Cryptocurrency going mainstream over the last couple of years has seen the online betting, gambling, and casino industry jump on the blockchain tech wagon. Yes, this should help keep bookmakers honest and ensure fair betting, but how about a platform that utilizes blockchain to take online staking to the next level by letting you become an independent bookmaker. Enter Chipz.
Chipz is a decentralized stakes platform looking to change the future of online gambling through smart booking contracts. The platform is set to launch as a sports betting platform that lets users create their own sportsbooks. The user then allows stakers to bet on a predictive pair and earn fees from this staking. These predictive pairs are held in Chipz smart contracts.
How does the Chipz ecosystem work
Chipz is built on the Ethereum blockchain and runs on the CHPZ token. The platform’s smart contracts hold the CHPZ that is staked. This guarantees that bookmakers earn off bidders’ fees when a smart contract finalizes, while bidders get their staking cut as soon as the staked event ends.
So how do you own your own sportsbook and earn from it?
Chipz developers have a well-laid-out roadmap of the platform. The 1st version of Chipz only has events that are already fed into the ecosystem through oracles – specifically sports events. That said, bookmakers will be able to create events of their preference and provide multiple outcomes in future versions of Chipz.
Here’s a step by step lowdown;
- Chipz oracle explorer gathers real world event data such as an NFL match and displays it on a blockchain.
- As a CHPZ token holder on the blockchain, you can decide to become a bookmaker on the NFL match’s outcome as provided by the oracle explorer. However, you’ll have to pay the Chipz Platform a fee in your CHPZ tokens in order to create a sportsbook on the outcome of the match.
- Now that you are a bookmaker, you can set the number of bidders allowed to stake on the match outcome and your ideal fee. The bidders also bet using CHPZ. Once a bidder stakes their CHPZ, a Chipz smart contract is created. The contract holds the bidders’ CHPZ and calculates each bidder’s % of the stake pool. This % is used to determine the amount a bidder earns in case their bet wins.
- Once a smart contract finalizes, in our case, the NFL match ends, the contract will disperse the bookmaker’s fees to your wallet. The bidders’ % earnings or losses on their stakes will have already been released to the bidders’ wallets.
How do you access Chipz?
Unlike most upcoming blockchain platforms, Chipz stays true to the original hallmarks of cryptocurrencies – user privacy. As a result, Chipz doesn’t require users to provide their personal information through KYC procedures. Users only need to have an ERC-20 wallet, such as Trust Wallet, to hold the CHPZ token.
The Chipz developers set the token’s initial supply at 50,000,000 CPHZ and expect it to max out at 100,000,000 CHPZ. What’s more, the presale for CHPZ is already live. It began on June 11, 2021 – 15,000,000 tokens were listed for public offering at $0.03/CHPZ. Users can purchase their CHPZ on Bounce.
Even better, Chipz also recently announced that 10,000,000 CHPZ will be listed on Uniswap at 6 PM UTC on 6th Aug, 2021, at $0.05/CHPZ.
Being one of the early holders of CHPZ could help you build your bookmaker rank, get verified, list any events on the Chipz platform, and earn fees from the bidder stakes.