Betting on the Blockchain: Chipz, the iGaming platform of the future?
Seeking to update the iGaming industry for the brave new world of Blockchain, Chipz is a disruptive project that plans to create a decentralized, transparent and modern system of digital gambling
In Ancient Rome, gambling in the Hippodrome or the Colosseum was a pastime that could be found amongst the most wealthy of the aristocrats and the most lowly of paupers. In fact, it could be seen that the pastime as a whole is one of the oldest hobbies known to man. This being said, it hasn’t changed much since its inception. Chipz, an online sports gambling platform, seeks to use cutting edge technology to change that through the emerging Blockchain and cryptocurrency ecosystem.
The underlying system involves users betting on a portfolio of different sporting events within betting rooms created by other users without the presence of any intermediaries, proverbially cutting out the middleman and allowing a more efficient and streamlined experience. As the system is completely decentralized, users may book and place bets on predictive pairs created by unrelated bookmakers. While the most common bets are related to sports events, the system allows users to bet on a broad variety of outcomes such as political results, esports tournament outcomes and anything else where the bets can be matched with other users through wallets. This allows for an almost infinite amount of diversity in terms of bet preferences.
Other than sports-betting, Chipz could be used for any speculative wager that the users could agree on.
In terms of how the Blockchain is integrated into the wider framework, this technological foundation will allow users to transparently access the betting process as all bets and earnings would be recorded on a digital ledger that is publicly available for viewing. This clarity would let users enjoy the peace of mind that would come with avoiding the potential corruption that comes part and parcel with dubious intermediaries. Bet payments are based on smart contracts on the Ethereum blockchain and utilize Solidity’s APK.
The system is fundamentally digital and initially based on the USDC stablecoin, a token directly pegged onto the US dollar. Users would be required to connect their Ethereum non-custodial wallets to allow them to place bets. While the initial entrance only requires USDC, the creation and hosting of a betting room or the process of being a dealer would require the user in question to own and use CHPZ tokens, the digital asset that powers the entire system.
The decentralized nature of the framework would let the users directly access non-fungible records of their bets and payouts, increasing trust in the internal ecosystem.
The Chipz platform charges a minute service fee for the creation of a book and retains a small percentage of the winning payout. The profits created are distributed to CHPZ token holders and the team so that the revenue can be reinvested back into the system and aid in growth. After a bet is concluded, the result is reported to APIs scanned by the platform with smart contracts distributing the earnings. Another benefit for the users is that, in comparison to the weekly fee of more traditional bookmakers, Chipz charges a yearly fee of $60 and there are no limits on the amount of bets that can be made.
The CHPZ token in a Costa Rican-based cryptocurrency and the advisory board includes a number of prominent names such as Platinum Producer DJ Lethal, NFL Star Todd Duckett, Jacob Busch and Gavin Maloof with the executive team including Joab Garza, CTO and developer of Tezatopia and Justin Lally, CMO and Bitcoin Foundation Member. The project is set to launch this December and in tandem with a parallel NFT video game, chipzdrive, in early 2022.
Story sourced from Bitcoinist.com.
SiGMA Asia 2022
After the exciting set of conferences that was Malta Week 2021, the SiGMA Group plans to take the world by storm with the golden steeples of Kiev and the snowy city of Toronto being hubs to draw the best and brightest of the iGaming world together. Our next expo takes us to cutting-edge metropoli of the United Arab Emirates for three days of networking, panel discussions and festivities. Stay up to date with the latest and greatest through SiGMA News. Companies such as NorgesCasino and OnlineGamblers can expect to be at the forefront of the iGaming world through the many activities at SiGMA Asia and beyond regarding regulation, business intelligence, marketing and beyond whilst also having the time of their lives doing it.
