RedChillies Labs Bringing The Biggest Update in its V3 Release
RedChillies Labs team is planning to release its biggest update “V3” as a part of “Moruga” phase. This will be branded into 3 dApps: Gaming Platform, Prediction Platform & Arbitrage Platform introducing REDC as a core utility token.
Re-branding of dApps
Gaming Platform: Existing “ZilChill” will be rebranded into a gaming platform. This will host Chess and Ludo Dice. Only multiplayer games will be supported in ZilChill.
Prediction Platform: A new “PredictionDEX.com” will be launched for the prediction platform. This will host P2P Bet Markets, Tradeable Bet Markets, and Fantasy Sports. It will focus on 7 categories: Sports, Politics, Crypto, Stocks, Entertainment, Metaverse & NFTs, and Others.
Arbitrage Platform: A new “Arbitrage“ as a web and a chrome extension will be launched for the arbitrage platform. This will support the arbitrage of ZRC-2 tokens available in ZilSwap and XCAD DEX.
All 3 platforms will enforce REDC tokens as “denominating currency” while accepting a multi-chain payment system.
Optimized Payment Solution
dApps maintained by RedChillies Labs will introduce a multi-chain payment solution. Users will be able to connect to different wallets and use their tokens starting with REDC, ZIL, gZIL, zUSDT, zWBTC, and zETH.
A list of wallets that will be supported by the completion stage: ZilPay, Metamask, Coinbase Wallet, TrustWallet, Portis, Fortmatic/Magic, WalletConnect, Maiar, and Phantom.
All the payments will be denominated in the REDC token instantaneously within the dApp.
Revised Fees System
In this period of 1.5 years, REDC token has reached to ZilSwap, XCAD DEX, and CarbSwap communities.
- Further, our REDC token was launched without any sales or presales, or investors.
- ZilChill protected the users’ safety by lowering the cost of hosting and playing. On top of this low-risk model, there is game playing reward from the leaderboard to offset any loss.
- We supported ZIL tokens since the start of ZilChill to mature our dApp as REDC token was new with uneven distribution.
This low-risk low-reward model will be changed to a high-risk high-reward model. Now is the right time to bring REDC denomination on all the dApps of RedChillies.
In this revised model, the minimum hosting fee is raised from 0.1 REDC to 25 REDC and the minimum playing fee is raised from 20 ZIL to 50 REDC.
This hosting fee will be distributed as 4%, 16%, and 80% to Game Playing Reward, Liquidity, and Staking Portal respectively.
This playing reward will be the sum of the playing fees of losing opponents. 75% goes to winners, 10% goes to hosts, 5% to the Staking, 5% goes to the Oracle and 5% goes to Foundation.
Staking of REDC tokens is finally coming alive. REDC holders can stake REDC tokens and earn REDC rewards.
This staking model is unique because it does not create inflation. Staking rewards come from hosting fees and playing fees. Staking rewards are available 100% for playing, but only 20% is available if claimed, and the remaining 80% is charged as a penalty circulated backed to the staking portal.
There will be an initial lock of 15 days when staking is initialized. Unstaking while locked, charges a 20% penalty on unstaked amount, which is circulated back to the staking portal. After 15 days, unstaking can be done instantly without any penalty. However, re-staking resets the lock period again.
Introduction of Staking Portal terminates the Governance Qualification Reward.
Optimized dApps for Users
Seeded Games: PredictionDEX platform will have most of the games seeded so that there always exist rewards to win if correct predictions are made. This is the first step toward building a decentralized bookies system.
Play2Earn model: Staking REDC will reward you REDC that have pure utility for playing games in gaming platform or betting in prediction platform. Winning games will earn points in leaderboard while losing games will lose points from leaderboard. Playing games better boosts the player profile to rank up. Player profile can be converted into NFTs.
Tournament Focused Gaming: Chess and Ludo Dice are currently multiplayer games played individually. However, V3 will bring a tournament-focused gaming model.
Subscription model: Arbitrage platform will run on a subscription model.
Profile System: A simpler user portal will be launched where users can set up and track their activities.
Game Collectibles: RedChillies Labs will enter the world of NFTs and metaverse with game collectibles at the later stage of V3 releases.
Future Roadmap and Team Vision
All the “V3” updates are scheduled in multiple phases of release. Completion of V3 will kickstart the mobile-focused and UI/UX-focused era of RedChillies dApps.
RedChillies team is laser-focused on Gaming, DeFi, and Interactive economy. As the team is growing multi-fold this year, we will support and collaborate with multi-chain and cross-communities like Zilliqa, Ethereum, Polygon, Solana, Elrond, Bitcoin, and more. The persistent building is the key in this early phase of the blockchain and crypto industry, which also matches our vision in RedChillies Labs.
RedChillies Labs will experiment, survive and evolve within its roadmap to become one of the greatest projects in this decentralized world.
Stay tuned in for more updates! V3 features are going to roll out in phases.