How does ModiHost’s Pool Lending workIn times of negative interest rates, investors are looking to get out of cash and move to assets that generate returns. Staking could be the answer. Many exchanges provide opportunities to stake tokens and in exchange earn rewards. One can safely earn 5% per annum on a popular digital asset such as ETH.
At Modihost we have developed a similar mechanism to staking that rewards buying and holding of AIM tokens. It’s called a lending pool - which has token holders on one side who provide the liquidity and hotels on the other hand that need tokens to use the system.
In this short article we give some high level insights into pools and how we implemented them in our Hotel Management System (HMS) to make the ecosystem, whilst providing incentives to all participants.
What are pools?A pool is a group of individuals working together towards achieving a common goal. The way that these groups of individuals work together differs between each consensus in the blockchain industry.
The most common type of consensus is Proof-of-Work (PoW), which uses the mining mechanism to generate new coins in a process known as minting (Bitcoin is a good example). The pool related to that process is known as a Mining Pool. A mining pool allows individuals to join together, allocating their mining powers (hashrate) to the pool, which in return allows the pool to be a single entity responsible for minting new coins. This allows the pool to gain more rewards, and in return, the rewards are split among individuals in the pool based on their contributions (in this case, mining power in Hash Rate). Over the past few years mining pools have become a necessity for miners to generate good returns, a mining pool such as EtherMine (
https://ethermine.org/) has over 222,000+ miners that are working automatically around the clock.
In another example, Proof-of-Stake (PoS) was created recently in order to combat the downside of PoW - the massive negative impact on the environment due to the extremely high consumption of electricity required to run the mining machines. PoS pools allow groups of individuals to stake their tokens into a specific wallet, which in return generates rewards based on the amounts that are staked (the higher the amount of crypto staked the more the reward, a similar structure to a fixed deposit in conventional finance), which are then split among the individuals in the pool based on their staked amount (in this case number of tokens). An example of PoS is Ethereum 2.0.
The ModiHost Unique Pool Lending System ModiHost’s unique lending system allows individuals to group together into a pool and work towards earning rewards based on the pool’s criteria, thus creating a consistent flow of AIM tokens throughout the system. The system is known as a “Pool Lending System”, which combines the good traits of PoW and PoS to create a unique pool mechanism.
A Pool Lending System allows the integration between token holders, hotels, & ModiHost’s unique HMS & AI Systems all together. This system allows individuals to allocate their AIM tokens into a pool in which the amount of allocated AIM tokens are used to satisfy the requirements of the hotels, who use these tokens as a method of payment for Modihost’s HMS & AI services. This integration allows hotels to always find the liquidity required to facilitate their work, and in return rewarding AIM token holders with incentives and appealing returns depending on the pool’s criteria. All of this is done with full transparency and can be viewed through the Pool Lending Explorer (
https://explorer.modihost.ai/) in real-time.
ModiHost’s ecosystem allows a steady flow of AIM tokens towards every aspect of the business. Hotels are using the AIM tokens to pay for services, token holders are providing the liquidity and lending the hotels at a specific rate, and ModiHost is receiving the AIM tokens that are paid by the hotels and paying back the Pool Owners who split the tokens among the pool at the agreed rates. This is all already up and running and fully automated.
How to get involved to earn AIM rewardsIn order to get started, you will need to purchase AIM tokens, as these are the center of the ecosystem. AIM Tokens can be bought from HitBTC (
https://hitbtc.com/aim-to-btc) after signing up and creating a wallet.
Make sure that the AIM tokens are transferred and held in your Scatter Wallet. To get a Scatter wallet you can simply go to (
https://get-scatter.com/) and download the app on desktop for Windows, Mac, or Linux. Once downloaded, set up an account by following the guide in the application itself. Once you get the address you can go ahead and store your AIM tokens there.
The diagram below shows the steps in order to purchase AIM tokens and allocate them utilizing the Pool Lending System.
About ModiHostModiHost is an innovative SaaS hotel management system facilitating easy access to AI technologies for hotels of any size or complexity.
Using blockchain for transparency, the system harnesses the power of AI to deliver the best possible customer experience – for hotels and their guests. ModiHost predicts customers' needs beyond their expectations.
The ModiHost team comprises global leaders from AI, Software Development and Hospitality industries. Their expertise and experience guided and informed the development of the ModiHost Platform. The ModiHost Platform increases a hotel’s upsales, eliminates repetitive tasks, has different options for communication between a hotel and individual guests and predicts a customer’s needs, thereby creating a unique, personalized client experience.
ModiHost has a solid plan for the future, a roadmap can be found on (
https://modihost.io/) showcasing all the steps that the team is taking towards achieving the goals presented. In 2018 the global hotel market stood at $147.57 billion, but is projected to reach $211.54 billion by 2026. This shows the potential and reflects the future of the hotel industry globally.
Key points to highlight in the ModiHost roadmap are the following
1.Integration of AI technologies into Hotels
2.Evolving & improving the Hotel Management Systems (HMS)
3.Expanding the lending pools and allowing consistent flow of AIM supply to Hotels
4.Improving the position of AIM tokens and utilizing more use-cases
Token holders and hotels can expect great things to come in the near future as the team is working continuously to provide the best mechanism for token holders to gain incentives and returns, while providing hotels with top notch Hotel Management Systems (HMS) and AI Technologies.
