Genius Contracts is excited to announce the roadmap and details for our 2021 summer release!
New to Genius Contracts (GC)? GC is a crypto collective responsible for: developing the first RNG NFT game at tezostaco.shop, creating the first yield farm on Tezos at salsadao.xyz, and discovering other smart contract innovations like parameter-data etching. This is a small subset of what we do, and aim to do. You can find a more complete summary in our intro article. For now, let’s dive into the road map.
Summer Release Project A: sCasino
The sCasino, short for SalsaCasino, will be the first Summer Release project deployed on mainnet. The target date for release will be May 7th, 2021.
In short, this is a simple commit/reveal-style betting house. The first game is very simple dice. We chose a simple game to start with, as the true aim of this first release is to create the base layer for future games. If the casino contracts run smoothly with simple dice, it will be far faster to develop and release more complex games like Texas Hold ’Em.
Next, we’d like to detail the two betting options: open bets and house bets.
In the open betting house, there are no limits on your bets. Open betting works in a pure P2P maker/taker manner, and there is no house edge. The flow chart of how open betting works will be in the casino documentation.
Liquidation is also a key part of open betting. The liquidation timer is set at 30 minutes, and any delinquent party will lose their stake. Liquidation is open to anybody, and the liquidator gets a large cut of the liquidated funds (this creates a general incentive to liquidate any delinquent bets).
Note: Thanks to a community suggestion, we are exploring the feasibility of allowing wrapped ERC-20 tokens from Bender Labs to be used as a betting currency along with $GSAL. This would be a nice service to the community. Stay tuned for more info on that.
House betting provides an automated bet taker that is always around to take bets. There is a limit on how large your bet can be, usually expressed in a percentage of the house bankroll. The max bet percentage will start at around 1%, but is subject to increases.
The house is run by HouseBot 🤖, who lives on the Genius Server and provides randomness to house bets. Everything else about the house bankroll is controlled by the smart contract. HouseBot also covers the “taking” fee for each bet. Otherwise the game is largely the same, except the maker is the only party who needs to commit/reveal.
When creating the design of the house casino, we wanted to make it possible for the community to get in on the action as well. We developed a Bankroll Pool system for house bets. This means that you can invest tokens into the Bankroll Pool (BP) and receive casino shares ($sCas) (allowing you to take advantage of the 3% house edge). Investing in the BP also allows for a higher max bet ceiling; a larger bankroll means more profits for all investors.
House edge is set at 3% because we need to create incentive for BP investors and recoup blockchain fees for taking the bets, this is not subject to change.
Investing/Divesting works via a dynamic liquidity pool, tokens are never locked and you may invest/divest at any time. Look forward to more documentation for the casino as we near the release.
NOTE: This is not a yield farm, there is the risk of your shares going down in value in the short term. In the long term, the 3% house edge means that your shares should increase on average the longer you invest in the casino bankroll. Look into the economics of the house edge in classic casinos for more info.
(More info on the rationale of these farms in our tokenomics doc)
The list of Summer Release Farms:
$GSAL QUIPI LP -> $sDAO. Stabilize our ecosystem and earn $sDAO.
$sCAS -> $sDAO. Stabilize our bankroll and earn $sDAO.
$sDAO -> $GSAL. Stake your $sDAO for free bets!
Summer Release Project B: TacoShop Updates
This is a look ahead to the 2nd main release in GC’s Summer Season, a big upgrade of the TacoShop. This is still in the design phase so we’ll go over the broad strokes on what is coming up. The target for release is about one month from now (June 2021).
Upgrades and optimizations on the backend allow us to do more interesting things on the TacoShop UI. More to come on this, but an example would be “Search by Color” for finding tacos.
There’s a bunch of stuff we want to add to the taco shop to make it a true hub for buying, selling, and showing off your NFTs. List of planned ecosystem upgrades:
- Reactions replacing boosts. 1 $RSAL per reaction sticker, buy as many as you want because they won’t go away. Stake/Unstake them to whatever tacos you want and NFTs with the most reactions bubble up to the top.
- Reactions will start with a set of 10 normal emojis, then more can be added later.
- Badges, a special type of reaction that rewards the wildest Taco Enthusiasts. Example badge bounties: Turn 10000 V1 Tacos in for a “Frontrunner” badge, or turn 100 V3 tacos in for a “Whale” badge. Still kicking around designs for the badge bounties.
- External NFT support. This will allow you to apply reactions and badges to other FA2 token-based NFTs around the ecosystem, and show them on the front page for cross-promo. We will be opening up the front-end codebase to allow contributors to build integrations with their favorite NFT dapps like Bazaar, HEN or Kalamint.
- Easier taco trading. Implementing offers/swaps, rework Auctions UI, possible Taco4Taco pool? Still working on these.
Now for what you’ve all been waiting for, a new use-case for $RSAL. We’ve designed a new way to use $RSAL and Tacos: combine them to get a Wrapped Taco token ($wTaco). Different taco versions will need to be combined with different amounts of $RSAL to get Wrapped Taco tokens.
Wrapped Taco tokens will be used to purchase the final version of NFT Tacos, Build-Your-Own Secret Tacos. This means exactly what it sounds like, you get to choose your DNA String and the Taco will come out with the colors you choose.
But, only one of each distinct DNA String will be allowed to be minted. This means that only one “all-white” BYOTaco (0xFFF…FFF) will ever exist. The price for a BYOTaco is tentatively set at 10 $wTaco tokens.
Prices, plans, and much more to come on this Soon™️.
Hopefully this gives the community a good amount to look forward to in GC’s first Summer Release. The plan is to do releases based on seasons, that gives us enough time to rest and reflect after each season. Thank you for reading.