iBattles on Indigo

Hey, :v:
i hope you give me feedback about this suggestion and add your own ideas.

I thought about a pool in which people can lock their iAssets for a choosen time, lets say for 1 week. There would be the option to pick price up/price down. Depending at the result, the winner side would get all of the loser side iAssets. This is definitely some sort of gambling and might not be wanted for Indigo, but the protocol could take away a tiny percentage of the iAssets.
Example for distribution:
98% winner side
1% charity
1% token stake rewards

Advantages i see:

  • more staking rewards (more token utility)
  • dezentralized gambling without mindgames, only luck/skillbased
  • charity benefits (% and organisation might be voted on with Indy tokens)

Disadvantes i see:

  • its gambling and might not create a good impression about Indigo
  • regulatory risks?
14 Likes

Yes it’s more like gambling now which will pose regulatory risks. Maybe, for the V2 not from the onset.

3 Likes

Thanks for sharing. This reminds me a lot of binary options.

A binary option is a trade you can make with a fixed payout. There are only two possible outcomes. If the price goes up, you win the payout. If the price doesn’t go up, you lose your entire stake.

Once you have an iAsset you can do whatever you want with it. That includes taking it into another protocol to deposit into a pool and write a derivative like a binary option.

13 Likes

I would prefer that Indigo stay out of gambling and stay with their core mission to bring the “world’s financial and equitable assets to the blockchain allowing everyone accesses to them.”

If a third party wants to use iAssets for gambling that is fine but would prefer Indigo itself stay to its core mission.

8 Likes

Interesting idea, but I don’t think that this is the right place for it and may actually cause some loss of legitimacy. I think if we want be considered part of the financial services sector that bringing a gambling type of component would increase skepticism and would also possibly drive people out after they incurred this kind of loss. Its a great idea for a dapp but IMO not right for here.

2 Likes

Interesting idea. Gambling structure can be successful for gathering people, but people who are seriously participating in Indigo can be neglected by people who only want for win the game.

2 Likes

Could be profitable if structured correctly but reputation and ethics are more important for a new innovative project especially in these spaces and I think that should maintain priority over profit imho!

3 Likes

As an investor in cryptocurrency, I’m looking for safe and somewhat reliable ways of income. I would like to see Indigo stay out of gambling ventures like this because it will not attract big players such as hedge funds to participate in the protocol in the future.

5 Likes

The way I see it, if you build the platform yourself, then it wouldn’t be an issue for Indigo, its up to you what you do with it after you get it from them. I was thinking about creating a Lottery similar to the one on PancakeSwap on Cardano

This isn’t a good ideal. To attract big investor to participate in the protocol, iAssets must be safe and reliable. Gambling ventures won’t attract this one for Indico.

2 Likes