Prosper refactored and upgraded: focusing on the on-chain Bitcoin mining experience, the token PROS rose by more than 100%

Original author: 0x9999in1, MetaEra

TLDR:

· Current status of Bitcoin ecosystem and opportunities in mining;
· Prosper’s strategic direction and community-driven model;
· Prosper token economics and market performance;
· Prosper’s history and prospects;

· Prosper token PROS rose more than 100% in a single day last week.

Prosper will become the only protocol that combines institutional-level Bitcoin computing power with decentralized custody, flexibly combining direct participation in Bitcoin mining, long-term holding strategies with decentralized finance, and providing users with a new way to participate in the Bitcoin ecosystem.

Current Status of Bitcoin Ecosystem

Since its birth, Bitcoin has become the cornerstone of the crypto world with its peer-to-peer decentralized trading model, but it has also been criticized for its shortcomings such as "lack of scalability, inability to use smart contracts, and slow on-chain speed". However, with the development of tracks such as the Lightning Network, Ordinals Protocol, and L2, the development of the Bitcoin ecosystem can be said to be full of stamina.

Currently, the Bitcoin ecosystem includes tracks such as wallets, cross-chain bridges, L2, NFT, LSD pledge, and DEX, among which new projects and participants continue to emerge to enter the construction of the Bitcoin ecosystem. It is worth mentioning that there is currently $83 billion in DeFi total locked value (TVL) on the BTC ecosystem. Although the DeFi ecosystem is constantly improving and developing, Bitcoin mining, which is particularly important, is still an underdeveloped field. You know, the computing power behind Bitcoin mining is the foundation of the broader Bitcoin ecosystem. Recently, Prosper has reappeared in front of investors after reconstruction and upgrading. Prosper is introducing institutional-level Bitcoin mining capabilities to the chain, aiming to fully unleash the potential of the most decentralized cryptocurrency and become the only Web3 "BTC miner + MSTR". (MSTR, MicroStrategy, MicroStrategy is strongly bound to Bitcoin in the field of encryption)

Prosper: The only decentralized protocol that fully covers Bitcoin computing power and Bitcoin

The reason why Prosper puts the new strategic direction on "Bitcoin mining" itself is that the current Bitcoin ecosystem projects are crowded, forming a competitive relationship at the L2 and multiple basic application levels, and there is a serious internal circulation. Pure Web3 projects that really focus on Bitcoin mining belong to a blank area, which is where Prosper comes in.

So Prosper's approach is not to kill into a highly competitive sector, but to create a new basic block, capture the scarcity value and valuation premium of the project's new ideas, and effectively create a leveraged Bitcoin investment without liquidation risk in accordance with the idea of focusing on Bitcoin mining. Prosper will develop into a new decentralized protocol to build a more prosperous community.

Since it focuses on Bitcoin mining, it is inevitable to have the support of hardware and mining pools. On the one hand, the Prosper Token Foundation purchases mining machines through direct purchase or joint investment by mining partners, and maintains and operates mining machines on site; on the other hand, considering the probabilistic problem of Bitcoin mining, Prosper will cooperate with mature mining pool providers to reduce production differences and better monitor hardware performance. In this way, Prosper can accumulate BTC at cost price and hold it for a long time.

At the same time, Prosper emphasizes that as a community-driven protocol, the Prosper Token Foundation always ensures that it has the corresponding number of mining machines and provides real-time Bitcoin computing power, and Prosper's native token PROS can be exchanged for the corresponding Bitcoin computing power. The Bitcoin computing power ratio of each token will be announced later. Therefore, the three pillars of "Bitcoin mining hardware + foundation Bitcoin accumulation + user participation reward Bitcoin" make Prosper's new strategy more sustainable.

Currently, Prosper has launched a community vote codenamed "PIP-0" on its official website. All community members can participate in this vote to verify the accuracy of this new strategic direction. Once the vote is officially passed, Prosper will firmly implement the new strategy of Bitcoin mining.

Token $PROS: 100% computing power token, holding it can obtain Bitcoin computing power and get rewards

With the support of Prosper's new strategy, PROS's 24-hour increase on October 10 reached 106.03%, which shows the support of investors for its new Bitcoin mining strategy.

