Introducing Roostoo Token RSTO
Over the past few months, Roostoo has launched our long-awaited product — Mock Crypto Trading App. Since the launch, we have partnered with 30+ university clubs and faculty to host their branded mock crypto trading competitions, as a risk-free and creative introduction for students onboarding to the world of cryptocurrencies.
- iOS: https://apps.apple.com/us/app/roostoo-mock-crypto-trading/id1483561353
- Android: https://play.google.com/store/apps/details?id=com.roostoo.roostoo&hl=en_US
Now, as we see more passionate users mock trading real-time on the Roostoo simulated exchange platform, we decide to roll out an exciting initiative — RSTO — that will progressively underpin the backbone of the Roostoo ecosystem.
Roostoo Token (RSTO)
RSTO will be the native game token for the Roostoo app. The ideal future vision for RSTO is to become an actual crypto token that drives the value of the Roostoo community and Roostoo product.
The primary function of RSTO is to reward good mock traders on Roostoo. We decide to start with a simple mechanism:
- Roostoo will airdrop 50 RSTO per user.
- Roostoo will be launching regular competitions (1-day, 3-day, 7-day, etc.) on the app.
- Users will need to pay RSTO to join each Roostoo-held competition.
- After a competition ends, RSTO will be distributed back to users according to their ranking on the leaderboard.
- High-rank users will receive more RSTO, thus making a higher return. Low-rank users will also receive RSTO, but less than what they pay to join the competition initially.
The following is an example of a 7-day regular competition payout scheme. Assume there are 100 participants, each user is required to pay 20 RSTO to join. The total pool is then 2000 RSTO.
This will be the payout scheme distributing the pool (2000 RSTO) for each ranking tier:
If you join a 7-day regular competition of 100 participants, this will be your payout (depending on which tier you fall into) after the competition ends:
If you are skillful and make it to the top 10 on the leaderboard, you enjoy extra bonus RSTO:
We attempt to create a payout scheme that is fair and meritocratic. For users who do not perform comparatively well in consecutive competitions and thus losing on RSTO, you will still be able to accumulate RSTO by claiming daily reward every day you use the app.
For more details of the 1-day, 3-day, 7-day competition payout scheme, please click here.
Currently, RSTO is simply a game point system on the Roostoo App. This is a live experiment of whether such RSTO game economics make sense and can self-sustain. Because, the best way to solve game theory is to play the game. After learning enough about the game point economy that our users have been interacting with, it will paint a clearer picture of how we want to design RSTO into the real crypto token.
RSTO will have a fixed supply. We will also introduce a burning mechanism to reduce RSTO over time. You may already notice that we plan to burn maximum of 10.5% from the RSTO pool per every regular competition held. This is to ensure that the value of RSTO will only accrue over time — as long as users are joining mock trading competitions and competing for RSTO against one another.
It is ideal that Roostoo, as the product matures, will become a DApp (Decentralized App) that runs on a leading blockchain protocol, with RSTO as its application token and smart contracts to enforce the rules of token distribution, and the community (users & nodes) to witness the Roostoo game being transparently conducted.
For more details, please feel free to view the Roostoo Whitepaper v0.5. It is a very early-stage ideation work-in-progress, we sincerely appreciate any kind of feedback.
Social Profile: To enhance Roostoo’s user experience, we also build out interactive social profile features. Users will not only own a Personal Roostoo Profile that displays their RSTO and in-app stats (e.g. favorite crypto, number of orders, trading volume, past competition rankings), but also be able to view and “like” other user profiles.
Badges: We also introduce interesting badges to accredit users who made certain achievements on Roostoo. The digital collectibles are valuable to embellish your Roostoo profile and status. Users will be able to view the requirements to earn different badges. Badges will stay on a user’s profile once earned. Owning certain badges may also serve as the prerequisite for entering certain exclusive prized competitions or enjoying additional features in the future.
The RSTO and Roostoo Profile go hand-in-hand to create a unique and meaningful experience for Roostoo users. From now on, users can enjoy Roostoo as a gamified trading app where they can compete with other users, build up their RSTO and personal profile, and improve their crypto trading skills with no risk and cost.
We believe that a well-design RSTO in the future will be an instrument for effectively distributing the fundamental value of Roostoo. A fair and meritocratic distribution can incent participation and sustainable operation of the Roostoo product ecosystem. We are still on our day 1, but we hope Roostoo can achieve progressive decentralization from a centralized crypto game app today to a sufficiently decentralized crypto DApp in the future.