Pre-proposal: DASH MASTERNODE POOLS w/ POSW

Ludwig_Von_Mises

Ludwig_Von_Mises

New member
Hello everyone! The team at poswallet is very interested in implementing DASH masternode pools on our website, and wanted feedback from the community to see how they feel about it.

Below is a little background on POSWallet and the overall vision of what we are attempting to accomplish. As we work out technical details & specifications for the project, any / all feedback is much appreciated!


POSWallet



POSWallet is a company specializing in the emerging industry of staking as a service. At POswallet.com we allow users to create an account and fund a vast array of wallets where we pool and stake the respective coins for our customers.



As new coins are emerging every month coming with them will also be some form of staking rewards / masternode functionalities. We believe staking as a service will be a major and critical piece of the blockchain ecosystem as it emerges into the mainstream and starts to touch the average everyday consumer. POSW plans on giving these users an intuitive and easy to use interface which performs the various actions and specific functionalities which these coins hold.



MASTERNODES



One of POSW’s goals for 2017 is implementing masternode pools, allowing users who may not have enough for their own masternode partake via ownership of shares. Those who own masternodes already may also safely outsource maintenance via our online platform as well.



We would like to work with DASH on creating a customized masternode pool which best suites the needs of the community and would allow more users to engage in DASH’s given masternode functionalities



PROPOSAL



Allow users to partake in masternode pools where ownership is split up in increments of ~$1k USD (As of now one DASH masternode is approximately $172k). We also plan to give voting rights to each individual share (resulting masternode vote will be whatever majority within given masternode has chosen). This will open the doors to a massive demographic of new users who otherwise would not have been able to partake in the governance system in place, & create very strong involvement for the smaller coin holders who otherwise may not have been as engaged.





BENEFITS TO DASH COMMUNITY



As pool member’s votes will be weighted the members will fall into a new class within the community (those with small- moderate investments). Giving smaller to moderate coin holders a say in the direction of the protocol will ensure a balanced and stable ecosystem moving forward as the majority / common holder will now have a voice while also experiencing deeper engagement within the community.
 
1 big basic question. Is it trustless? I'd never give out my Dash to private parties unless it's trustless. Other then that voting power allowed as well is a great add!
 
hmmmm
checking POswallet.com looks like people stake on your page - so not trustless there :rolleyes:
masternode pools already exist - moo cow /splawik ... services - key would be trustless (as mentioned above) + an automated voting option
(i would not base it on 1 US$ - would base it on 1 Dash per ... )

are u guys just looking for feedback or ideas or $ or where is this thread going ?
;)
 
This probably won’t be a popular post, but maybe someone from the core team with access to legal can chime in.

Note: This is not legal advice so please get advice from a practicing attorney.

Our research into providing masternode shares involved consultation with lawyers. The way masternodes works now, a single entity (person or business) needs to maintain control (hold the assets) of a single 1,000 Dash transaction. In the case of masternode shares, that means a single entity is holding your assets. They are the custodian.

It’s the custodial relationship that is problematic. In many jurisdictions, you need to be licensed to hold the assets of another individual. And as the valuations grow, you may be required to (as the holder of another person’s assets) to retain documentation on the share holders (AML KYC details). Not following the letter of the law could put the masternode share operator and share owners in legal jeopardy. Charlie Shrem talks about the legal gray area. I’m paraphrasing, but he basically says there is no gray area. If it’s gray, then it’s black and you’re probably breaking the law.

Check out this page on Coinbase https://www.coinbase.com/legal/licenses. I know they are seen by many as the dark side, but they do strive to stay above board. Look at all of the licenses they need in order to hold customer assets. It is rather daunting and needles to say, prohibitively expensive if all you are trying to do is run masternode shares.

I realize crypto is still pretty much the Wild West, and people are going to skirt regulations when they can. Just be careful. The legal system won’t hesitate to make an example out of you if something goes wrong and you’re caught.

Once Evolution supports collateralized shares on a protocol level, we should be in good shape. Until then there seem to be three options 1) don’t provide shares, 2) get the necessary licenses, or 3) take your chances. We’ve seen examples of people in this industry taking chances with regulations. Sometimes it pays off and sometimes it doesn’t.

Obviously, make your own decisions. Just be careful and do your research.
 
tungfa said:
hmmmm
checking POswallet.com looks like people stake on your page - so not trustless there :rolleyes:
masternode pools already exist - moo cow /splawik ... services - key would be trustless (as mentioned above) + an automated voting option
(i would not base it on 1 US$ - would base it on 1 Dash per ... )

are u guys just looking for feedback or ideas or $ or where is this thread going ?
;)
Click to expand...

Just getting a feel for how we could provide a helpful product (so feedback & ideas) as we prepare launch of a new POSW 2.0 website. Eventually would like to submit a full proposal if there is enough demand and feel we are able to meet the communities requirements.

Thanks for this feedback!
 
Ludwig_Von_Mises said:
Just getting a feel for how we could provide a helpful product (so feedback & ideas) as we prepare launch of a new POSW 2.0 website. Eventually would like to submit a full proposal if there is enough demand and feel we are able to meet the communities requirements.

Thanks for this feedback!
Click to expand...
I think the only way is creating a wallet that does trustless shares of masternodes, if a third party wanted to do so I'd give them full support. Core is not even going to work on shares till over a year out, so anyone willing to develop the product now will get 100% approval from me.
 
I like the concept of trustless masternode shares. And the community likes the idea so much, it's on our list of things that will happen with the roll out of Evolution in the next year or less.

What becomes of your business model when Dash can do masternode shares frictionlessly in the background as a "savings account" through the main user interface?

I would also want pretty specific details of how you could accomplish this in a trustless manner.

Finest regards,
 
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