In today’s All About Pools we are looking at the first PPS or “Pay per share” pool, Maxiopool. At least no one else is calling themselves pay per share from what I can tell. What this means is that you get paid from the first plot you add to the network based on your share of the space. At least that is what I gather, their website is a bit sparse.
That is OK though, because MaxioPool is not in operation now. They are, like 21Chia and Spacefarmers, waiting for the on-chain pooling protocol from Chia Network to launch. A couple of old Ethereum miners, they started Chia farming s a project to keep that revenue stream going when Ethereum moves to proof of stake. Even though they got some good farming setups going they, like a lot of us, and had built a number of tools to assist themselves they were dismayed by the lack of pools with the ever increasing netspace. They then decided to take what they had learned farming solo and build a pool.
Like the other on-chain solutions, they will not have any custom software you need to download and run in order to join their pool. It will all work from the official GUI. They do have plans to release a farmer software suite that they have been working on, but no clear timelines on that.
Due to their locale, Australia, they do not have any serious legal challenge to overcome and a registered legal entity. They have worked with a lawyer to make sure their Terms and Conditions are in order so there clearly some attempt to do things by the book. I personally think this is going to be the make or break for pools. None of them will run high enough margins to fight lengthy legal battles, so the ones that sort this out up front will be the ones that have staying power.
They are going to have an interesting fee structure, users with farm space in the bottom 25% percentile will be exempt from fees, with the larger farmers paying 0.5%. They are also offering a lifetime 0.1% fee break for all users that farm with them during their first week. They also want to re-iterate that their ‘pay per share’ payout structure will make a noticeable difference for farmers as they get off the ground. All in all this is a pretty nice incentive for smaller farmers to join the pool.
The one strange thing about my conversation with them is that they haven’t been working with the Chia Dev team. According to their spokesperson, the Chia team has been extremely hands off and they haven’t been a part of any special chats or anything. The other pools we have spoken to suggested they have been working closely with Chia Network so this is a bit of a divergence. We shall see, hopefully very soon, which approach yields the better experience.
Edit: Thanks to reader JGW who points out that Core-Pool also uses a pay-per-share model, they just don’t brand it as such.