Ethereum
$2,303.25 0.97%
ETH · 208w

How profit's distributed on SlotNSlot

Profit share on SLOT: dutch-buyback

U.S. SEC recently reported that DAO tokens would be deemed as securities, thus requiring legitimate registrations to SEC. The community has been debating on this, and lots of FUDs were witnessed as well. But this doesn’t seem to stop the outstanding DAO march, as some of leading figures of the community chills down the fears.

TheDAO broke our regs like crazy, but we aren’t going to do anything about it except write words to scare other people. -Nick Szabo Untraceable, international, no central authority, funds can’t be frozen. The SEC ICO warning is the best ad for ICOs. -Elaine Ou Actual very good advice from SEC for ICO participants: ask for clear plans, open code and security audits. -Alex Van De Sande

Anyways, SLOT, the SlotNSlot governance token is gonna have a well-established profit distributing mechanism to rightfully benefit its investors. Many of top-funded ERC20 tokens only work as utility values on specific uses(GOLEM, STATUS, etc.), and some give out platform profits to token holders(AUGUR), and there are DAOs repurchasing the tokens back(GNOSIS). Among those providing gambling services, Funfair and Dao.casino tokens look to be utility tokens, and Edgeless, iDice, vDice directly shares the house profit.

SlotNSlot team find it really difficult to make true “utility” for a token that is used in gambling scene, where the tokens have no point of contact to any currencies that have actual value in real life. There, the team initially considered the profit sharing model to be direct distribution of platform profit.

Direct Profit Distribution

Distributing the platform profit to token holders would work like this. In the platform smart contract, profits will be accumulated for a specified N blocks. For every N blocks mined on Ethereum, the accumulated profits are distributed to token holders in proportion to the amount of SLOT they hold.

As the team struggled to come up with better mo...

Continue on medium.com
Recent news