What Is PoolTogether (POOL)?

PoolTogether (POOL) is an open-source, decentralized finance (DeFi), blockchain-based, prized savings account. In simple terms, the platform aims to help users by giving them a chance to win prizes through playing no-loss prize games. Developers and gamers can independently seek to launch and manage their no-loss prize games on the POOL platform. Here, prize games are pools of funds whose accrued yield is distributed as prizes.

Running on Ethereum blockchain, the platform is a crypto-powered savings protocol based on premium bonds. A premium bond is a bond traded above its face value or costs more than the face amount on the bond. The platform aims to bring all the DeFi platforms, neobanks, and saving customers together to win prizes. Besides, the platform seeks to have the same key characteristics for all the no-loss prize games created on the protocol to keep uniformity and fair game prizes. Thus, the key characteristics of the platform aim to be the following:

• No loss of funds.

• Ability to withdraw anytime.

• Fair prize distribution according to the prize strategy. Going further, users can differentiate the prize games based on yield source, price strategy, additional rewards, asset type, and fairness parameters. Moreover, the PoolTogether platform is a decentralized and autonomously governance system that seeks to serve two primary functions—governing the prize pool creation tools and a subset of prize pools. Meanwhile, users can find the protocol governance prize pool on the official PoolTogether App.

According to the whitepaper, the PoolTogether protocol is not controlled by any company or centralized group. The protocol is open-source software deployed on blockchains, managed and controlled by the POOL token holders.

POOL is the native token of the PoolTogether platform. Users can propose changes to the protocol and cast a vote using the POOL token. The proposal suggestions can include:

• Adjusting the number of winners.

• Launching new pool prizes.

• Integrating new yield sources.

• Implementing scaling solutions.

• Controlling the future distribution of POOL tokens to the platform contributors.

History of PoolTogether (POOL)

The purpose of launching the PoolTogether platform was to help people become wealthy by enabling them to have a chance for larger yield without risking their finances in lotteries. The platform issued a maximum total supply of 10 million POOL tokens, out of which 4.8 million are controlled by governance and 5.2 million have been distributed.