RedApple Games and Alpha Custodian aim to change the world of gaming by bringing a whole new financial system that includes investment, dividends, rewards all on blockchain making it secure and transparent. This is not only a brilliant use case for blockchain since it introduces a transparent financial system to legal gambling but it also makes it easier for investors to invest in a whole industry under one token, the Red Apple Token. To make justice to the blockchain’s decentralized system, this economy is driven by people who run the network by investing which makes them partners transparently and are eligible for receiving profits as well.
This token economy is made sustainable by miners. Miners are users who lend their hash power or computing power to make a network secure in return for rewards. In the case of bitcoin, this hash power is simply used to solve complex cryptographic puzzles to find the legitimacy of a transaction. This incentive mechanism is called Proof of Work. On the other hand, the Red Apple Token employs a whole new system, i.e., Proof of Entertainment.
Proof of Work is considered unfair by some since it requires computing power and anyone who can afford a mining rig with high hash power has more chances of adding to a block. This mining or incentive mechanism introduced by RedApple Games is a total innovative idea which gives more opportunities to the users unlike the traditional Proof of Work. For users, the hash power contributed is calculated by the number of wins or losses and by the number of bets he or she places. This rules out the possibility of adding a block based on capital investment and gives fair advantage based on skill and smartness of a user. The aforementioned reasons also make this incentive mechanism more decentralized than both, Proof of Work and Proof of Stake.
For gamers, RATs would be allocated every day in their Alpha Custodian Wallet (A digital wallet in the ecosystem). This total amount of RATs allocated is calculated by a simple formula:
RATs obtained per day = RAT output of the day / platform’s total hash power of the day * user’s hash power of the day
The number of RATs that would be available for mining are 50 million. Which is more than twice as many bitcoins that would ever come into existence. The high number of available tokens makes this one of the best opportunities for gamers to earn while they play. The RATs acquired through the reward system can be redeemed for actual dollars which again makes this ecosystem unique and brilliant. While usual games give rewards in the form of game money which can be used within the game, RedApple Games wants to make a system where the rewards gained through entertainment can be redeemed for actual cash, hence the name Proof of Entertainment.
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