With betpink.gg, we implemented all of the awesome things that our bankroll service offers. The main game mode is a 40 second cycle roll with 4 different outcomes to bet on. The bets of all players are shown, as well as a history of the past results. A secondary game mode "Dice" offers players instant bets with customaizable odds / multipliers. The bets of all players are shown, as well as a history of the past results. There also is a chat for everyone to use, which runs completely over the pink.network API. The entire site is 100% front-end only, which would be unthinkable without the powerful API that pink.network offers.Visit Site
Instead of having to fund an own bankroll, developers are able to directly use the bankroll of our smart contract. Both the odds of winning as well as the payout of a bet are completely customizable, and even linking multiple bets of various users to a single outcome is possible. The 3rd party developer is paid completely indifferent from the outcome of the bets. For example, lets assume a bet of 100 WAX with a 50% chance of winning and a 1.9x payout was created.
Statistical House edge = 1 - 0.5 * 1.9 = 1 - 0.95 = 5% Bankroll fee = 1% 3rd party edge = 5% - 1% = 4% 3rd party payout = 100 WAX * 4% = 4 WAX
Regardless of whether the user wins the bet or not, the developer utilizing our bankroll will always be paid exactly 4 WAX. This shifts the risk completely away from the developer, and allows for a stable income without any risks.
The core of our system is a smart contract, allowing anyone to place bets on outcomes of their choosing. The randomness for these bets is provided by the WAX Random Number Generator, which can guarantee unpredictable randomness to all parties involved. The contract will also allow anyone interested to contribute to the bankroll by staking their own WAX tokens. This will allow the contract to accept higher bets, benefiting the ecosystem directly. Because of the guaranteed house edge of 1% in every bet, this will allow for a relatively low risk investment over medium to long timespans.
We launched the API, making it available for use for anybody interested.
We published a gambling site open for everyone to use and try out. It provides a useful example for 3rd party developers (available here).
We will create a new code base for betpink based on React. React is well suited for sites like ours and will make further development simpler.
We will add a new game type to our gambling contract and add API support for it. We will also add the game mode on betpink.
Just like the bankroll itself, the PINK token runs as a smart contract on the WAX blockchain and follows the eosio.token standard. They are not meant to be traded speculatively, but rather are to be seen as shares in the bankroll. If you own 20% of all PINK tokens, you can exchange those for 20% of the WAX in the bankroll. That means that the PINK price is directly linked to the development of the bankroll, and to nothing else.
From a technical perspective this means that when somebody deposits WAX into the bankroll, new PINK tokens are issued proportionally. The only exception is for the first ever deposit, where the exchange rate was set to 1 WAX : 10 PINK.
Issued PINK = (Deposited WAX) / (WAX in bankroll) * (PINK supply)
When you want to exchange your PINK back to the proportional share of the bankroll, those PINK tokens are burned, and the WAX from the bankroll are paid out.
WAX paid out = (PINK burned) / (PINK supply) * (WAX in bankroll)
What this means is that the PINK/WAX exchange rate will only ever change when the bankroll wins or loses WAX. Deposits to or withdrawals from the bankroll have no effect on the exchange rate. In other words, the price at which you invest into PINK shouldn't influence your decision at all. If you deposit 1,000 WAX today and the bankroll makes a 10% profit, then your PINK tokens will now be worth 1,100 WAX, no matter at which exchange rate you invested.
New PINK tokens are only ever issued when the corresponding amount of WAX is deposited in the bankroll. They are never just created out of thin air, not by us and not by anyone else.
You can invest your WAX tokens into the bankroll and profit from the guaranteed house edge that every bet has. This also helps grow the ecosystem as a whole, by enabling players to place higher max bets. Interested in learning more?Become an investor