operation and advantages – European Gaming Industry News

0


The cryptocurrency that has become mainstream over the past two years has seen the betting, gambling, and online casino industry leap into the blockchain tech wagon. Yes, this should help bookmakers stay honest and ensure fair bets, but how about a platform that uses blockchain to take online staking to the next level by allowing you to become an independent bookmaker? . Enter Chipz.

Chipz is a decentralized stake platform that seeks to change the future of online gaming through smart booking contracts. The platform is expected to be launched as a sports betting platform for users to create their own sports betting. The user then allows bettors to bet on a predictive pair and earn a fee from that bet. These predictive pairs are held in Chipz smart contracts.

How the Chipz ecosystem works

Chipz is built on the Ethereum blockchain and runs on the CHPZ token. The smart contracts of the platform hold the CHPZ which is staked. This ensures that bookmakers collect fees from bidders when a smart contract is finalized, while bidders get their stake as soon as the staked event ends.

So how do you own your own bookmaker and make money from it?

The developers of Chipz have a well laid out platform track record. The 1st version of Chipz only contains events that are already integrated into the ecosystem via oracles, especially sporting events. That said, bookmakers will be able to create events of their choice and provide multiple outcomes in future versions of Chipz.

Here is a step by step description;

  • Chipz oracle explorer gathers data from real-world events, such as an NFL game, and displays it on a blockchain.
  • As a CHPZ token holder on the blockchain, you can decide to become a bookie on the NFL game result as provided by Oracle Explorer. However, you will need to pay the Chipz platform a fee in your CHPZ tokens in order to create a bookmaker on the outcome of the match.
  • Now that you are a bookmaker, you can define the number of bidders allowed to bet on the outcome of the match and your ideal price. Bidders also bet using CHPZ. Once a bidder stakes their CHPZ, a Chipz smart contract is created. The contract contains the CHPZ of the bidders and calculates each bidder’s percentage of the pool. This% is used to determine the amount a bidder wins in the event that their bet wins.
  • Once a smart contract is finalized, in our case the NFL game ends, the contract will disperse the bookie’s fees over your wallet. The percentage of gains or losses of the bidders on their bids will have already been paid into the bidders’ portfolio.

How to access Chipz?

Unlike most upcoming blockchain platforms, Chipz stays true to the original characteristics of cryptocurrencies – user privacy. Accordingly, Chipz does not require users to provide their personal information through KYC procedures. Users only need an ERC-20 wallet, such as Trust Wallet, to hold the CHPZ token.

The developers of Chipz have set the initial token offering at 50,000,000 CPHZ and expect it to peak at 100,000,000 CHPZ. In addition, the presale of the CHPZ is already online. It started on June 11, 2021 – 15,000,000 tokens were listed on the stock exchange at $ 0.03 / CHPZ. Users can purchase their CHPZ on Bounce.

Better yet, Chipz also recently announced that 10,000,000 CHPZ will be listed on Uniswap at 6 p.m. UTC on August 6, 2021, at $ 0.05 / CHPZ.

Being one of the first CHPZ holders could help you build your bookmaker rank, get verified, list all events on the Chipz platform, and earn fees on bidders’ stakes.


Share.

About Author

Leave A Reply