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Bitinator
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May 27, 2018, 07:07:33 PM
Last edit: May 27, 2020, 08:12:11 PM by Bitinator |
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BE A WINR WITH JUSTBET Both completely decentralized and autonomous, JustBet is incentive-driven to encourage long-term engagement and customer loyalty.
JustBet is the first-ever completely self-sustaining, community-owned, online gaming protocol, and lottery system. JustBet is built not only for creating a completely fair playing experience but also for sharing the majority of its winnings with its users in order to create a self-sustaining, long term, engagement model that no other platform can offer.HOW DOES JUSTBET WORK? The JustBet protocol operates autonomously with pre-built algorithms for each game - based on the amount a player has wagered the user will automatically mint native WINR tokens on the platform at a rate predetermined by the smart contract for each period until the token reaches max supply. Each time a user wagers, their total amount wagered will be converted into a number of WINR tokens. This concept is called Proof-of-Wagering.
While playing JustBet games, platform users simultaneously and automatically mine WINR tokens!Provably FairThe use of blockchain technology creates an easily auditable and totally transparent online ledger, while the JustBet platform dynamically displays the reserve, the amount wagered, and the amount won for each game in the current period. By offering an unparalleled level of transparency in the gaming industry, the JustBet protocol can better ensure autonomy and sustain itself without the need for a central authority.
The JustBet provably fair feature uses cryptographic hash functions to ensure that neither game providers nor users can cheat before the game starts - in addition to the most commonly used fairness solutions, JustBet’s provably fair system uses a blockchain hash as the number randomizer.
All JustBet games and protocols are open sourced and transparent - anyone and everyone can examine and audit JustBet’s fairness, autonomy, and random calculations.Revenue and Reserve AlgorithmsEvery smart contract should have enough money in it before it lets people bet and before it can issue winnings. Further, winning settlements should be made instant through blockchain-based money handling protocols. This is just the ecosystem JustBet offers.
The built-in algorithm of the JustBet protocol will dynamically adjust the minimum and maximum bets every 10 minutes depending on the average size of bets made recently and the amount of and liquidity of reserves the specific game protocol has at that time. In this way, JustBet game reserves maintain their solvency, and winnings can always be paid, even max bets.
The built-in algorithm of each JustBet game protocol assesses the total amount of money that is being played in order to determine the minimum reserve that must be held to retain liquidity.JUSTBET GAMES In JustBet, built-in algorithms continuously calculate and then select and settle on the best mathematically available operational decisions. Every JustBet game contract is connected to the router contract. When a game is played, a win or lose function is triggered depending on the game result (winr.mint function and winr minting). Each game has a spacing between a predetermined set of numbers. For example, for dice, the protocol limits the numbers between 1 to 100. For every bet, the protocol takes the transaction hash of the bet on the blockchain. The protocol combines the block hash, timestamp, and block difficulty of the transaction. The protocol then gets the integer of this combination as the random number. The protocol then uses this random number as the winning number for the game result.
JustBet games are built using the minimum public house edge and players can test the fairness of every game transparently!JustBet will be offering a large line of games that all users will be able to play in a fully decentralized and autonomous environment with no human intervention. Here is a list of some of the games you will eventually get to play. Don’t forget that USDT (Tether) is directly playable on the JustBet platform alongside TRX (Tron token). The USDT WINR minting formula is exactly the same as the TRX WINR formula. Dice Moon Slot Machine Flip Coin Roulette Poker Baccarat BlackJack Minesweeper Keno Sic BoHOW DOES WINR TOKEN DISTRIBUTION WORK? Proof of WageringUsers are able to mint WINR tokens as they play on the JustBet platform. WINR tokens are generated (minted) by Proof of Wagering. At each minting period, there is a certain predetermined amount to be minted. There will be 3 unique waves and a total of 3 phases within each wave making a total of 9 total unique waves of token distribution. Each wave and phase will have different amounts of tokens allocated to them.
