Our team at pink.network is proud to announce our genesis project. We will be taking part in WAX io’s #BuildOnWax challenge, by building a decentralized, open source bankroll system on the WAX blockchain.
Provably fair gambling has always been a major use case of blockchains. However, the burden of entry for developers to create an own gambling service has traditionally been high. Not only do aspiring developers need to spend a lot of their their own money to fund their initial bankroll, but they also take the risk of losing a significant portion of it if they are unlucky. We aim to solve this problem, and empower anyone to start their own gambling service, secured by the blockchain.
Instead of having to fund an own bankroll, developers will be able to directly use the bankroll of our smart contract. Both the odds of winning as well as the payout of a bet will be completely customizable, and even linking multiple bets of various users to a single outcome will be possible. The 3rd party developer will be 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 will be a smart contract, allowing anyone to place bets on outcomes of their choosing. The randomness for these bets will be 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.
Within the next 2 weeks, our team at pink.network will continue to publish more information about our project. This will include detailed information about our API, which will become available on our website, as well as articles that will go more in depth about our smart contract and the concepts underlying it.
If you want to keep up to date, make sure to also follow us on twitter, where we will post all updates regarding this project.