Fiscus.fyi Decentralized gambling
Fiscus.fyi to introduce the world’s first decentralized gambling Infrastructure that will enable any token to participate.
October 9th, 2020
‘Uniswap’ of decentralized gambling dapps:
With the expansion on Fiscus.fyi even more into uncharted territory it is poised to build a decentralized gambling infrastructure that will shape the way we view gambling and the relationship between the house and the gambler. The concept of on-chain, contract-based gambling is nothing new. However, when the Decentralized Financial infrastructure is added to the mix, the gambler can become both the punter and the house, making it possible to share in the revenue of profits.
Fiscus.fyi as Decentralised Gambling infrastructure:
Similar to the way Uniswap allows any token to list and trade on their platform, fiscus.fyi will allow any token to build a gambling dapp and add liquidity through our infrastructure. As an open Defi project Fiscus.fyi will encourage other Defi projects to create and add their pool as liquidity to the platform. This creates a community-funded bankroll for the Defi projects that is independent of a single token or project making it decentralized in its truest form. That in itself makes Fiscus.fyi new and different from other provably fair on-chain projects and can thus be better described as a Decentralized provably fair on-chain platform. Ultimately this model of complete transparency of the contract and the distribution to any pool will give trust and legitimacy, a key component for punters when betting. Defi projects can add their pool on Fiscus.fyi.
Fiscus.fyi House Pool:
Blockchain offers transparency unlike we have ever seen. All deposits and withdrawals are visible on the smart-contract and winnings are paid out automatically.
Adding a uFFYI pool, in this case the Fiscus.fyi House Pool, will earn the staker part of the profits from the house. So by providing the liquidity for the gambling mechanism users are rewarded. In a similar fashion any Defi project can build a dice/coinflip gambling dapp (with more to follow), by making a liquidity pool on dice.fyi the widget can then be integrated into their website so that their community can participate.
Revenue share mechanism:
A fee of 1% will be charged per bet and is divided as follows:
- 25% Will go to the pool creator’s liquidity pool.
- 25% Will go to pool creator’s Jackpot pool.
- 25% Will go to FFYI Revenue Share Pool(FFYI RS).
- 25% Goes towards the buyback and burn of uFFYI.
This will add value to the liquidity pool creators, FFYI and uFFYI.
If a token or team, XYI token as an example, wants to add a fun and engaging game for their community to use, they can go to dice.fyi add liquidity to the liquidity pool, say 1000000 XYI tokens, and setup min and maximum bets. From there, they can integrate the widget to connect the game to their site. If they get 50000 spins per day at a min bet of 100 per spin 12500 XYI tokens will be added to their pool. Liquidity providers can remove or add liquidity at any point.
Bets are placed in uFFYI, the house has a 1% edge making it fairer and more transparent than ever and provably fair since it is on-chain. The Fiscus gambling dapps are controlled by an Ethereum smart contract that generates a random result based on the block hash. The outcome is recorded and settled. The Fiscus gambling dapps will have some of the lowest fees in the provably fair gambling market, with easy to understand games, and more to follow.
uFFYI Coinflip pool details:
The first pool that we will introduce is the uFFYI coinflip pool. This pool will serve as an example to other pool creators. A fee of 1% will be charged per bet and is divided as follows:
- 50% Will go to FFYI holders in the FFYI Revenue Share Pool(FFYI RS)
- 25% Will go to the jackpot pool.
- 25% Goes towards uFFYI buyback and burn.
Minimum bet: 10 uFFYI
Maximum bet: 100 uFFYI.
Fiscus.fyi is proud to bring together the benefits of both provably fair on-chain gambling and decentralized financial pools to the public. The combination is the first of it’s kind and can spur growth in the sector.