What Is Chipz(CHPZ)?
Chipz is a web-based gambling platform for sports, where people can bet on the different sporting events within betting rooms created by users. Each betting room will have a time limit to receive the betting before starting each match and once this time is complete the smart contract will be created with the necessary parameters to fulfill proper execution. Once the game is finished and the results are concluded, the smart contract executes, closing and paying out bets by sending the users wallets their respective earnings.
To establish a niche in the predictive market space, the first phase of the Chipz platform will include only events from the National Football League (NFL). Over time the system will be built in a scalable and sustainable way to incorporate betting on all types of future events, including soccer and baseball leagues. Users must have ETH to pay the network fee so that USDC can be sent to the prize pool. The costs of creating and closing the Chipz smart contract are calculated based on the number of users per betting room.
Chipz Storage Key Points
|Circulating Supply||3,463,210.00 CHPZ|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
When shares are bought in a prediction market, a person’s knowledge, research, and view of the future is weighed in. Market prices reflect what traders think are the odds of future events, turning trading activity into actionable insights that help people make better decisions. If the Super Bowl is one year from the point somebody placed a bet on the winner, they will earn yield toward their bet. They can withdrawal or claim their earned USDC at a given set of time, but withdrawals of their bets will incur a penalty. This is to encourage liquidity staking and partnerships with other DeFi projects in the space.
Chipz is effective in the way it focuses on ease of use and simplicity. Anyone can create prediction markets on the platform, using Realit.io with Kleros as an arbitrator to resolve a market’s outcome. Unlike other blockchain-based prediction market applications, markets on Chipz use an automated market maker to match trades and allow users to easily contribute to Uniswap-like liquidity pools. This ensures that markets optimally reflect the latest expert opinion on their topic. Chipz is built on the Gnosis open-source conditional token framework, where on-chain market share prices adjust to new information and reflect the probability of future outcomes.
The price of a market share corresponds to the probability of an outcome occurring. Shares can be bought and sold at any time before the market resolves. If shares have risen in value since their buy time, they can be cashed out for a profit, but with an early termination fee. If “Patriots
Winning” share on an event is trading at $0.60, then the market believes the probability of that event occurring is 60%. All other shares will be worth nothing. If the market outcome is ambiguous, the market will be resolved at the sole discretion of the admins.
Role of the CHPZ Token
Chipz will circulate CHPZ, an ERC-20 token on the Ethereum blockchain. CHPZ will be used to create booking instances and furthermore CHPZ will be staked to receive a share of platform revenue in USDC which may reach as high as 20-100% APY, similar to other revenue generating coins such as SUSHI. CHPZ will eventually also serve as a governance token to let the community of bookmakers and gamblers decide on key issues.
CHPZ will initially be available on Uniswap and the token distribution is shown below. CHPZ tokens are functional utility tokens within the Gnosis platform. CHPZ tokens are are non-refundable and are not for speculative investment. No promises of future performance or value are or will be made with respect to CHPZ, including no promise of inherent value, no promise of continuing payments, and no guarantee that CHPZ will hold any particular value.