Announcing the PINK token and a promotion to kick things off.

pink.network
Aug 29 · 3 min read

Over the past ~1.5 months, we at pink.network have built a decentralized bankroll solution on the WAX io blockchain, allowing developers to build their own gambling apps without having to risk any of their own money (Learn more). Everyone who is interested can invest their WAX into the bankroll and essentially become a shareholder, directly benefiting from the guaranteed house edge of every bet.

So far however, investing has been a little unintuitive and not flexible enough. The introduction of the PINK token changes that.


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.


What advantages do these tokens have over the previous system?

If you had a look at our previous implementation using an internal contract construct of bankroll_weight, you know that from a technical standpoint, the old system was very similar. Switching from this internal value to using an own token however has two major advantages:

1. PINK tokens are more easily understandable than bankroll_weight

The bankroll_weight was only visible on our own page, and was hard to otherwise visualize. The PINK tokens on the other hand can easily be seen and transferred on 3rd party websites such as bloks.io. On top of that, by displaying the WAX/PINK exchange rate, we have found a very intuitive solution to seeing how the bankroll is developing over time.

2. PINK tokens are transferable

Because the PINK tokens follow the standard eosio.token standard, they are transferable just like any other token (such as WAX). This offers a lot more flexibility for all investors, and also enables developers to integrate PINK tokens in future applications. Crucially, this also allows us to give out PINK tokens as part of promotions. We believe that giving out PINK tokens is a lot more engaging for users than just giving out WAX and will help grow the whole bankroll ecosystem.


Announcing the first promotion: Play on betpink.gg and earn PINK tokens every time you place a bet!

You can now become a shareholder in the bankroll simply by playing on betpink.gg! For every bet you place, we will send you PINK tokens.

You will receive 2% of every bet you place in our wheel as PINK, as well as 0.5% of every bet you place with our dice.

For example, assuming a 1 WAX : 10 PINK exchange rate, you would get 200 PINK for every 1,000 WAX you bet in the wheel.

pink.network

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pink.network is aiming to strengthen the community around the WAX blockchain by creating tools that enable developers to build awesome stuff.

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