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Rocket Pool

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Decentralised Ethereum Proof of Stake pool currently in alpha

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Smart contract blockchain

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Team:

David Rugendyke - Founder & CTO

Michelle Keane - Chief Administrative Officer

Expert Review

TokenTops
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3.7 out of 5

Rocket Pool wants to enable Ethereum's holders to earn interest on their ETH tokens with a decentralised Proof of Stake pool. They want to let regular users benefit once Ethereum changes their protocol to Casper's PoS, which allows for earning ETH, however requires the user to have knowledge on how to interact with smart contracts and be technically proficient at running a node. The team behind the project is relatively small however they've managed to already deliver beta version of the platform. The developers have more than 10 years of experience and the GitHub is being regularly updates to show the progress. It's good to notice that all contracts in Rocket Pool are open source and can be seamlessly upgraded. The site is neatly designed and there are a lot of information provided to explain the features both in an easy to understand way but also for technically-minded users.

User Review

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galileo.condechi21 may 2018, 19:53

Wrote this after studying RocketPool and the scammy business model for their ICO token. RocketPool has either already done all of these things, or continues doing them:
_______________________________________

“How to Get Rich Through an ICO Scam” (based on RocketPool’s ICO Playbook)

1. Launch ICO for a product with massive Total Addressable Market — TAM. Award ICO tokens and advertise as if “they will be needed” to use this massive service your platform will provide.

2. Be shady, never truly and fully address that tokens will only work on your platform’s tiny “side business” (for example, advertise a pooling service for the masses to be able to stake ETH to participate in Casper’s POS, though never directly clarify to ICO investors that their tokens will only be good for a mini “run your own node within our pool” side-business).

3. Create fake hype that ICO tokens will be needed for main business with massive TAM, and not the actual tiny one they’re good for (running people’s independent nodes within your massive ETH staking platform, for example).

4. Create fake hype indeed, but please, not too much. You will only need to fool /scam, less than 1,000 medium-sized ICO investors until you get rich. Why making unnecessary fuss?

5. Stay away from the spotlight. This means spending no money on marketing, having close to zero social media presence. The idea of running a Telegram group would be amateurish. That would only bring attention from unwanted business savvy outsiders, who are likely to point out fatal flaws in your scammy business model and scare your ICO investors. You definitely do not want that.

6. Staying away from the limelight also means that ICO investors who have not crunched the numbers, done their research properly or who just believed in the fake hype, won’t find out until way too late, when there’s near to zero demand in exchanges for side-business-Mickey-Mouse tokens from ICO.

By the time they realise you won’t care as you already got rich personally, and on top of everything, also got crazy funding for dream platform you’re trying to build. Life’s good… :)

7. If you actually get to build this platform, you get to use it to address huge original TAM on your own (well, almost on your own as ICO investors will participate in the tiny “independent node” fraction of your real business). Then again you also get to associate with VC companies for your real and main product (for example Consensys).

Yay!! New REAL partners!! Not like those “fake” ICO partners…

8. If you don’t get to build the platform well, as I said, you got rich from ICO sell already anyway. Stay happy. Win-Win!

Do folks reading this find this familiar and / or very concerning in any way?

Look forward to your thoughts and a healthy debate

But I know this is exactly what’s going on with this ICO. David, the founder, super shady dude who pretends to be nice. Or maybe he is a nice guy but a scammer. A nice scammer.

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shawonngp11 september 2017, 20:25

Currently Rocket Pool will charge a fee on any interest you earn while staking to help cover node costs. So lets say you deposit 100 ether and receive 10 ether in interest, we would charge 5% of that 10 ether, so our fee would be 0.5 ether. Obviously this is really really early stages and could change, but its that general approach I’d like to take.

If for any reason Rocket Pools smart nodes play up and the user doesn’t receive interest on their deposit, then we don’t charge a fee (thats in the code right now :). It’s up to us to provide a reliable staking service, so if we drop the ball for any reason, you don’t get charged anything.

I think finding the right equilibrium of minipools to stake on each smart node will be the key to keeping costs down. If a smart node has fairly beefy specs, it should be able to handle being a validator for a number of minipools assigned to it.

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