Here at BlockLife, we believe in the power of decentralized finance. We’ve already talked about decentralized exchanges, yield farms, lending protocols, and many more ways you can use DeFi to generate passive income. But today, we’ll discuss a new kind of DeFi protocol, one that merges games, DeFi, and gambling. Interested? Keep reading to learn more about Polyroll.
What is Polyroll?
Built on the Polygon network, Polyroll is a decentralized casino. Since its launch, Polyroll has become the top gambling decentralized app (dapp) on Polygon, per DappRadar as of August 2021.
Polyroll differentiates itself from traditional casinos – which operate in black boxes – through its utilization of smart contracts. It ensures its services are fair, transparent, and immutable by running on smart contracts. The platform aims to provide a low-cost, fast, fair, and secure gaming experience for players anywhere at any time.
How does it Work?
Polyroll ensures a fair gaming experience by its integration of Chainlink VRF (Verifiable Random Function). Through this feature, Pollyroll provides randomness without compromising on security or usability. Every new request for randomness triggers the Chainlink VRF.
After this trigger, the CVRF generates a random number – and cryptographic proof of how that number was determined. So, with CVRF, Polyroll can ensure its games are trustworthy by using a source of randomness that’s verifiable on-chain. This feature also allows developers to provide additional proof to security-sensitive users.
ROLL is Polyroll’s native token, with a maximum supply of 200,000,000. ROLL has seen moderate growth during 2021, increasing in price by 33 percent over the year. Note, you cannot purchase ROLL directly with fiat money.
Still, there are ways to acquire ROLL, if you desire. First, purchase Bitcoin/Altcoin from any fiat-to-crypto exchange. Then, you can transfer this crypto to an exchange where you can trade it for ROLL.
Because Polyroll serves as both a gambling and yield farming protocol, it introduced new features to solve sustainability issues common to yield farming in July. Now, the protocol functions as a transaction mining protocol. Transitioning to transaction mining will help Polyroll distribute ROLL tokens in a more sustainably and better incentivize active users.
Transaction mining is a token distribution system that rewards users with tokens for using a service. For example, it’s the system Axie Infinity uses to power its economy. To implement transaction mining, Polyroll will introduce a “win-win” casino. Because it’s a win-win casino, it rewards players with ROLL tokens even if they lose a bet.
This reward amount is proportional to the players’ bet amount. Polyroll believes transaction mining will encourage more players to use Polyroll. Plus, they believe it will speed up the adoption of ROLL by distributing tokens into the hands of prolific users.
What’s Next for Polyroll?
In August 2021, Polyroll introduced version two of the platform. Polyroll v2 includes these features:
- Play-to-Earn – Rewards players with ROLL tokens if they lose a bet.
- Referral Program – Referrers earn a percentage of play-to-earn rewards.
- Automated Risk Management – Prevents contract from accepting bets with potential winnings that exceed a maximum profit factor (MPF). This MPF adjusts based on the current contract balance.
- User Analytics Page – Allows users to see their volume, profits, game history, and other personalized statistics.
- Improved User Experience – Shows pending bets while waiting for settlement. Plus, there are reduced gas costs for settlement transactions to allow faster settlement time by Polygon.
If you’re interested in playing, go to polyroll.org.