What is HEROcoin (PLAY)?
Future of PLAY Cryptocurrency and know how to buy PLAY

#1 What is HEROcoin?

HEROcoin: The Basics

The online betting community has been stagnated for years, with player conditions only worsening over the past. The constantly increasing fees, the regular banning of winning players and the odds being in favor of the bookmaker all truly add up to gambling’s tradition that “the house always wins.”

  1. Based on the Ethereum network, Herocoin is a blockchain token stepping towards a decentralized, peer to peer online betting community, allowing its users to place bets in any field.
  2. HEROcoin is an ERC20 token, that is designed to enable providers to integrate the token on their platform.
  3. It also allows any participant to create their own private contests.
  4. The transparency of transactions is ensured as the smart contract automatically performs actions such as pay-outs to guarantee a trustless ecosystem.

 

#2 What are the benefits of PLAY?

Herocoin Technology

  1. It rewards players, game creators and the community too, 1% of all pot winnings are circulated back into the HERO ecosystem. As mentioned in the whitepaper, “All Coin Holders will be rewarded for holding HERO with a general reward mechanism hardcoded into the smart contract. The minimum reward is one percent of all the HERO volume played. “
  2. HERO has rid stagnancies in the online gambling realm by eliminating:
    1. Unfair conditions: Odds were created by experts based on tons of exclusive data undisclosed to the public.
    2. Lack of Transparency and Trust:Centralized authorities control the payouts resulting in lack of transparency of the money flow.
    3. No Social Dynamics: Social dynamics are lost as interfering middlemen prevent direct peer to peer interaction.
  3. HERO has established security, transparency and trust: previously unknown to the online betting world.
  4. Any user can create a new contest on the HERO Network. A contest permits betting on the outcome of an event on the platform. The user creating a contest is called a Provider, and he/she can add some variety to the network with different contests.
  5. Personalisation is permitted on the HERO network as well - users can configure a percentage of their own reward on the contest. This is, unsurprisingly called the “provider reward” - an incentive for the users to set themselves up as providers.
  6. As per the whitepaper, “the provider itself is also able to offer incentives for his community by rewarding different actions with HERO”.
  7. Providers creating new contests can enhance the HERO network with a variety of contests, with the ability to set a customized reward percentage. This ‘provider reward’ incentivizes other community individuals to become providers and benefit from their compensation for creating the contest.

The Contest System

The Contest Interfaceacts as a pattern for Contest Implementations. It helps implement common contest properties and interfaces that all implementations must include.

Contest Implementationruns all the functionalities of the Contest Interface. It embodies a real Contest with participating Players and is responsible for the buy-in and payout. Future updates may determine the winners and payouts in a trustless and decentralized manner.

A Provideris a user that sets up a platform for Players to place their bets and conjure Contest Implementations on the blockchain.

The Playeruses the Provider’s platform and participates in Contests offered by Providers.

The Potis the sum of all buy-ins, stored inside the Contest Implementation while the Contest runs. It is paid out to Players and Coin Holders after the conclusion of the Contest.

Process Flow

The following graphic shows the process flow of how Contests, Providers and Players will make use of HERO.

Contest Creation: Providers create Contests, which requires deploying new Contest Implementations. Every Contest Instance must necessarily have a reward of at least 1 percent (called the General Reward). This set up requires the following piece of data:

  • Wallet ID of the Provider
  • Buy-in callback address of the Provider
  • Provider reward (percentage of the Pot)
  • General Reward (percentage of the Pot, minimum 1.00 percent)

Contest Joining: If a Player must trigger a buy-in at the Provider to join a contest, which is transferred from the Player‘s wallet to the Contest Instance as a part of the Pot. The Contest smart contract knows how many HERO coins are currently in the Pot and which Players are participating in the Contest.

