We have (de)centralized all of the frequently asked questions from our community into a single place, this page.
Billionaire Token is an EOS Token with a deflationary mechanism instead of a mining system. It is designed to be used as the in-game-currency for the Billionaire Token Games.
The deflationary mechanism destroys 30% of the gambled XBL tokens. The minimum allowable supply is 128,000 XBL. After this is reached, no more tokens will be burned.
The idea behind Billionaire Token is to create a self-sufficient casino with a twist - all of our games burn coins in order to reduce the maximum supply of Billionaire Tokens.
Our aim is to make a truly decentralized gaming platform - where everything is secure and trustworthy and most importantly fun.
Thirty percent of the total number of gambled tokens are ultimately burned as an offering to the Market Gods.
As a bonus, users are always able to burn their own coins. Players that participate in the Raffle can send coins to the Burner to have them burned, then they will receive them back, plus an extra 5%.
Many coins and tokens in the crypto world try to attract users by supplying to them infinite amounts of coins and thus creating an inflationary economic model.
A mining algorithm can be good in the beginning of a coin's life, because users have an incentive to mine it and get involved in the project. Coins with mining algorithms incentivize community growth at the beginning, but ultimately start to fail as the maximum supply is closer and the mining rates go down. Inflation also makes the value of each coin be diluted with time - unless demand is continually increasing.
We wanted to do something different. Billionaire Token breaks up with the mainstream way of thinking and incorporates an ever-shrinking supply model, where the amount of available coins is always diminishing.
Your coins will not randomly burn if you just leave them in the wallet. It's absolutely safe to just hold XBL and never even bother with the burning if that's your style.
The burn algorithm is tied to the Raffle, the Burner and it will also be tied to our other upcoming games: The Cee-Lo dice and the Poker Hold'em platform.
At the moment, the amount of tokens burned is a percentage of the total number of coins sent to the Raffle, more specifically 30%.
Seeing as only a percentage of a number of coins are being burned every time, the amount of coins actually burned, will always be smaller and smaller.
On top of this, we are limiting the minimum number of XBL tokens to 128,000. No more coins will be burned after this. The Burner will not serve anyone and the Raffle will not burn any more coins. The Raffle pot will be split between the winners.
One way of burning coins is sending them to the account eosio.null (a NULL account on the EOS Main Network where nobody has the private keys, so the tokens are forever lost).
This is not the case with Billionaire Tokens however, they have a special burn() function implemented in the contract code. When this function is called, the coins are taken out of the user's balance and out of the maximum supply, they simply do not exist anymore.
Behind the scenes, these burned coins are sent to the netherworld, where they are given as an offering to the Market Gods.
Over the course of a round, participants can register as many tickets as they wish to the Become a Billionaire Raffle. More tickets registered means a higher chance to win!
The Raffle and the Burner are two Smart Contracts that reside on the EOS. The Raffle will work without the burner. The burner can not work without the Raffle, though.
However, they will never work without eachother as they are meant to be used together. The Burner receives 20% of the Billionaire Tokens sent to the Raffle and will give these out as rewards to users for burning their own coins.
Yes, the games are provably fair.
Generating randomness in Smart Contracts is tricky because they are deterministic - everything the Smart Contract knows, everyone knows, it is public knowledge since it is on the blockchain. That is where the challenge of creating an actual random output lies.
In order to solve this problem, the Become a Billionaire Raffle asks every user that registers tickets for a one-way encrypted password hash. This hash will be stored in a table. The Raffle will then ask the user again to submit their secret (the unhashed password) - this proves that the users did not change their password later on. At the time the winners are selected, the Raffle Smart Contract generates a random number using the user's submitted secrets to seed the random number generator. This way, nobody can know beforehand what the outcome of the Raffle will be, not until ticket registration is closed, and thus making the Become a Billionaire Raffle provably fair.
The benefit of a provably fair system is that third-party verification and auditing is unnecessary.
They most surely are! Every burned coin is given as an offering to the Market Gods!
If you think you're having bad luck in your trades lately, then you might just not be burning enough coins.
In the beginning there were only 3,333,333 tokens created. But the Market Gods were still not happy with this low supply. They hungered for sacrifices. So it was that they decided the mortals would have to burn their coins perpetually - a twisted outcome to an already twisted fate.
And so it was the will of the gods. The whole deflationary mechanism is a fun experiment. Who knows how many tokens will be left after one year from now? How about two years?
The more success and usage the Raffle and Burner have, the more tokens will be destroyed. This means that every token will be more rare and thus, they should be more valuable.