Description

In this episode, we talked with Jesse Keogh, the Founder of Rakeoff, a user-friendly staking platform built on the Internet Computer Blockchain that recently won first prize in the Encode X DFINITY Hackathon.Rakeoff is built around cryptocurrency staking. Staking is the process of locking up your cryptocurrency tokens to either secure that particular cryptocurrency's network and/or to participate in the governance (voting on the future) of that network, in return you earn rewards (more tokens). Rakeoff use the ICP cryptocurrency and you can stake the ICP token to participate in governance of the ICP network. By staking ICP you earn new ICP tokens, a popular dApp that let's you manage this whole process would be the Network Nervous System dApp↗️.The problems

• The staking process on the NNS is complex.
• Staking rewards are low unless you stake 1000's of ICP tokens.
• Limited disbursement options (you just earn the ICP token).

• A simplified and streamlined way to stake your ICP tokens and earn ICP staking (governance) rewards. We've abstracted away all the extra nitty gritty stuff.
• ICP's first no-loss prize pool. You may earn just 1 ICP a month or 1 ICP every few months from your stake, so the prize pool in Rakeoff is this new idea of pooling your low amount of newly created tokens with other users so you can try win big! 1 entry into the prize pool costs 1 ICP (so you need at least 1 ICP in staking rewards to participate) and it works like a raffle - so randomly, after some time has passed, 1 user who entered wins the whole pool.
• Directly swap your ICP staking rewards into ckBTC. This uses our in-built smart contract swap to give you an equivalent amount of ckBTC. Opting to convert your ICP rewards into ckBTC not only allows you to accumulate one of the crypto world's most sought-after assets but also offers the advantage of holding a highly liquid and renowned digital currency.