PrimaBlock: Ethereum ICO Token Pooling Blockchain Service?
Almost every week there is a new platform on the blockchain market that can be very interesting if it actually works out. Today, we will review one of these platforms called PrimaBlock. If this program becomes popular, it can have a great impact on Initial Coin Offerings.
What Is PrimaBlock?
PrimaBlock is a company whose primary objective is to handle the remittance and the accounting of the work involving pooling funds from contributors which are involved in an Initial Coin Offering (ICO). Basically, by using PrimaBlock you will be able to manage your pools to be used in ICOs.
This product was created by Tamir and Mickael Fourgeaud, who both wrote the software together. Rolando Mathias was the person in charge for the design of the user interface. All of them are experts in the blockchain technology and have years of experience in this industry.
How PrimaBlock ETH ICO Token Pooling Blockchain Service Works
To use PrimaBlock, the first thing that you will need is a community who wants to participate in an ICO and a leader of this community. This pool can then require whitelisting or not and once the quantity of ETH is collected, the funds will be transferred to the team managing the ICO.
When there is profit from the ICO, the tokens will be sent back to the pool using smart contracts and then each person will be able to reclaim their tokens and their profit. This is good for pre-sales in which you can buy tokens for the best available price, but you also have to spend a lot of money.
Pool chaining is supported by PrimaBlock and you can use two pools to contribute funds from one pool to the other pool. Unfortunately, you can only use this tool for ERC20 or ERC223 tokens based on the Ethereum blockchain and it is not compatible with ICOs from any other type.
The software has been extensively tested using the MyCrypto wallet, but all the Ethereum wallets work in a similar way, so the project’s site states that you will probably be able to use any Ether wallet. At no moment you will have to give your private keys to the program, so it is very secure to use.
You can also program the pool to require consensus before the admins pay out the dividends of the pool. It is important to understand that the smart contracts do not prevent the managers from the pools from foul play, so you should only participate in pools that are made by people that you fully trust or you might end up risking your money using this software.
The creators of the project charge a 0.5% fee every time that a pool is created.
How To Invest In PrimaBlock?
You cannot invest in this company. What you can do instead is to donate tokens to the Ether address of the company, which you can find on the project’s site. What you can do is to use this company to invest in another company by using the ICO. In the company’s site you will also be able to find very detailed information about this process.
Is this a good tool for you to use if you want to achieve great results in an ICO? Yes. While you have to really trust the manager of the pool, this can be a great way to invest because you will have access to the best prices of many pre-ICOs even if you do not have a lot of ETH on your wallet. Because of this, you should look for pool administrators or be one yourself to use this platform.
It is important to overstate that one of the major points of risk in this investment is that the admins of every pool have a lot of power, so you should only give your money to pools owned by people that you really trust or you can end up risking to lose your money to a scammer.
If you want to find excellent ICOs for you to invest using this new tool, you can find plenty of them on our blog, so be free to browse and learn all about them.