Billionaire Token promises to be “the first super-deflationary, gambling-oriented” Ethereum token. Find out whether or not this token will really make you a billionaire today in our review.
What Is Billionaire Token?
Billionaire Token is a digital currency found online at BillionaireToken.com. The token is built for the gambling industry, and describes itself as a “super-deflationary” token. Billionaire Token is built on the Ethereum blockchain and uses Ethereum smart contracts.
The token was announced to the internet in August 2017. The token plans to use the ticker XBL. However, a quick search for XBL on Coin Market Cap shows that the XBL ticker is already used by a currency called BitLion – so it’s unclear if Billionaire Token will move to a new acronym in the future.
In addition to having a deflationary mechanism, Billionaire Token will have a gambling/gaming ecosystem. The currency plans to launch a “Billionaire Hold’em” poker game onto app stores in 2018, with more games possibly arriving in the future.
How Does Billionaire Token Work?
Obviously, seeing words like “super deflationary” should make you pause. Super deflationary means that the value of the currency is expected to rise. We’ve seen plenty of pyramid schemes where people make ridiculous promises about how the coin is going to rise in value – despite the fact there’s no evidence supporting that rise in valuation.
Fortunately for you, Billionaire Token takes a different approach. The company has genuinely created a deflationary structure for its tokens: the company destroys some XBL tokens each week using a decentralized raffle and decentralized burner smart contracts. This is what differentiates Billionaire Token from the competition.
Purposely destroying tokens each week certainly makes Billionaire Token unique. Today, fiat currencies have an unlimited supply, and governments print as much money as they like. Cryptocurrencies, meanwhile, typically have a fixed supply. Billionaire Token has taken the idea in the opposite direction by maintaining a decreasing supply of tokens.
As of September 8, 2017, there is a total supply of 3,315,372 million Billionaire Tokens. A total of 17,961 tokens have been burned to date. The whitepaper claims that there will never be more than 3,330,000 tokens. By the end of the ICO, the company predicts there will be a total supply of around 1 to 2 million tokens in circulation.
How Does Billionaire Token’s Deflationary Mechanism Work?
Billionaire Token destroys tokens each week based on a lottery system and smart contracts. Here’s a basic overview of how that system works, according to the official website:
“A Smart Contract, that will be known as the Become a Billionaire decentralized raffle, will burn 10% of the tokens sent to it each week – reducing total supply and increasing the value of each token. In addition to this, another Smart Contract – the Burner – that works like a twisted Faucet, will reward people for burning their own coins, thus further increasing the deflation of Billionaire Token. After the Token Sale we will burn all of the remaining Billionaire Tokens from the crowdsale account.”
You can participate in the “Become a Billionaire” raffle yourself. To do that, you send 20 XBL to an Ethereum Smart contract address every week. This is the equivalent of buying a single lottery ticket. More tickets means a higher chance of winning.
At the end of the week, the smart contract will choose three winners at random. The first place winner will receive 40% of the tokens raised during that week; second place gets 20%, and third place gets 10%. Of the remaining 30% of tokens, 10% are burned “as an offering to the market gods”, explains the whitepaper, while the remaining 20% are sent to another smart contract address that works like a twisted faucet – it rewards people for burning their own coins.
Gambling With Billionaire Tokens
Up to this point, we’ve only talked about Billionaire Token’s deflationary mechanism. It’s an important part of the token’s ecosystem, and it explains how the token is expected to decrease in value. However, Billionaire Token isn’t just designed to be a deflationary lottery token. It’s also designed to help you play gambling games.
Right now, the only gambling game we know about is the “Billionaire Hold’em” game, which is a Texas Hold’em-style poker game scheduled to launch in alpha in 2018 (no exact date has been announced).
To play the game, you need tokens in your ETH wallet. Then, you download the app, connect to the website, and send your tokens to the appropriate contact for the game. Once enough players are gathered around a virtual table, the game will begin.
That game, by the way, is called “Billionaire Hold’em”. To ensure the game is provably fair, it’s all built on an Ethereum smart contract which is available open source. A random number will be generated prior to each game, and that number is viewable to all players after the game – so they can ensure the game is provably fair.
Ultimately, Billionaire Hold’em is just an idea at this point. The company hasn’t yet released any public build of the game. The poker game is the last stage of the project mentioned in the whitepaper. An alpha release of Billionaire Hold’em is scheduled for 2018.
The Billionaire Token ICO
The ICO is taking place between August 26 and September 26. There will be a total supply of 3,333,333 tokens ever created. Tokens started being burned immediately after the first pre-mine. As mentioned above, approximately 17,000 tokens have been burned to date (September 8, 2017).
50% of all tokens were sent to developers. The other 50% went into a bounty account address prior to the ICO. The ICO initially set the price of coins at 10 cents per token.
Who’s Behind Billionaire Token?
Billionaire Token hasn’t provided any information about its team to the internet. There are no names or bios mentioned in the whitepaper or on the official website.
Billionaire Token Conclusion
Billionaire Token is a unique cryptocurrency with an automatic deflationary mechanism in place. The currency started with a total supply of 3,333,333 tokens, and that supply will drop every week. Coins get destroyed by smart contracts through a lottery process. Since the total supply of Billionaire Tokens is constantly decreasing, the value of the remaining tokens is expected to rise.
Right now, Billionaire Token consists of the token and the deflationary mechanism. In the future, however, Billionaire Token envisions a gambling/gaming ecosystem built on top of its currency. The whitepaper mentions plans for a “Billionaire Hold’em” poker game, for example, which is scheduled for release in 2018.
You can learn more about the project, or participate in the ICO, by visiting BillionaireToken.com.