According to CoinGecko data, the circulating market value of PROS is around 12.55 million US dollars. In exchanges led by Binance, the secondary market has good liquidity. Combined with Prosper's new strategy, PROS's market value still has a large room for growth and rising potential.

In order to make the project more sustainable, Prosper reconstructed and upgraded the use and circulation path of the token PROS. The most core upgrade is that PROS has become a 100% computing power token. Each token will be linked to a certain amount of Bitcoin computing power, so that PROS holders can participate in daily project community voting and Bitcoin mining. And as the Bitcoin computing power increases or decreases, PROS will become a dynamic supply state, and the official also promised that before the end of the year, it will lock the "anchor value" of the Bitcoin computing power corresponding to each token. After that, the supply of tokens will only change when the computing power increases. This will ensure that no matter how the total supply of PROS is, the value of the holder's token will not be diluted, and the token will always have the actual support of Bitcoin computing power behind it.

In order to ensure that Prosper's new strategy can be effectively implemented, the existing PROS must strictly control the flow and selling pressure. Prosper's partners have locked their PROS for 1.5 years to ensure Prosper's long-term success. At the same time, Prosper will also publicize the corresponding wallet address on the website and ensure that there is no transaction behavior at the address to ensure the openness and transparency of the project tokens.

Prosper's "previous life": a high-quality prediction market and hedging platform to seize new opportunities in the BTC ecosystem

As early as January 2021, Prosper, a short-term prediction market platform based on Binance Smart Chain, announced the official launch of prediction mining. Players can use Prosper to predict the BNB market and obtain PROS token rewards. At that time, PROS was used for platform governance, creating custom prediction pools, prediction insurance, commission discounts, etc.

In September 2021, blockchain game and NFT developer Animoca Brands announced that it had acquired the Prosper platform and its assets, including Prosper's Prosper Tokens (PROS) token reserves. Animoca Brands sees Prosper as a strategic acquisition that can provide prediction services for Animoca Brands' games and NFT-based products.

In early October of this year, Prosper will be relaunched and rebranded as a new project, with no additional cost support for PROS token holders. Partners may also provide more Bitcoin computing power support during the revaluation process.

At the same time, with Prosper recently announcing its new strategic direction in the Bitcoin ecosystem, Animoca Brands intends to acquire more PROS tokens from the open market. This is not the first time Animoca Brands has repurchased tokens. Animoca Brands previously purchased Open Campus's governance and utility tokens EDU from the open market, and the subsequent operations of Open Campus have been carried out in an orderly manner. Regarding the acquisition of PROS tokens, Animoca Brands said that the acquisition shows the company's support for Prosper's new strategic direction, which will bring new practicality to PROS tokens and also demonstrate its commitment to the Bitcoin ecosystem. It can be seen that Animoca Brands will restructure and upgrade Prosper, focus on Bitcoin mining, and operate Prosper seriously for a long time.

It is worth mentioning that Prosper will successively announce the list of mining partners on its official Twitter. Judging from the official preheating information, the scale and magnitude of the partners are quite good, so you can look forward to it.

Summary

Currently, Prosper has announced its new RoadMap, which will take nearly 12 months to turn Bitcoin mining from a vision into reality. During this period, it will update the official website, conduct community voting, token migration, and link Bitcoin computing power with tokens. Prosper also revealed that it is expected to become the first batch of customers to receive Bitmain's new generation of high-performance mining machines, and is expected to further improve mining efficiency and mining profits. In general, Prosper has accurately grasped the development gap in the Bitcoin ecosystem, deeply rooted in the Bitcoin mining sector, and provided basic computing power support for the underlying Bitcoin ecosystem. Prosper is very likely to become a new decentralized protocol, and at the same time become a new Web3 Bitcoin mining project that is different from previous Bitcoin computing power providers and mining pool providers.

Prosper official website, Prosper Twitter, Prosper Telegram, Prosper 101 course

This article comes from a contribution and does not represent the views of BlockBeats