Hi, EtherSphere is a daily pool that contains ethers that are locked in the contract. At around 1pm PST every day, the contract executes and distributes all these ethers to its participants. The amount of ethers/value is stated on the title.
However, in EtherSphere, you are to some extent gambling on the fact that other people won't try to steal the large jackpot. I will skip this first and explain the basic reward mechanism:
At reset time, every participant is given a reward based on the bid pool to reward pool ratio. If the ratio is for example 1:2, then he will get 2 eth for every 1 eth he uses to participate in the bid pool. Therefore in an extreme case, if no one except one participant bids in the bid pool, then that participant will get the entire bid pool even with 0.01eth. However, if a large number of people bid and the total bid size is above the reward pool size, then participants will get less than what they bid. All bids in the bid pool will not be given out, but will be rolled over to the next day as part of the reward pool.
In a scenario where the bidding pool value exceeds 1.05x the reward amount, a jackpot that is 35% the current reward will set as a prize. Participants will then have to bid for the jackpot and the highest bidder when the round ends will win the jackpot. On top of the 35% reward, he will also be entitled to his corresponding proportion of the remaining 65% of the reward pool, which will be split among all participants. This means the jackpot winner can earn a large amount of ethers, and payout will be reduced for all participants.
ethersphere.io.
EtherSphere | Daily ether pool smart contract
