Ever wondered what it was like to be a Casino and be on the other end of gamblers losses? Wonder no more, you can stake Edgeless tokens today and profit!
Staking is not limited to only blockchains and consensus mechanisms. Today you can stake your Edgeless ERC20 token on the back-end of their smart contract 0% house edge legal online casino! The process is called “Bankroll Staking” and there is no set APR, but if you have Edgeless or want exposure to the casino Industry you might want to research and take a look.
EDG token holders can stake their tokens to participate in Edgeless bankroll funding. This new feature is called, EDG bankroll staking.
Why do we need to stake EDG tokens?
There are 132,046,997 EDG tokens in circulation and that is a fixed amount. 60% of the total bankroll funding is provided by the company, and 40% is funded by the community. In the not so distant future, the casino will grow in number of players and in betting amounts.
A larger bankroll will then be needed to sustain the system’s growth. In order to make sure that there’s always a sufficient bankroll, the community has to be able to stake the tokens they hold to have a sufficient number of tokens rolling. Thanks to an extremely efficient mechanism, Ethereum Smart Contracts, for making it possible.
How EDG staking can work.
In this example, minimum EDG required, duration of bankroll holds for staked tokens, and other conditions are yet to be determined. Since Edgeless is still at an early testing phase, it still lacks data from a platform that’s already running in order to test further for all conditions to be defined.
Edgeless is on ETH main net! and below is an example of a possible system architecture.
For example. Let’s say, there are 10 thousand players. And, to sustain them we need a bankroll of 10 million EDG tokens. With the 60% / 40% fund proportion, 6 million is funded by the company and 4 million are tokens staked by the community.
So, staking EDG tokens is simply sending tokens to a bankroll Smart Contract and getting it back after a week with either, positive or negative surplus. If positive, the smart contract will automatically distribute the additional tokens proportionately to the wallets that staked.
By staking your EDG tokens, you are helping to sustain an entire system. Helping in the success of your own investment.
Questions you might ask…
- What is the status of EDG token legally?
It’s a utility token used to avail services in Edgeless. It can also be used by the community to sustain bankroll growth.
- Who can stake EDG tokens?
Everyone can participate in Edgeless staking with the exception of US citizens. Regulations on tokens in the US are too uncertain at this time. To protect the system from possible issues that it may bring in the future, this feature is currently not available to US citizens Due to uncertainty in the US in regard to the regulation of tokens, for now this feature is not available to US citizens.
- What is the maximum number of stakes one token holder can make?
A token holder can only stake once every round.
- Is it possible that there will be no surplus in Edgeless’ bankroll? Can I lose in staking?
In theory, it is possible. But highly unlikely, because of the rules in game limit and strict bankroll management in Edgeless.