Author Topic: Bitshares Play, PLS and chips inner exchange model introduction.  (Read 7172 times)

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Offline bitmeat

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You should consider implementing smart contracts, where game rules are programmatically defined and ran by off the chain smart oracles.

Offline HackFisher

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Yhea and casinos can issue shares for there whole casino and trade/speculate on their own asset?!!

hmm, yes in some sense.
game provider could issue init chips(they can choose they own part) provided collateral, and define the game rule.
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Offline xeroc

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Yhea and casinos can issue shares for there whole casino and trade/speculate on their own asset?!!

Offline HackFisher

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So it will be the casino for the casinos?

the platform for games, providing valuable token service, truly RNG service, etc.
« Last Edit: August 07, 2014, 06:13:37 pm by HackFisher »
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Offline xeroc

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Offline HackFisher

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PLS is the main token of the DAC, and chips are special assets issued by the games.

It is different from Bitshares market issued asset like BitUSD, also different from Bitshares user issued asset. There is an exchange model between PLS and chips, which is part the DAC consensus:

Every chip asset are created with some pls collateral recorded by the system, and a total supply. After created, the collateral pls amount will be frozen in the system balance.

The game itself is free to adjust its supply according to its own business model, but there will be a system convert price between the chip and pls, according to the pls collateral and chip supply:

1 chip = ( pls collateral amount / chip supply amount) * 1 pls

This means anyone can buy/sell (in other word create/destroy) chips according to the price of current block, the amount of pls used to buy chip will be added to that collateral of the chips, and new chips will increase the chips supply. In next block, there will be a new price, according to the updated pls collateral supply and chip supply.

In this way, the best games which are welcome will have more collateral, the best profitable game will have better chip prize increasing related to pls and thus other equity. The games with unrestrained dilution similar to Tencent's Q Coin is free and ok, but will have their price of potential drop down.

One more thing, every game want to use chips as their game tokens requires:
1. Provable total supply of the game tokens
2. One way of 1: 1 transfer between chips in Bitshares Play and their system, using cross chain or support system escrow. Or more easily, develop games inside Play Platform.
« Last Edit: August 12, 2014, 12:34:34 am by HackFisher »
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.