How Blockchain Project Game Of Silks Brings Betting To A New Level

By
IntelligentHQ

It wasn’t that long ago when we had to attend races in order to place a bet in person, and the horse racing ownership barrier of entry was so high that you had to be a millionaire in order to enter this exclusive club.

But it seems like time flies fast, and innovations don’t sleep. Nowadays, new revolutionary blockchain technology has allowed us to fully utilize our digital world, and even own digital things in the form of non-fungible tokens (NFTs).

This rather new system is perfect for horse racing, which is why we are seeing many games like Game of Silks that are trying to revolutionize racehorse ownership.

But what’s the fuss behind this game and how it can bring the entire horse racing industry to a whole different level?

Let’s find out.

What is Game of Silks?

Game of Silks is a blockchain game where participants may own and train virtual horses to compete in races. Players may purchase and trade horses, breed them, and train them to be champions.

In “Game of Silks,” you do more than simply acquire and train virtual horses; you join a whole new world of horse racing adventure.

The game allows you to buy and trade horses, as well as raise and train them to become the next Secretariat (or a computer replica of him). And get this: the designers have promised that you will be able to partake in races for prizes and visit live horse racing events!

Game of Silks is developed on the Ethereum blockchain, so the possibilities are limitless due to the smart contract nature of Ethereum.

If you’re feeling fancy, you may even become the sole owner of your own virtual horse using non-fungible tokens (NFTs). Each horse in the game is an NFT with distinct characteristics that can be exchanged for real money.

Why is This Game Unique?

First and foremost, this is the first blockchain horse racing game that is closely linked to the US thoroughbred horse racing industry. In other words, although being digitalized, the horses are based on real-life horses, and their performance is recorded in real-time.

Can you imagine owning some of the Kentucky Derby winners? – It would be great. According to TwinSpires.com, Rich Strike (2021) was the second biggest longshot in Kentucky Derby history, following Donerail (1913). In the future you might be able to own them as NFTs.

Every year, Silks tokenize 20,000 real-world horses, and their owners may receive prizes according to their racing and breeding achievements.

Another feature that distinguishes the Game of Silks is the connection between the actual world and the metaverse.

The Tokenomics of Silks

The Silks ecosystem is made up of various aspects that work together to ensure what’s best for its consumers and deliver a genuinely immersive experience in the world of horse racing.

Silks’ NFT Horse Racing

According to Silk’s Whitepaper, the metaverse will be controlled by a DAO (decentralized autonomous organization), with $SLK token holders having the exclusive ability to participate in governance decisions. Apart from that, mining is one of the foundations of the Silks NFT world.

Given that Silks must operate concurrently with the real world of horse racing, a vast amount of data is necessary. These decentralized databases are used to collect data about real-world horses and their digital clones.

Silk’s Avatars

Silks Avatars represent a player’s identity within the ecosystem. Every Silk Avatar is made up of a combination of colors, patterns, and traits that form a distinct crest. This crest serves as a company mark and is often found on all of their assets, including the farm, stables, and racehorse blankets.

Silk’s Thoroughbred Racehorses

Thoroughbred racehorses are the foundation of the whole Silks ecosystem. As soon as a genuine racehorse is born and registered, Silks will produce a digital replica of it.

Owning a racehorse inside the ecosystem increases the game’s immersion while also allowing players to earn money. It allows players to engage in Pinhooking, an activity that occurs after a yearling is born but before its first race.

Silk’s Land

There are 202,500 one-acre plots of land available in the Silks ecosystem that are just as vital as horses. Land development entails constructing farms, developing lands, and even the option of expanding farms with adjacent land parcels.

Silks Stables

The stables are needed for the racehorses and to establish a farm. Stables feature distinct aesthetics and attributes that players may work on and make noticeable.

There is a reward-based stabling cost that must be paid. When your horse wins, a fixed percentage is paid “in kind” from the proceeds. However, there is no fee if the racehorse has not been earned.

What Does It Have to Do With Betting?

Well, the Game of Silks doesn’t have a built-in betting system, but it will definitely influence betting, especially if developers decide to add this feature in the future.

Betting on virtual horses isn’t something new, in fact, there are many games with RNG- systems that allow 24/7 horse racing betting. However, if betting is introduced to a game such as Silks, it will be a total game-changer since it is connected to the real world.

Therefore, people would be able to bet on virtual horses that are direct representations of real-world horses 24/7.

Even if betting isn’t introduced in the Game of Silks, this game shows the potential future path of the horse racing industry.

We will most likely be able to bet on virtual horses with accurate stats and abilities that are really close to real-life horses. It’s going to be some exciting times for the gaming industry.

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