CoinRace — bet on a price of cryptocurrency
CoinRace is a new game based on Ethereum blockchain, which has all chances to become the new CryptoKitties. This time, the focus is on the race track, on which branded cars marked with the signs of the main cryptocurrencies move. Smart contracts are responsible for the economic part, and the game itself is written in Solidity language. If you look at the cryptocurrency rate every day and want to exclaim “I knew that this coin would rise today!” this game is just for you.
Recently, the cryptocurrencies are really very volatile, the market is reeling, and the coins rise, then fall. To arrange an internal betting on the blockchain is a great idea which can suit the taste of not only cryptoenthusiasts but on the contrary — of critics. CoinRace has the simple mechanic at its core, clear rules and quite beautiful design that give the game all the possibilities to gain a firm foothold in the market.
How it all began
Tote — this is one of the types of betting. The first sweepstakes have been known since the time of Ancient Rome. The place of their deployment was the arena for gladiatorial fights. Now they put on the result of competitions in football, baseball, horse races and so on. We decided to arrange competitions between the crypto currency. They rise and fall, and no one can really predict the future rates, but you can try and win some money in the game.The factors that affect the growth of the currency are:
- The speculative — everyone wants to cash in on the cryptocurrency course, thereby creating a stir.
- Availability of the benefit at a given time — cryptocurrencies are considered to be limited in the and to become scarce one day.
So CoinRace invites you to join the competition and put on the currency that you believe in!
How to play?
Choose a race
To start playing, you need open the site http://coinrace.co, go to “Play on Ropsten” (later “Play on mainnet”) and select the race in which you want to participate. At the moment there are 4 options to choose from:
- Old School Race — for those who believe in traditional cryptocurrencies, which appeared at the dawn of the crypto market. Here you can bet on Bitcoin, Ethereum or Litecoin.
- Smart Coins Race — project bids that support or plan to support smart contracts: NEM, Cardano, Ethereum or EOS.
- Bitcoin Forks Race — the name of the route speaks for itself — here you can bet on bitcoin itself or on its forks: Bitcoin Cash or Bitcoin Gold.
- Anonymous Race — for those who believe that the real cryptocurrency should be anonymous. Here are Monero, Dash, Slash, and Bytecoin.
Bet on crypto car
You choose the race and the coin you want to bet on (the MetaMask plugin must be installed in your browser first — it allows you to make transactions in the Ethereum network directly from the browser), buy RACE tokens and bet on the car (coin) that you think will show the best growth for a certain period (currently races lasting 4 hours are available). The speed of the car is determined by the percentage change in the rate of the real coin price to USD relative to the time of the start of the race.
Claim RACE tokens
If your bet wins and the cryptocurrency really shows the biggest growth among other coins on the route, you get a reward according to the following formulas:
your_deposit = bet - penaltyyour_win_percentage = your_deposit / (win_car_total_deposits / 100)your_win_tokens = total_deposit / 100 * your_win_percentage
Plans for the future
Bets on the fall of cryptocurrency
In the future, at CoinRace you will be able to bet on the fall of the exchange rate. Now you can only bet on the maximum growth acceleration. But in the future, it will be possible to put on the maximum drop.
Integration with Raiden Network
Scaling and speeding up the betting process. To do this, the project considers integration with Raiden Network and possibly Plasma. Raiden Network will allow opening a payment channel between the player and the race, within which there will be fast (and almost free) transactions. Obtaining the winning results will occur in Ethereum mainchain.
Internal DEX
The creation of DEX (decentralized exchange) is a logical development of the CoinRace functionality. The internal exchange is needed in order to be able to accept any ERC20 tokens during the game, as well as to have the actual rate of these tokens inside the CoinRace smart contract. This will allow the platform to become even more decentralized and not to take rates from centralized crypto exchanges, as it does at the moment.
Conclusion
CoinRase is not only a game — it is a whole platform on which it is possible to create other decentralized totes. For example, the platform created by CoinRace can be used to create services where users will bet on the outcome of sporting events. Community members can create their own games and make a profit.
Follow CoinRace
- Website: http://coinrace.co
- Telegram: http://t.me/coinrace
- Twitter: https://twitter.com/CoinRaceDapp
- Reddit: https://www.reddit.com/r/CoinRaceDapp/
- ANN: https://bitcointalk.org/index.php?topic=3008927.0
