Cryptocurrency has been welcomed with open arms by the online gaming and gambling world since the earliest days of the blockchain. The concept of decentralized, extremely liquid, valuable, and completely anonymous currencies sit well with many online gamers and gamblers, which has led to the creation of thousands of highly popular crypto gambling sites and platforms.
The tokenization craze has also led to the launch of hundreds of different gaming and gambling oriented initial coin offerings. Some of these have been highly successful, while others have failed dramatically. A recent successful initial coin offering is currently offering gamers a new outcome prediction based crypto, but with an interesting twist.
Billionaire Token claims to be the world’s first super deflationary gambling oriented token, and is based on the Ethereum network. In this article, we’ll take a look at the Billionaire Token and find out what it does to help you determine whether it’s worth investing in.
What Is The Billionaire Token?
Billionaire Token recently ran an initial coin offering that began on the 26th of August and concluded on the 26th of September. During the ICO, 3,333,333 tokens were created. The most unique aspect of the Billionaire Token, however, is that the asset itself is highly deflationary- tokens are burned on a regular basis through the “Billionaire Decentralized Raffle”.
While this may sound complex, the core concept is relatively simple. Each week, Billionaire Token runs a lottery system that results in the destruction of Billionaire Tokens. The system uses a smart contract to burn 10% of the tokens that are sent to it on a weekly basis. This reduces the total supply of Billionaire Tokens, increasing the value of each remaining token.
At the end of the week, the Ethereum smart contract that manages the Billionaire Decentralized Raffle delivers 40% of the total amount of funds delivered to it. The first runner up receives 20%, and the second runner up receives just 10%. According to Billionaire Token, 10% of the tokens collected are burned as an “offering to the market gods”, while the final 20% is used to reward other coin holders for burning their currency via a twisted faucet.
While the mechanism that drives the Billionaire Token deflationary process is interesting, the token itself has a number of other applications. Billionaire Tokens can also be used to play a range of different game. The Billionaire Token development team plan to release a Billionair Hold’em game, in the same style as Texas Hold’em , in early 2018.
Interestingly, the Billionaire Hold’em game is completely open-source, and will be built on top of an Ethereum smart contract to ensure that it is provably fair.
Billionaire Token Verdict
Billionaire Token is one of the most interesting gaming and gambling based cryptocurrencies to hit the market recently, and is supported by a unique deflationary mechanism that simultaneously rewards market participants while functioning as a lottery system. If you’re interested in the gaming applications of cryptocurrency, it may be worth sinking some capital into Billionaire Tokens.