The tokens that are available for the minting should be minted to our developer address with a 1:1 ratio as users are minting. So, once users have minted 2,887,500,000 WINR our developer address should by then receive the same amount in real-time. In the mining page, the Progress bar is the general mining progress for all the tokens available for minting.Nine Unique Token Distribution PhasesThere are a total of nine phases where tokens will be minted with a decreasing number of tokens minted in each subsequent phase. Therefore, players who participate in early phases can anticipate more tokens than those participating in later phases. WINR will continue to mint and be distributed until all tokens have been disbursed. After the 9th phase of token minting has occurred, any tokens stored in reserve from lottery purchases will be minted every time the token reserve pool hits 1M tokens. This will keep players highly engaged, as there will constantly be more tokens to win for participation.How is Revenue Distributed?Winnings from revenue are distributed into two pools: 80% of the winnings go to the winnings airdrop pool and 20% of the winnings go to the lottery pool. The token amount distributed at each period will be determined by the following equations (note that TRX and USDT both mine from the same WINR contract):
The amount of TRX bet/total TRX bet yesterday * Pool formula
The amount of USDT bet/total USDT bet yesterday * Pool formula
See our whitepaper the section Gaming Platform Management Systems for more information on the pool formula and winnings calculations.HOW ARE WINR TOKENS USED? Staking For The Daily Winnings AirdropApproximately 60 minutes after the JustBet protocol determines the daily winnings, the airdrop pool will automatically distribute winnings to eligible addresses that were staking from the previous period.
Tokens must also be staking for a full 24 hours to be eligible for rewards. This is the aging period. Addresses that unlock staked tokens before the distribution are not eligible for winnings airdrop payout. Every stake waits at least 1 day in _passiveStake. There is no earning in this period of time. When winr.tick() is executed (it executes every day, by router.tick), passiveStakes forwards funds to activeStakes.
Addresses that successfully staked within the period will automatically earn their share of winnings proportionally. When a user withdraws WINR tokens, their address loses it’s the eligibility for winnings airdrop for that period immediately. Users have to stake their tokens for a full 24 hours to be eligible for winnings airdrop the following day. Thus, if a user starts to stake within one period, his or her tokens will be eligible for the airdrop in the next period.
Every 24 hours (a day), 80% of the platform winnings will be shared to users that stake their WINR tokens within that period.Buying Tickets for the Weekly LotteryUsers buy tickets by sending WINR tokens to the lottery smart contract. The more tickets a user purchases the more chances he/she has to win the lottery. On each Monday, every week at 17:00 UTC, the smart contract will automatically generate a set of 5 random numbers, from 1 to 20, for the lottery for that period. If there are one or more winners, those winners will receive an equal share of the total amount held in the smart contract.
If there are no winning tickets, then the amount held in the smart contract for the lottery will automatically roll over to the next period. Tickets are only valid for the lottery period in which they are purchased. Players can then participate again by purchasing additional lottery tickets with WINR tokens to purchase new tickets for the next draw.
At the end of each period (24 hours), 20% of all the winning generated by the platform is sent to the lottery smart contract.Trading (Buying and Selling) on an ExchangeUsers can sell their minted WINR tokens on exchanges to other people who want to speculate, buy a ticket for the weekly lottery or be a part of the periodic winnings airdrop. Users who want to participate in the lottery but who do not own any WINR tokens can buy their WINR tokens from an exchange and then
send them to a lottery smart contract in order to participate, where everyone can be a WINR!JUSTBET INITIAL EXCHANGE OFFERING(IEO) IEO Details IEO Date: June 2020 IEO Offered Through: BitMart IEO Hard Cap: $50,000 IEO price per WINR token: $0.0001 USDToken Supply Total Supply: 33,000,000,000 WINR Total Minting Rounds: 9 Total WINR Available for Minting: 23,100,000,000 WINR (70%) Pre-Minted for Seed Investors: 1,980,000,000 WINR (6%) Pre-Minted for Partners: 1,485,000,000 WINR (4.5%) Pre-Minted for Promotions & Future Partners: 165,000,000 WINR (0.5%) Pre-Minted for Development Team: 2,887,500,000 WINR (8.75%) Tokens that are going to be minted for the team: 2,887,500,000 WINR (8.75%) Pre-Minted for IEO: 495,000,000 WINR (1.5%) |
