BlockPool is a pool of blockchain-based solutions for multiple business verticals.
Find out everything you need to know about BlockPool today in our review.
What is BlockPool?
Blockchain technology can revolutionize the world. However, many companies can’t take advantage of blockchain technology because they don’t have the resources. BlockPool was created with the goal of offering a B2B blockchain-based solution for multiple types of businesses across a diverse range of industries.
In May 2017, BlockPool launched its ICO. That ICO is scheduled to conclude on June 30, 2017. Through the ICO, users can buy BPL tokens, which can be put toward BlockPool’s services.
BlockPool’s clients can be found in the arts and media space, fintech, music, and sports applications, among others. The company is based in the UK.
How Does BlockPool Work?
BlockPool has developed a flagship blockchain. They offer that blockchain to businesses across industries. The blockchain, appropriately enough, is called BlockPool Blockchain. The company’s blockchain was developed after 5 years of real world research and development. In fact, prior to launching BlockPool, the company specialized in integrating blockchains into the music industry.
Today, the main goal of the company is to deploy a unique, globally scaled business plan that can cut overall cutback costs while boosting security and efficiency for data-driven businesses.
BlockPool has already launched a provable working model. Unlike other ICOs, where the product gets developed after the ICO is complete, BlockPool already has their system in place.
How exactly does the BlockPool blockchain work? The company essentially provides custom forks of blockchain code. Much of their blockchain framework code is open source, but it is the manipulation and modification of the code (i.e. the creation of private blockchains) that yields its true value. BlockPool promises to keep its core code open source, but it keeps its plug-in and custom coding solutions private.
Benefits of BlockPool’s Blockchain
One of the unique advantages of BlockPool’s blockchain is that it can yield both permissioned (and un-permissioned) distributed and immutable ledgers. Typically, businesses use permissioned ledgers.
The innovation here is that BlockPool has a “consensus” system. Just like a consensus in a room full of people, BlockPool uses computers and algorithms to reach a consensus about the truth. The advantage for businesses is that it negates the need for a paper trail, which means a smoother and more efficient business workflow.
How Does the BlockPool ICO Work?
The BlockPool ICO launched in May and will conclude on June 30. The ICO distributes BPL tokens. Oddly enough, BlockPool has not decided to put any price label on its tokens until the campaign is finished. That’s unusual for an ICO. As an explanation, the company said in a recent announcement that they want to ensure a fair and equal percentage split of stakes as they scale the framework of all their B2B blockchain projects.
A total of 25 million BPL tokens will be distributed during the ICO. Out of those 25 million, 20 million BPL tokens will be allocated to participants. A further 1.5 million will be given to advisors, partners, and contractors, while 3.5 million will be given to the core BlockPool team (the shareholders).
There’s a good reason why BlockPool hasn’t assigned a price to its BPL tokens. As mentioned above, the company wants to ensure a fair and equal percentage split of stakes as they scale the framework of their project. To achieve this fair and equal percentage, BlockPool allows participants to donate cryptocurrency or currency. When the ICO concludes, the company will divide the total amount raised by the 25 million BPL tokens in total.
Confused? Let’s say, for example, that BlockPool raises 5,000 BTC through its ICO. In that case, the price per token will be calculated by dividing 5,000 BTC by 25 million. Therefore, the price per BPL token would be 0.0002 BTC.
Where Can You Use BPL Tokens?
BPL tokens serve as the backbone of the BlockPool project. The tokens are DPoS-based, real world business tokens that allows you to purchase various BlockPool services and applications.
Furthermore, BPL holders will also get a share of BlockPool profits. The company plans to annually distribute 5% of all profits to BPL holders. That share will decrease 1% per year until it eventually reaches 1%. After that, revenue share will be fixed to a block reward of 1 BPL token per block.
BlockPool calls this system its Token Exchange Campaign.
BlockPool is based in London at the following address:
71-75 Shelton Street
Covent Garden, London WC2H 9JQ
The company originally operated under the name Aurovine Ltd, which was launched in 2011 as a music platform. Aurovine explored how to implement blockchain solutions in the music industry, but quickly realized the technology could have a significant impact on other verticals. They created BlockPool to address the demand for a B2B blockchain service.
You can learn more about BlockPool and its unique blockchain technology today by visiting BlockPool.io.