Chipz Is A Revolutionary Project Aiming To Disrupt The Igaming Industry
The act of gambling is deeply rooted in human history, having been a common leisure activity amongst all classes in societies as ancient as Rome. Despite its age-old origins, the fundamental concept of gambling has changed very little over time. Chipz, a digital sports betting platform, is visualizing a radical transformation of this industry, drawing inspiration from the burgeoning Blockchain and cryptocurrency technologies.
Chipz’s technology eliminates the need for intermediaries in gambling. It allows users to make bets in betting rooms generated by other participants across a myriad of sports events. The decentralized nature of the system means users can place wagers on predictive pairs made by independent bookmakers. In addition to sports events, the platform lets users bet on an array of outcomes like election results, esports game results and anything where there are willing bettors to match with, all through integrated wallets – creating an encoded diversity related to betting patterns.
Chipz isn’t limited to sports-betting – it enables speculative wagers on anything agreed upon by users.
By integrating Blockchain, the platform ensures utmost transparency in the betting process. With all bets and winnings logged on a public digital ledger, users can be assured of their transactions’ legitimacy, swaying away from the notorious corruption associated with traditional intermediaries. Bet payments are anchored on Ethereum blockchain’s smart contracts and use Solidity’s APK.
Chipz’s digital system relies, to begin with, on the USDC stablecoin – a token tied directly to the US dollar. To place bets, users need to link their Ethereum non-custodial wallets. Though the initial admission only necessitates USDC, customizing a betting room or acting as a dealer mandates users to own and deploy CHPZ tokens – the digital asset powering the entire platform.
The system’s decentralized quality allows users to gain direct access to non-fungible records of their bets and pay-offs, enhancing trust in the internal ecosystem.
Chipz levies a small service fee for creating a book and retains a minor portion of winning payouts. Such profits are shared amongst CHPZ token holders and the team, further reinvesting into the system’s growth. Once a bet concludes, the results are shared with APIs screened by the platform, with winnings disbursed through smart contracts. In contrast to conventional bookmakers’ weekly fees, Chipz charges an annual fee of $60, without any restrictions on the volume of bets placed.
The CHPZ token, a cryptocurrency based in Costa Rica, is advised by a panel of accomplished individuals such as Platinum Producer DJ Lethal, NFL Star Todd Duckett, Jacob Busch, and Gavin Maloof. The executive team comprises Joab Garza, CTO and developer of Tezatopia, and Justin Lally, CMO and Bitcoin Foundation Member. With a slated launch in December and an allied NFT video game, Chipzdrive, releasing in early 2022, Chipz is set to transform the gambling industry.
