[ANN][POP] Introducing PopCoin - The World’s First Proof of Play Cryptocurrency

Introducing PopCoin - The World’s First Proof of Play Cryptocurrency

What is PopCoin?

PopCoin is both a cryptocurrency, more specifically an EC20 compliant token, and a unique game that allows you, through playing, to become the house.

So how does it work?

You both play the game and mine PopCoin by making a sending Eth to the smart contract. In this way PopCoin is actually not an ICO- there is no presale or predefined price coins are issued at, instead coins are mined through the playing of the game- or Proof of Play.

After sending Eth to the contract your bet will be placed in the most favorable position, right on the very top of the payout curve. If the game ends soon, you’ll win big, occupying that very desirable payout position. As other players send Eth to the contract your bet will move towards the back of the curve, initially decreasing in value. You’ll continue to mine PopCoin however, as the game continues your PopCoin mining rate will only continue to increase. Eventually however, if enough bets come in your bet will reach the back section of the payout curve, and your winnings will beginning to increase again. Once your bet is in the back section your winnings will only grow as more bets come in and as always your PopCoin mining rate will continue to increase.

How does the game end?

The game ends when there is no more activity, that is, when bets have stopped coming in. This is measured by the number of blocks that have been mined on the Ethereum block chain since the last bet. This number will change as the round progresses, getting smaller as the round grows. Once the designated number of blocks has been mined with no bets the round ends and player bets are awarded out according to the payout curve.

What are PopCoins good for?

Ok, so you played the game, maybe won some Eth but you also mined PopCoins, what exactly are they good for? Popcoins can be sent, traded, or hold’ed just like any other cryptocurrency, but in addition to those normal functions they also entitle you to something else - a percentage of the house’s rake. When a player makes a bet 2.5% of that bet is held as rake in a side pool. Your PopCoins entitle you to their corresponding fraction of that pool - if there are 50 PopCoins in circulation and you own 10 of them, then at any point you can redeem those 10 PopCoins for 20% of the Ethereum in the rake pool. This pool will only grow as more games are played and the rate of PopCoins being issued is structured to on average decrease as more rounds are played. For games of equal size, an earlier game in the history of the contract will pay out more PopCoin.

Is PopCoin just 1 game?

Only one game will only issue the cryptocurrency PopCoin, and thus mine the coins that will entitle the holder’s to a percentage of the rake pool, but we’re designing a network of games all of which will pay into that same rake pool. PopCoin itself is just the first of those games.