Safe Haven has announced a new project called ThorBlock, described as a platform that will allow users to pool funds on the VeChainThor blockchain. The project will allow individual investors to participate in crypto-related activities that would normally be out of their price range, such as ICOs and node staking.
The platform requires pool administrators to start a community pool by locking down their own SafeHaven tokens (SHA). Other users can then contribute to the community pool, which will be used to raise funds for group investments.
Once the pool matures, the administrator will gain access to the deposited funds. They can then invest in the project that the pool has agreed to fund. After that, the rewards will be divided between the contributors.
ThorBlock will enable individuals to participate in ICOs and token sales, even when regulations and investment limits restrict them from doing so.
But with ThorBlock, a pool operator who qualifies as an ICO investor can invest in the token sale on behalf of the community pool. After the ICO is complete, the earnings can be redistributed to the pool members.
Suggested Reading : Learn how to protect your cryptocurrency investments with some of the best cryptocurrency wallets.
ThorBlock will also allow users to collectively stake a VeChain Economic Masternode. These nodes are responsible for creating and validating blocks, and node operators receive rewards in return.
Becoming a node is a fairly expensive investment, but thanks to ThorBlock, a group of individuals can fund a node together. The pool administrator can then operate the node and give the rewards back to their contributors.
Although ThorBlock may be the first platform of its type, crypto investors have been arranging pools for some time. One blogger notes that many pool administrators currently use Telegram to coordinate investors who want to fund a particular ICO.
However, ThorBlock’s features may allow pool administrators to more effectively manage their contributors. The platform will allow administrators to whitelist users so that only trusted contributors can participate.
The platform will also allow users to put more trust in pool operators: administrators cannot withdraw funds early, and users can revoke their funds if they have second thoughts.
Admittedly, many investment pools currently use smart contracts to control funds — these are known as trustless pools. However, ThorBlock will provide an all-in-one platform designed specifically for this purpose. The project will launch in early October.
Note: VeChain and VeChainThor are synonymous; the project was rebranded in February.
Unhashed.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!