Blockchain Breakthrough: Peerplays Creates Open-Source Fee Sharing Module
Peerplays announced today that they have innovated the Blockchain space with the creation of an open-source fee sharing module.
After a successful first round of ICO funding, Peerplays announced today that they have innovated the Blockchain space with the creation of an open-source fee sharing module, allowing any Graphene-based Blockchain to distribute profits directly to its token holders.
“Peerplays is aiming to be the first truly Decentralized Autonomous Cooperative (DAC) and we have just added a major piece to the puzzle,” said Jonathan Baha’i, President of BunkerChain Labs and the Blockchain technology consultant for Peerplays, in a press release.
“With this new profit sharing module, all the fees that Peerplays charges for smart contract operations and peer-to-peer wagering will be distributed directly to the holders of the core Peerplays Blockchain tokens, just like a traditional co-op pays dividends to its shareholders.”
The module will also work on an individual level, which means that users can distribute anything they wish, such as profit dividends, promotions, coupons or free samples to holders of privately-issued asset tokens on the Peerplays Blockchain. It even allows the setting of an ‘ex-dividend date’ and a ‘payment date’, effectively supporting the real-time distribution of stock dividends.
Cointelegraph spoke to Neil Haran, Peerplays Chief Gaming Officer, and Michael P. Maloney, Peerplays Communications Manager, about the creation of the open-source fee sharing module and its importance to Peerplays token holders.
Speaking to Cointelegraph, Michael P. Maloney, says that right now the issue of profitability is still an open question with many Blockchain projects since speculation drives much of their value as they struggle to find a niche which will lead to greater mainstream adoption.
“Peerplays stands out as a unique value proposition, being the first Blockchain which routes many of its fees directly back to core token holders. Since these fees will come from wagering on video game tournaments, sports and casino betting, market trading, and other smart contract activity, we anticipate a healthy stream of revenue will help to underpin the value of the core tokens.”
It was only last month that the online gaming platform reported that they were developing a Peerplays to Ethereum sidechain by 2017 after receiving feedback from DAO supporters and realizing the significant benefits to Ethereum. This was due to the fact that many other DAO sponsored projects will soon have the chance to utilize the framework Peerplays are developing in order to sidechain their own Blockchains to Ethereum.
Mitigating the Risk of Competition
Despite the fact that Peerplays have helped change the shape of the Blockchain space with the development of an open-source fee sharing module, the team believe that while it won’t take long for others to catch on to the same ideas that they have, they are of the opinion that Peerplays is designed in a way that incentivizes developers to connect their own server-side games, as well as new games built on sidechains.
“We are rolling out a framework in the coming months which enables literally any game in the world to be added to the Peerplays network in a way that both the players and game developers can earn money. These things should help to mitigate the effect of competition because Peerplays is essentially programmed to assimilate, rather than destroy.”
Important feature to Peerplays token holders
Last year, online casino gambling took in almost $50 billion in revenue. However, while most major sites are heavily regulated, scandals still occur with millions of dollars lost to fly-by-night outfits and rigged sports betting schemes. Not only that, but anti-sports betting laws in the United States caused an estimated $80 billion to be wagered last year on under-the-table sports betting, with practically no accountability or proof of fairness.
Neil Haran, Peerplays Chief Gaming Officer says to Cointelegraph:
“At a basic level, everything builds upon the principals enabled by this feature. The network is designed to align you with others to incentivize the creation and capitalization of value. Anyone will be able to earn money or tokens utilizing their own skills, and the network acts like a ‘mother ship,’ supporting and feeding back to its users.”
He also points out that if you are skilled at running a business, are gifted at mathematics, talented at building, designing or coding, capable of teaching, or maybe accomplished at trading, then you will find many opportunities to carve out your own niche within Peerplays.
Profit sharing and network growth
With the recent success of the first round of ICO funding where 20% of Peerplays tokens sold for around $500k, contributors are already receiving tokens on the BitShares Decentralized Exchange which can now be traded at www.freedomledger.com/.
As the Peerplays network grows, profit sharing payments will also continue to grow with a fixed amount of core tokens with zero inflation.
Maloney explains to Cointelegraph:
“Since additional games can always be added to the network, and tournaments will constantly be held, there is really no limit to the amount of funds that can be cycled back to core token holders as profit sharing. Core tokens will be transferable and tradable on the Peerplays Decentralized Exchange, and profit sharing payments are paid out as a percentage of the whole, similar to a stock dividend.”