ICONbet Quick Guide

ICON

Mar 21, 2020

3 min read

ICONbet Quick Guide

ICONbet A Quick Guide

Hey Iconists👩‍💻,

As it is the number one DApp on the ICON Network, some of you might’ve already heard of it, but today, we’d like to introduce you to ICONbet.

So let’s dive right into it. ICONbet is the first DAO (Decentralized Autonomous Organization) built on the ICON Network. As the name suggests, ICONbet is a betting platform focused on playing games. At this moment, there are three games available:

  1. DAOlette — is a Roulette-style game. It has 21 numbers: 10 black numbers, ten red numbers, and one green bomb. One bets one different color and number combinations. This version also allows users to customize the odds of winning (which traditionally is not available).
  2. DAOdice — this game involves two ten-sided dice (as seen in the image below). One dice has the numbers 0 through 9, while the other has the numbers 0, 10, 20…90, allowing for players to roll any number between 0 and 99. Players adjust the range on which they would like to bet, then the odds of winning and multiplier change according to the bet.
  3. DAOblackjack — this game uses fairly standard blackjack rules. The game supports just single players against the dealer, but multiple games can be opened.
The ICONbet dices

The aim is to continue to grow the number of games alongside the growth of the ICONbet platform. The ICONbet team or third parties can introduce new games, such was the case with DAOblackjack.

🧐 The Structure

The goal of the ICONbet team is that over time the structure of ICONbet will change from an initially centralized one to a Decentralized Autonomous Organization; this will be done by a distribution of tokens, that holds ownership of the platform (see TAP Tokens). The TAP Tokens are used for DAO votes, that shape the creation of the ICONbet platform.

There are already several votes that have happened in the ICONbet platform. The first decision was the vote to emphasize a change to 50% of profit for the development team and introduced the Wager War.

  • Wager War — is a game that gives rewards to the most significant users of the platform by the amount of $ICX gambled. It works by gathering a % of profit form ICONbet into an allocated pool; the pool is then distributed among the winners of Wager War.

The second vote was focused on the ICON’s Got Talent Award. Thirdly, the party game “blackjack,” which we discussed earlier in this article, was agreed upon for the introduction. And lastly, the fourth vote was to create a third party game called “lottery,” which is currently under development.

🧑‍🚀 TAP Tokens

TAP is an IRC2 token built on the ICON blockchain. TAP Tokens are the native token of the ICONbet platform and represent ownership. It can be used for voting on ICONbet decisions, and they earn rewards from DAO earnings.

When ICONbet launched, the team decided to give away 80% of its ownership of the project to those participating in the game based on a player’s betting volume (relative to the total betting volume on a particular day). Moreover, all revenue created by the ICONbet platform is shared with TAP token holders. TAP holders with a high number of tokens are encouraged to continue the growth of the platform as well.

During 500 days, ICONbet will be releasing 1,000,000 TAP per day. These TAP tokens will be distributed to the players that used the network that day. Furthermore, at the end of each day, any excess ICX held in the ICONbet treasury will also be distributed over the players and the ICONbet founding team.

👉 At the moment, it is not possible to buy or trade TAP Tokens. You can only earn them by playing on the ICONbet platform. However, there are 2 P-Reps (Ibriz and Iconation) who are working on a DEX (Decentralized Exchange).

Get to know more about ICON

DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.

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