I read through the whitepaper . . . and I'm intrigued.
Many coins and tokens in the cryptoworld try to attract users by supplying to them infinite amounts
of coins thus creating an inflationary economic model. This inflation makes the value of each coin be
diluted with time
This is on point. Many coins have enormous premines and hundreds of millions of coins, many with no real use case at all, except for maybe MN's. No innovation. From what I'm reading, it is the aim of XBL to create the opposite economic model? A deflationary one?
I am not a dev, but the function of the smart contracts is laid out very well. I like that it is on the Etheruem network, and all functions are transparent and can be checked for consistency at any time.
Users must first call the approve() function on the
XBL token address (0x49aec0752e68d0282db544c677f6ba407ba17ed7) with the Burner address as a
parameter – allowing the Burner to spend coins on their behalf. After this, they will call the registerBurn()
function on the Burner Smart Contract address, the parameter to this function being the amount of coins
they have previously “approved” the Burner to spend on their behalf.
If there aren't enough tokens in the Burner address, the coins won't be burned? I'm assuming that this acts as a sort of failsafe? Will the Burner address ever run out of tokens?
The reasons for the different functions are pretty clear. For someone who may not understand how to "call functions" are there plans to create a guide or tutorial for people who are less tech inclined to participate? I think that the gambling aspects of the coin sound great, but to get the "total effect" of XBL, it sounds like people should also know how to call smart contracts on the Etheruem network. I think that a guide or something similar, would help people to get the most bang for their buck out of the token. Are all these smart contracts able to be used through something like MyEtherWallet? I would assume so, but figured I'd ask, in case anyone else is wondering.
In order to do this, the Billionaire Hold’em open source poker game will ask an Ethereum Smart
contract to generate a number. This number will be available for everyone to see after the game ends and
will be used to seed the random number generator from inside the Poker Game. Because this data can be
sniffed via the network, the Billionaire Hold’em poker game application will generate another number,
that will be joined with the first one generated by the Smart Contract with the help of an algorithm. This
algorithm and second number will also be public knowledge. This is to ensure that any Billionaire Token
poker game can be auditable.
Good. It is imperative for a successful gambling token to be provably fair.