Contest Finish and Pay-Out: After the results of all bets of a Contest are known by the Provider, and the Contest is finished, the Provider can interact with the Contest smart contract to trigger the finish process. Post this, the smart contract splits the Pot into three different sub pots:

  1. Provider Reward: The Provider Reward is a percentage of the Pot, and is defined by the Provider who interacts with the Contest smart contract. It’s a reward for the effort a Provider had, similar to mining of bitcoins. The Provider Reward is transferred to the Provider‘s wallet address after the end of the Contest.
    Provider Reward = (Pot/100) X Custom provider reward percentage
  2. General Reward: The General Reward is the bonus rewarded to all Coin Holders. It is sourced from the 1% payout that every Contest provides. A bigger general reward can also be used by providers to further incentivize the community to participate in the Provider’s contests. The Contest’s smart contract calculates how much of the General Reward each Coin Holder will receive, which is based on the amount of HERO the Coin Holder owns. The General Reward will be distributed instantly after the Contest ends.
    General Reward = General Reward Pot /Total Supply of HERO
    General Reward (per Coin Holder) = General Reward X HERO Coins held
  3. Winnings: The remainder of the Pot are the Winnings, distributed to the winners of the Contest.

 

#3 How to buy and store PLAY?

How to buy PLAY

  1. The easiest way to buy PLAY is to use CoinSwitch, the largest cryptocurrency conversion platform. CoinSwitch aggregates rates across cryptocurrency exchanges all at one place, allowing users to pick and choose the most favorable rates for them.
  2. With CoinSwitch, you do not rely on a separate wallet from the exchange to store your PLAY coins. Instead, all transactions happen to and from your own personal private wallets.

How to store PLAY

  1. The easiest and most convenient wallet option for storing HEROcoins is MyEtherWallet, which can store any Ethereum blockchain including HEROcoin. But, all other Ethereum wallets should work as well with PLAY, such as Mist and others.
  2. A hardware wallet is another option to avoid losing any of your precious cryptocurrencies to hackers. A hardware wallet plugs into your computer like a USB stick, it encrypts the private keys to your cryptocurrency wallets. The only way one could access it is by having physical possession of your hardware wallet, and also knows its password. Anyone with these details has a chance to access and move your coins.

 

#4 What is the future of PLAY

  1. PLAY has been in the market for less than a year. It launched on December 31, 2017 and shared the general volatility of the cryptocurrency market as well.
  2. It launched at a price of $0.019961. As of July 2018, it trades at a price of $0.015381.
  3. PLAY had an initial spike in its price soon after its launch. From there on, it has been on the decline and has in fact fallen below its launch price, which makes it seem like a risky crypto for investors to get in.

Also Read: Complete Analysis of HEROcoin | Live HEROcoin (PLAY) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

24 July 2018

0.015381

0.016975

0.015211

0.016865

137,730

1,841,890

1 July 2018

0.021388

0.021497

0.020712

0.020943

1,772

2,561,300

1 June 2018

0.026616

0.027753

0.025541

0.027681

122,561

3,168,770

1 May 2018

0.045996

0.049828

0.043450

0.049646

267,898

5,476,030

1 April 2018

0.023857

0.024150

0.021115

0.022341

3,654

2,840,360

1 Mar 2018

0.072453

0.073924

0.065052

0.069720

24,693

8,626,050

1 Feb 2018

0.085066

0.097728

0.073708

0.078339

8,044

9,537,400

31 Dec 2017

0.019961

0.020364

0.019867

0.020260

852,325

-

 

#5 How is PLAY different from other cryptocurrencies?

  1. PLAY aims at creating a decentralized, transparent online gambling platform, which benefits the users by eliminating the middlemen completely.
  2. The platform collects 1% of all pot winnings. This amount is then reinvested into the platform and further used as a dividend pay-out to the HERO community.
  3. PLAY aims to be more than just a cryptocurrency. It hopes to be the future of a decentralized gambling structure.

 

#6 Should you invest in PLAY?

  1. Investing in a betting platform based in an already volatile crypto market sounds like a recipe for disaster, making this crypto seem like an inadvisable investment.
  2. Although, the online betting community is rich and growing and the fact that the community gains from each pot makes the platform itself quite lucrative.
  3. Bitcoin and Ethereum both are currently quite saturated, and it might take a while for them to grow exponentially the way they have in the past, given that they are already quite expensive cryptos. This is especially true for BTC.
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