A new crypto project, Prophecy, aims to reimagine finance by bringing an interesting new way to earn rewards in its unique Prophet Pools.
The world is constantly changing, with some of the changes affecting it being big and drastic, while others tend to take place slowly, over time, without much of a hassle. The change that is affecting the financial industry is an exception, as it somehow uses both of these approaches at the same time.
So far, everyone knows about the crypto industry. It has been around for over 12 years now, so the change is certainly not happening overnight. However, its advancement progresses slowly, with every small victory being a result of a long battle, as the old systems and those who support them do not give up easily. But, the change is still happening, and this might be the greatest socio-economic restructuring in history.
Governments and their traditional money are losing the faith of people. This has become more than obvious over the past year, when COVID-19 brought chaos into the world, causing the economic meltdown, crashing the prices of stocks, and threatening to cause inflation of even the world’s strongest fiat currency. Meanwhile, the crypto industry continues to thrive due to decentralization, transparency, limited supply, low cost of transactions, and many other benefits. This is the industry that is bringing a permanent change to the way people use money, led by new, revolutionary projects such as Prophecy.
What is Prophecy?
Prophecy is a cryptocurrency project that focuses its efforts on sound economic underpinnings, backed by the community and socialization, and by using adapted core products, offerings, and services. It functions as a network of participants that are able to come to a consensus on the state of its internal economic policy. It consists of a protocol and a token, like most other projects of this kind, and it proposes an alternative engine for establishing of internal economic policy, known as the Proof of Committed Decay, which is a new engine underpinned by its native PRY token.
The project has three major goals — to provide the most complete monetary policy and unit for storage and transference of value; to create highly-social services and communal products that can unite the total participant pool and encourage building relationships; and to empower a network of participants with a tool that secures and grows their economic predisposition with multiple financial products.
In the end, its vision is to establish a monetary/fiscal policy that will function better than legacy financial systems.
The project is starting by changing and perfecting itself, first, which is why a major website redesign is about to arrive in the near future.
Prophecy is actually quite a young project, which saw launch earlier this year, in January 2021. Its token, PRY, has traded mostly sideways, with only small fluctuations right below $0.03 for the first two months of its existence, only to suddenly surge on the last day of February and the first day of March, and hit $0.077 on March 2nd. After that, it corrected to $0.04, surged back to $0.06, and corrected again to the previous level. That is where it also sits right now, at the time of writing, at $0.04089.
How does it work?
The project has attracted attention because it allows users to earn, and to do it quickly, without having to wait for weeks or months for yield rewards. Its Prophet Pools allow users to earn much faster than that — almost immediately after a yield pool concludes. Essentially, users could enter a pool, win a major amount of tokens, and receive them a few minutes later. This is an innovative approach, which even revolutionizes the existing yield pool structures, thus potentially presenting the next step in how this way of earning could work in the future.
It all works very simply, with operators staking tokens, setting fees, and defining other pool parameters. Participants then secure their positions by submitting the ante, and paying entry fees. The pools will last until the participant limit is reached, and then, the project uses a randomization engine to announce results, with the earners claiming their winnings immediately. As for the operators, they can choose to re-open the pool, if they so desire.
In the end, the project brings an interesting change of how yield pools work — one that does have a potential to stick around and attract users. Of course, users are advised to be cautious, as the crypto industry is still very risky, volatile, and full of potential pitfalls. But, there are some promising projects, and Prophecy certainly seems to be one of them.
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