TXT Launch
It has been an amazing journey since we launched TrustDice on October 22. We went through the Beta testing on Jungle Testnet smoothly with the support from our community. Then, we added leaderboard, VIP system, and slot game. Now TrustDice is not only a MVP (Minimum Viable Product), but also a stable, safe game, with sleek user experience. It’s time for the platform to grow faster by uniting TrustDice community. After rounds of discussion and planning, today we’re excited to announce that we’ll launch the TXT token. TXT is short for TRUST, which is the token issued by TRUST Game Platform on EOS. TXT uses an innovative token economic design to reward contributors of TRUST Platform. To join the token sale of TXT, please visit the website (https://trustdice.win/). All the raised TXT will be used as bankroll and CPU.
In this article, we’ll explain more details about our thoughts behind the token economic design. Before you go on, please read our whitepaper (https://trustdice.win/whitepaper.pdf) first to get a brief sense of TXT.
TXT Mining
After the token sale completes, TXT will be listed on exchanges, and TXT mining will start. The total TXT to be mined is 2.5B (50% of the total supply). We use a mining mechanism similar to Bitcoin. There will be different mining cycles, and every mining cycle lasts 125 days. Mining rewards will be evenly distributed every day during a mining cycle, e.g., mining rewards for each day during first mining cycle is 1.25B/125 = 10M. When one mining cycle finishes, the rewards will halve. By setting a mining reward limit each day, we can gradually increase the circulation of TXT. This will help to avoid the volatility of TXT price.
Mining power is measured by several factors, including betting amount and other contributions (referral, finding bugs, etc). The formula of mining power will be disclosed later.
TXT Profit Sharing
By staking TXT, players will share profit of TRUST Platform. Percentage of sharing will be adjusted in different development stage of Trust Platform. In the initial stage, it will be 20% of profit, and will gradually increase when the platform matures. Bankroll and CPU is a competitive advantage for dice games (support more players at the same time, attract more whales), and building this barrier is one of our highest priority. Instead of sharing most profit to holders in the early days, we will use profit to increase bankroll & CPU. And this will finally generate larger returns to TXT supporters. Think of the strategy of Amazon, it always put most of the profits to build comparative barriers, and finally reaches a market cap of almost $1 trillion.
We at TeamTrust always try to create a good token economy for all token holders. But token economy design is a brand new area, and it is always hard to design a balanced system. If you have any ideas or feedbacks, please feel free to reach us. We’re always open to hear from the community.
Sincerely,
TeamTrust
