime to reduce potential problems. On other pools, to become a supporter on the Ethereum network and start earning rewards, users must pay at least 32 ETH and need a good CPU (Intel i5-760 or better) .
This is where the community-based Rocket Pool staking protocol comes in handy, as it allows users to ride ETH 2.0 in a trustless manner with minimal requirements. Rocket Pool was founded in 2016 by David Rugendyke, a senior developer with more than 18 years of experience in the business sector. Today, it is one of the most popular platforms of its kind.
Oracle DAO is made up of famous organizations in the ETH 2.0 staking space, such as Lighthouse, Bankless, Blockchain Capital, Staked, Consensys, Nimbus, Codefi and others.
Oracle DAO (Decentralized Autonomous Organization) consists of developers and Rocket Pools that run Oracle nodes. In addition to supporting transactions on the Ethereum network as regular nodes, spokes have other functions, such as confirming the data sent by the spokes in the protocol and reporting the balance of the Beacon chain.
With the growing demand for ETH 2.0 staking projects from the crypto community, Rocket Pool has become one of the largest ETH 2.0 pools, with more than 447,456 ETH staked and more than 1,800 miners in the world.
Top highlights
Rocket Pool’s goal is to become the leading staking platform for Ethereum, providing an easy to use decentralized staking network for individuals and companies.
The main objectives of Rocket Pool are:
Democracy and decentralized staking in Ethereum 2.0 (can choose to draw more or less, run on 1 node or multiple nodes…). Ensure full compatibility with Ethereum 2.0 and take advantage of exponential growth.
To motivate co-workers to be more productive and rewarding brings a higher return than regular investment. Ensure that infrastructure and infrastructure are as scalable as possible based on Ethereum standards and security.
Build a scalable network that can handle high demand for mass proofing services.
How Rocket Pool Works
As mentioned earlier, Rocket Pool works based on a running gateway that monitors transactions for the Ethereum 2.0 network. ETH investors can start joining the Rocket pool by investing ETH and becoming a member. If only 16 ETH are deposited, the deposit is in ETH deposited by another user.
Together they perform all the standard functions and functions of the Ethereum standard together. In return, he receives a variable APY, which is allocated to the ETH that the user supports as a service.
The exact role that a user receives is determined by the supply and demand of Ethereum 2.0. Demand for nodes is very high when there are large pools of ETH stored and limited capacity in minipools available. Otherwise, the demand is low if there is a lot of capacity but not enough ETH.
The cost and service rate are calculated at the time the bettor creates a small pool. Before making a deposit, the user can enter the minimum commission rate he is willing to accept for the virtual minipool.
Is Rocket Pool Safe?
We’ve decided that using third-party platforms like Rocket Pool is better for beginners than setting up a pool yourself. Not only will you not have to worry about your staked fortune dwindling, but you won’t have to spend time checking your mouth.
But what about platforms like Rocket Pool? Can you still lose ETH, and if so, how? Plus, can you trust the team behind this? First, Rocket Pool smart contracts are open source and ready for anyone to explore. Everything is verified by a well-known blockchain security company before it is shipped, which adds security. To combat bullying, the group also financially encourages its employees to report them through beneficial programs.
Since the service is fully automated, it is impossible for anyone to transfer your assets or control them in a way that is not done through a smart contract. All funds are allocated to those working together who use them to facilitate transactions – and even they have skin in the game since they are also required to pay ETH.
Of course, those working together must have the same number of ETH tokens assigned to them. If they don’t do a good job of testifying, the network punishes them and they lose their assets.
Additional protection comes from Rocket Pool’s social risk management. All losses from sshing ETH are absorbed by the entire network. Traditionally, an employee who acted unknowingly would forfeit his or her property. In this process, losses are spread across the country to ensure the continuity of the original employer
