ICONBET! What is it and how to use it.
Iconbet

ICONBET! What is it and how to use it.

By Cryptosetups | Cryptosetups | 18 Aug 2020


What is ICONbet?

ICONbet is a decentralized autonomous organization (DAO) that hosts gaming DApps. ICONbet strives to utilize blockchain to provide transparency, profit redistribution, and provably fair gaming with its platform.

How are rewards split?

The earnings generated by the ICONbet DAO are divided as follows: 70% to mined TAP holders, 20% to the ICONbet team, and 10% to the daily Wager War.

What is a TAP token?

TAP is an IRC2 token built on the ICON blockchain. There will be a total of 625,000,000 TAP tokens minted. TAP represents ownership in the ICONbet DAO. It can be used for voting on ICONbet decisions and they earn rewards from DAO earnings.

Where can I get TAP tokens?

The only way to earn TAP tokens is by playing on the ICONbet platform. The daily distribution of TAP tokens will be proportional to each player’s daily betting volume (in ICX)—win or lose, the more you bet, the more TAP tokens you will own. A total of 1,000,000 TAP tokens will be distributed daily for the first 500 days. The full formula for TAP token distribution can be found in the Whitepaper.

Tap can also be bought on https://iconation.github.io/iconswap/#/ however please use caution as it's not the most user friendly and you can make mistakes.

Who is this for?

Iconbet.io is a great platform for anyone who loves gambling, you play for entertainment and at the same time get a share in the casino profits. The below article is for educational purposes only. Please gamble responsibly.

How to use the platform

If you want to use iconbet.io on your computer, you need to install the Iconex wallet chrome extension, located here:

https://chrome.google.com/webstore/detail/iconex/flpiciilemghbmfalicajoolhkkenfel?utm_source=chrome-ntp-icon

Install it, and set up a new wallet, remember on the first setup it will give you a Keystore file, save this somewhere safe, it is what you use to restore your wallet and all your funds in it if your computer ever stopped working. 

Once your wallet is set up, get some ICX added into it. There are various articles explaining how and where to buy icx, Binance is a great exchange to buy some.

https://www.binance.com/en/register?ref=16173920


Once you have icx in your wallet, go to iconbet.io. I have added some screenshots below:

*please note when you first visit the site there will be some notifications that pop up telling you what iconbet is and how to use the site. You can pick the don't show me this again and close those popups or explore them to learn more about the platform.

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Click the login button on the top right, this should load up your iconex wallet, asking you to pick your wallet and hit confirm.

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Currently there are 4 games on offer, with more being added.

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Now that you are logged into the platform you can see your wallet address near the logout button. You can pick the game you want and start playing.

The perk of using the platform is as you play you mine tap tokens. Everyday based on how much icx you have bet on the platform and how much in total has been spent by all users on the platform tap is minted and distributed. As noted above by having tap tokens, profits of the platform get distributed to tap owners.

Let's look at the four games the platform currently has:

DAOlette

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DAOlette is very common in all casinos, decide on your bet and click spin.

DAOdice

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In this game you pick the number range, the lower the range the higher the win, on the flip side your win chance percentage is lower. This game is commonly used to mine Tap as you can set a large spread on the numbers to get a winning rate of 95%. If you're using this game as a way to mine tap, you need to play around with different tactics.

DAOblackjack

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Standard Blackjack stuff here.

DAOlottery

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This game is your basic Lotto, everyday there is a draw, you can buy as many tickets you like. It cost 5 icx per ticket. The jackpot keeps rising till there is a winner! Currently there is a promotion, the first 100 tickets are free for the day. You need to buy a ticket every day, each daily new ticket bought will entitle you to receive a reimbursement for the last day. Only one ticket is free per user per day.

There are new games being added to the platform, Poker is a few months away.

Now i will show you how to use the platform, when you play a game it interacts with your icon wallet, and there is a little trick you can use to make your gaming experience smoother.

I will use DAOdice in the below example:

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As you can see in the top right corner you are already logged in. Pick the spread of your numbers, above i have said it will roll any number between 4 to 60. The amount I have bet is 0.1 icx and if I win I will get 0.17 icx. Once you click place bet, it will open your wallet and you will be asked for your wallet password like below:

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Enter your password then click on transfer.

This will bring up a new page like below:

Scroll down till you see the Enable auto signing option.

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Pick the enable auto signing option and pick a time from the drop down list. Don't touch anything else over here. 

Once you have picked the timeframe you want auto signed enabled, click transfer.

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Once done you will be back at your game and in a few moments the place bet logo will change to Roll. Click roll and hope you win!

As you have enabled auto signing, you won't have to go through that process every roll, you just place your bet and then click roll. It will only load up the wallet after the time you enabled auto signing has passed.

You can also activate the Auto play button, this will keep rolling until you switch it off, run out of icx or your enable auto signing time is up.

After you have played a few games, click on the dividends link, it will show you how much tap you have mined and if you're already a tap holder what your potential icx payout will be for that day. Remember your total tap amount will change based on how much you play on the platform. The icx payout will also change based on how much the platform makes everyday. 

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So if you do enjoy having a game, where better to play then on iconbet.io, You play for the entertainment and get a share of ownership in this casino!

If you want to use iconbet.io on your mobile, simply download the Myiconwallet app from the apple or google store. This is a icon wallet with a web3 browser built into it. From the myiocnwallet app, you can access iconbet.io and play any of the games available.

 

Cheers

Cryptosetups









Cryptosetups
Cryptosetups

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