We have (de)centralized all of the frequently asked questions from our community into a single place, this page.
Billionaire Token is an ERC-20 Ethereum Token with a deflationary mechanism, that is designed to be used as in-game-currency for the Billionaire Token Games.
In the future we will be aiming to become the first Gambling Token that runs natively on the EOS Blockchain Network. For our purposes it promises to be much faster than the Ethereum Network.
Unlike many other coins and tokens, Billionaire Token does not have a mining system. Instead it features a deflationary mechanism that destroys XBL tokens each week via our decentralized Raffle and Burner Smart Contracts.
The idea behind Billionaire Token is to create a self-sufficient casino with a twist - all of our games will burn coins and reduce the maximum supply of Billionaire Token.
Our aim is to make a truly decentralized gaming platform - where everything is secure and trustworthy.
The XBL Token Contract have natively implemented burn() and burnFrom() functions. Any user can directly call this function and burn his or her coins.
Thirty percent of the total number of tokens registered to the Raffle are ultimately burned, as an offering to the Market Gods.
Many coins and tokens in the crypto world try to attract users by supplying to them infinite amounts of coins thus creating an inflationary economic model.
Inflation makes the value of each coin be diluted with time – unless demand is continually increasing.
Billionaire Token breaks up with that 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, then it would be logical to assume that the amount of coins burned will always be diminishing.
We do not believe that the burning will ever get to a level where it's not usable anymore - we can simply alter the deflationary algorithm to just burn less coins if we are ever in any danger of going too low.
This will be a very interesting experiment to watch in the future.
Usually, when people talk about burning coins, they are refering to sending them to a 0x0 address (a NULL address on the Ethereum network - nobody has the private key, so the tokens are forever lost).
One other option would be to send these tokens to a Contract Address, such as the Golem Network Token Contract address - where they would also be forever lost, since ERC-20 contract addresses do not provide functions to recover lost tokens or Ethereum.
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 the whole week, participants can register as many tickets as they wish. However they will be limited to registering only five tickets with one operation.
If you wish to register more than five tickets, you will have to re-register again, afterwards.
Keep in mind however, that if you purchase more than 40% of the tickets/tokens (contributed to the Raffle) you will always lose more coins than you win, even if you are the first winner.
The Raffle and the Burner are two Smart Contracts that reside on the Ethereum Network. 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 the Ethereum Virtual Machine (EVM) is deterministic - everything the Smart Contract knows, everyone knows. And that is where the challenge of creating an actual random output lies.
To solve this problem, the Become a Billionaire Raffle generates a seed from the user every time a ticket register function is called. At the time when the winners are selected, the Raffle Smart Contract generates a pseudo-random number using the current blockhash as a seed, this first random number is then used to select another seed (from the ones we save at each ticket registration), that is in turn used to generate another random number that will be used to determine the first winner - thus making the Become a Billionaire Raffle provably fair.
The benefit of a provably fair system is that third-party verification and auditing is usually 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 3,333,333 tokens created by the gods. But the Market Gods were still not happy. They required sacrifices, and decided that the mortals would have to burn their coins.
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. Meaning every token will be more rare and thus more valuable.